分析师实地调研决策与价值发现
Analysts'Site Visit Decision and Value Discovery
徐媛媛 1洪剑峭 2贾琬娇3
作者信息
- 1. 上海立信会计金融学院会计学院,上海 201620
- 2. 复旦大学管理学院,上海 200433
- 3. 上海大学管理学院,上海 200444
- 折叠
摘要
分析师的核心作用在于通过专业研究发现上市公司价值,引导市场资源的优化配置.然而,分析师是否发挥了价值发现功能一直存在较大争议.文章基于分析师实地调研决策,从分析师关注度变化视角考察分析师的价值发现功能及作用机制.研究发现,分析师新增关注度与公司未来股票回报率正相关,且对于信息环境较差的公司,两者相关性更为显著.机制检验发现,分析师新增关注度与公司未来基本面变化和投资者认知水平变化正相关,与公司未来分析师预测偏差变化负相关.进一步检验发现,相对于调研后不发布研究报告,调研后发布研究报告的分析师新增关注度发挥的价值发现功能更强.研究结果表明,分析师发挥了价值发现功能,这种功能在初次关注的分析师对调研目标公司的选择以及调研后是否发布研究报告的行为决策中已经体现;分析师新增关注度不仅可以缓解市场信息不对称,而且还能吸引更多机构投资者关注.研究结论为深入理解和充分发挥分析师在中国资本市场改革环境下的价值发现功能提供理论参考和经验证据.
Abstract
The core role of analysts lies in discovering the value of listed companies through professional research,thereby guiding the optimal allocation of market resources.However,whether analysts effectively fulfill this value discovery function has been a sub-ject of considerable debate.Based on analysts'site visit decision,this paper examines analysts'value discovery function and its mechanism from the view of analyst interest changes.Results show that the increases in analyst interest are positively associated with future stock return,and this association is more significant in firms with poor information environment.The mechanism test shows that the increases in analyst interest are negat-ively associated with the future changes in analyst forecast errors,and positively associ-ated with the future changes in firm fundamentals and investor recognition.Furthermore,analysts who release reports after site visit play a stronger value discovery function than those who doesn't release after site visit.Our findings suggest that analysts play a value discovery function,which has been reflected in analysts'site visit decision and the choice of whether to release a report after site visit.Moreover,the increases in analyst interest can not only reduce the information asymmetry,but also attract more institutional in-vestors.The research conclusion provides theoretical reference and empirical evidence for in-depth understanding of analysts'value discovery function in the context of China's capital market reform.
关键词
分析师/实地调研/价值发现功能/分析师新增关注度/股票回报率Key words
analysts/site visit/the value discovery function/increases in analyst in-terest/stock return引用本文复制引用
出版年
2024
NETL
NSTL
万方数据