Analysts as external governance forces play an important role in the market and the development of modern enterprises.Taking the analysis results released by securities firms as an opportunity,this paper selects the sample data of China s A-share listed companies between 2010 and 2022 for an empirical study,and verifies the governance effect of the information effect generated by the analysts' forecast dispersion on the stock price crash risk by testing the relationship between analysts'prediction differences and stock price crash risk.The results show that the difference in analysts'earnings forecast can provide firm-specific information,thereby reducing the risk of stock price crashes,which manifests as an information effect,and the governance effect is counteracted by institutional investor holdings.Further mechanism testing reveals that firms with greater analyst earnings forecast dispersion have lower stock liquidity and investor sentiment,which in turn leads to a reduction in stock price crash risk.This study theoretically explores a new perspective on the economic consequences of analyst earnings forecast dispersion in theory and provides empirical evidence for investor decision-making,external governance,and policy utilization in practice.
维普
万方数据