关联交易方信息溢出效应对分析师的影响

The Impact of Spillover Effects from Related Parties on Analyst

本文考察了关联交易公司之间信息的溢出效应对分析师的影响。研究发现:若分析师跟踪了关联交易的一方,则该分析师更可能将另一方也纳入跟踪范围,且更倾向于跟踪属于同一行业、交易频繁的关联交易方。相对于其他分析师,跟踪了关联交易双方的分析师(即关联交易分析师)对交易双方的预测准确性更高,这个效应对于缺乏经验的分析师、小规模券商的分析师以及跟踪会计信息质量较差公司的分析师更为显著。研究表明,关联交易公司之间的信息溢出效应为分析师提供了有益的增量信息。本文为优化分析师跟踪决策、改善预测准确性提供了理论和实证依据。

This paper examines the impact of spillover effects from related parties on analyst.We find that if an analyst follows one firm of the related party transaction,she is more likely to include the other firm in her portfolio,especially the one in the same industry and the one engages in more economic relations.The analyst who covers both firms of one related party transaction is more accurate for these firms than other analysts.This effect is more pronounced for analyst who is inexperienced,from small brokerage house,and covering firms with poor information environment.The results show that by covering both firms of the related party transaction,analyst can obtain valuable information.This study provides evidences that analyst can optimize her portfolio and improve forecast accuracy by covering both firms of the related party transaction.