证券分析师关心公司治理吗——基于中国资本市场的经验证据

Does Financial Analyst Care Corporate Governance - - - - Empirical Evidence from China

选取针对2003～2009年度年报发布的分析师预测样本,分别从横截面角度和时间角度分析了证券分析师在决定跟进某上市公司时,是否会受到公司治理质量及其变化的影响。研究发现,证券分析师偏好跟进公司治理质量高的上市公司。进一步将公司治理划分为内部公司治理和外部公司治理后发现,相对于外部公司治理,证券分析师更偏好跟进内部公司治理质量高的上市公司。在内部公司治理质量各衡量指标方面,信息披露质量越高、监督机制越完善的上市公司,证券分析师跟进的比例越高,而公司管理层的权力越大,公司内部和外部信息不对称的程度越严重,则证券分析师跟进的比例越低。

This paper investigates the relationship between corporate governance and financial analysts’following by adopting the cross-sectional and time-series approach using the sample analysts’forecast EPS data of A Shares in China during 2003 to 2009.The authors find that financial analysts prefer to follow up companies with the high quality of corporate governance.Within the measurement of internal corporate governance,the quality of information disclosure and monitor mechanism are positive correlation with the proportion of financial analysts’followings,and the information asymmetry between companies and investors are more severe with the greater the power of the company＇s management including the lower proportion of financial analysts’followings.