上市公司年报审计质量与证券分析师盈余预测的实证分析

Empirical study of relationship between auditing quality of annual report of listed company and Financial analyst earnings forcasts

上市公司年报是资本市场投资者的重要公开信息来源。证券分析师通过分析公共信息及私有信息,向市场提供价值。而过去的文献没有涉及证券分析师的盈余预测行为与年报审计质量的关系。本文采用2002年至2008年A股上市公司作为研究样本,研究了年报审计质量对证券分析师盈余预测行为的影响,研究结果表明,审计质量的高低对证券分析师盈余预测行为有显著的影响,具体表现在高的审计质量增加了分析师的预测跟进人数,提高了分析师预测准确度,降低了分析师预测分歧度。

Annual report of Listed company is important information to investor in capital market. Financial analyst provide valuation to security investor by analyzing pubilc and private information. But previous literature don＇t involve relation between financial analyst earning forcasts and audit quality . This paper uses sample of A - share listed company from 2002 to 2008 to examine the relationship between financial analyst earnings forcasts and audit quality . We find , anditing quality has a significant influence to financial analyst earning forcasts. Most Specifically, better audit quality increased analyst numbers who take part in earnings forcasts, improved analyst earnings forcasts accuracy , decreased earnings forcasts of analyst dispersion.