在忽视中重获关注：分析师关注与企业捐赠

Getting Attention from the Silence： Analyst Coverage and Corporate Donation

利用上市公司在汶川地震后的捐款数据，本文考察了无分析师关注的企业是否会利用捐赠重获关注。结果显示：（1）捐赠能帮助企业在未来吸引分析师和媒体的关注，且这种影响作用只体现在无分析师关注的企业；（2）在无分析师关注的企业中，捐赠能提升上市公司股票在未来的流动性、基金持股比例和持股股东户数，但该影响仅体现在较短期内；（3）相对于有分析师关注的企业而言，有捐款行为的无分析师关注的上市公司在业绩方面提升程度更高。

Using data from corporate donation after Wenchuan earthquake, we investigate whether firms completely lose analyst coverage will get attention from analyst, media and investor based on the donation event for the first time. We find that, （1） only donation from firms completely lose analyst coverage does help listed firms to get attention from analyst and media in future; （2） for the firms lose analyst coverage, donation can improve stock liquidity, mutual fund ownership and the number of shareholders, and this effect is only reflected in short-term. While, for the firms with analyst coverage, donation can only enhance the mutual fund ownership in future; （3） for the firms＇ performance, we further find that, compared with firms that covered by analysts, the firms that lose analyst coverage and donate after the earthquake will improve performance much better.