摘要
本文以2006-2014年沪、深两市A股上市公司为研究对象,实证检验了产品市场势力和行业集中度对分析师预测活动的影响。研究表明,企业(微观)层面的产品市场势力和行业(宏观)层面的行业集中度,都与分析师跟踪数量、分析师预测精准度呈正相关关系。进一步区分股权性质后发现,产品市场势力和行业集中度对分析师跟踪数量和分析师预测精准度的影响效果在不同股权性质的企业中存在一定的差异。本文的研究进一步探究了分析师预测活动的影响因素,也丰富了市场竞争和信息不对称领域的相关研究。
This paper investigates the effects of product market power and industry concentration on analyst forecast activities, by using a sample of Shanghai and Shenzhen listed companies over the 2006-2014 period.We find that both firm-level market power and industry-level concentration are positively associated with analyst following and forecast accuracy.Furthermore, the influence of market power on analyst following and forecast accuracy in State-Owned Enterprises （SOEs） is greater than that in non-SOEs.Nevertheless, industry concentration has negative impacts on analyst following and the effect of industry concentration on forecast accuracy is no longer significant in non-SOEs. Hence, these findings contribute to the extant research on the influential factors of analyst forecast activities.
出处
《经济评论》
CSSCI
北大核心
2016年第5期38-51,67,共15页
Economic Review
基金
教育部人文社科规划基金项目"董事会治理
经理人薪酬与企业投资效率研究--基于经理人短视行为的视角"(项目编号:12YJA790150)的阶段性成果
武汉大学70后学术团队项目以及中央高校基本科研业务费专项资金的资助
