财务分析师公司治理角色研究——文献综述与研究展望

A Study of the Role of Financial Analysts in Corporate Governance:Literature Review and Future Prospects

财务分析师的角色定位一直是学界和业界共同关注的焦点问题。近年来,随着研究的不断推进,学者们从传统的信息中介角度转向公司治理角度重新审视分析师行为,为认识分析师的价值功效提供了新的视角。纵观围绕分析师公司治理作用所提出的种种假设,无论是外部监督假说、经理人压力假说,还是投资者关注假说,每个假说言之灼灼背后都交织着不同的声音。通过对已有文献的梳理以及对我国情境下分析师公司治理效应的再思考,未来的研究可以从理论、实证和计量三个方面加以补充、拓展和延伸。

How to define the role of financial analysts has always been a concern in both industry and academia. With the advancement of research in recent years, scholars have turned from the traditional perspective of infomediary to the per- spective of corporate governance in re-examining the behavior of analysts, thus providing fresh perspectives for recognizing the value and function of analysts. However, disputes remain on the role of financial analysts in corporate governance, as evidence by the multitude of hypotheses, such as the external oversight hypothesis, the manager pressure hypothesis, and the investor attention hypothesis. By reviewing existing literature and rethinking this issue in the Chinese context, future re- search can be extended in theoretical, empirical and metrologieal aspects.