企业战略差异对分析师行为的影响

Does the Differentiation of Corporate Strategies Affect Analyst Behavior?

从分析师关注、乐观分析师占比和分析师预测报告质量三个方面,研究企业战略差异对分析师行为的影响。研究发现,企业战略差异越大,分析师关注水平、公司层面乐观分析师占比以及分析师盈余预测准确度越低。进一步研究发现,机构持股对二者的关系具有显著调节作用;对公司战略差异影响分析师行为的作用机理进行分析和验证,发现公司战略差异可以通过企业资产收益波动性影响分析师行为。

This paper discusses the relationship between the differentiation of corporate strategies and analyst behavior. The study finds that, while the differentiation of corporate strategies is stronger, fewer analysts are willing to follow, who are more pessimistic with lower forecast quality. Further studies have found that institutional investors have a significant moderating effect on the relationship be- tween the two parties. After analyzing and verifying the mechanism existing in above relationship, the paper finds that corporate strate- gy could affect analyst behavior through the volatility of return on assets.