分析师乐观偏差对企业创新的影响研究

The Impact of Analyst Optimism on Corporate Innovation

结合我国实施创新驱动发展战略的现实背景,从市场信息中介视角出发,探讨证券分析师的乐观偏差是否会对企业创新产生影响。研究发现:(1)分析师的乐观偏差与企业创新显著负相关,表明分析师的行为偏差会对企业创新产生抑制作用;(2)管理层任期的延长及会计信息可比性的提高,将削弱二者之间的负向关系,意味着增加管理层的职业忧虑是分析师乐观偏差抑制企业创新的重要途径,且提高会计信息质量能缓解这种负面影响。

Considering the contemporary background of China＇s implementing innovation driven development strategy,this paper,from the perspective of market information intermediary,studies whether security analyst optimism bias affects corporate innovation or not.Our findings show that analyst optimism correlates with corporate innovation significantly and negatively,which indicates that analyst optimistic behavioral bias has an adverse effect on corporate innovation.However,the negative correlation is weakened with the extension of the management tenure or the enhancement of accounting information comparability,which means that augmenting managers＇ career concern is one important way to restrain corporate innovation caused by analyst optimistic bias,and improving the quality of accounting information can alleviate the negative influence.