分析师跟踪网络环境、异质性与融资决策同伴行为

Analysts Tracking Network Environment,Heterogeneity and Financing Decision Peer Behavior

通过构建分析师跟踪网络,发现分析师跟踪网络环境下的上市公司融资决策存在明显的同伴效应(尤其是在借贷融资和增发融资方面),且这种同伴效应表现为本公司与不同产业同伴公司融资决策的相似性以及对领军同伴公司的模仿。对不同类型分析师跟踪网络的分类研究显示,不同类型分析师跟踪网络所引致的融资决策同伴现象存在一定的差异,经验丰富、跟踪量大、非明星的分析师以及小规模券商分析师跟踪网络所引致的融资决策同伴现象更为明显,本公司更可能采用分析师跟踪网络中同伴公司的融资决策,这说明上述四类分析师跟踪网络对不同产业公司及领军公司融资信息的传递更为有效,利用网络中的相关信息,本公司更可能采取融资跟随策略。

This paper firstly constructed analyst tracking network,and then found that,there was obvious peer effect on the financing decisions of listed companies in analyst tracking network environment,especially in the aspects of loan financing and additional financing.Besides,this peer effect shew the similarity with peer companies in different industries and the imitation of leading peer companies.Further research on analyst tracking network with different types reveals that,above-mentioned peer effect is more obvious in tracking networks with experienced,large-amount tracking and non-star analysts,as well as small-sized brokers.That is to say,companies in above four types of analyst tracking network environment are more likely to apply the financing decisions of peer companies,which proves that,the four types of analyst tracking network are beneficial for the effective transmission of the financing information of leading companies and companies in different industries.In this condition,companies in these four types of environment would more probably choose financing following strategy.