分析师改善了市场信息环境吗?——来自公司特质风险的证据

Did Analysts Improve the Market Information Environment?Evidences from Corporate Idiosyncratic Risk

分析师对资本市场的影响是近些年来学术界研究的热点问题。本文以我国深市A股上市公司为样本,考察了分析师关注对公司特质风险的影响以及信息透明度所发挥的作用。研究发现:分析师关注显著降低了公司特质风险;分析师关注能够提高公司信息透明度,较高的信息透明度将缓解公司特质风险,信息透明度在分析师关注与公司特质风险之间起中介作用;进一步研究发现,分析师关注对公司特质风险的负向影响在牛市和非国有企业中更明显,并且这种影响会随着管理层承受市场压力的上升而减小。以上研究结果表明,我国分析师在资本市场中主要发挥监督作用,其改善了市场信息环境。本研究对于明确分析师市场定位、指导投资者科学决策和加强上市公司信息披露监管具有一定的理论和现实意义。

The impact of analysts on capital markets has been a hot topic in academic research in recent years.Taking Chinese Shenzen A-share listed firms as samples,this paper examines the impact of analysts'attention on corporate idiosyncratic risk and the role of information transparency.The research results show that the analyst's attention can significantly reduce the idiosyncratic risk of the company.The analysts'attention will improve the transparency of the company's information,while higher information transparency can alleviate the corporate idiosyncratic risk,the transparency of information plays a mediating role between the analyst's attention and the corporate idiosyncratic risk.Further researchs find that the negative impact of analysts'attention on the corporate idiosyncratic risks is more pronounced in the bull market and non-state-owned enterprises,and this impact will decrease as the management bears the market pressure.The above research results show that analysts in China mainly play a supervisory role in the capital market,and their behavior improves market information environment.This study has some theoretical and practical significance for clarifying the role of securities analysts in the market,guiding investors in scientific decision-making and strengthen the information disclosure supervision of listed companies.