分析师关注对公司价值的影响路径研究--基于有中介的调节作用模型实证检验

Research on the influence channel of analysts following on firm value:An empirical test on mediated moderation effect

以2010-2017年上市公司为研究样本,实证检验分析师关注对公司价值的影响路径。通过构建有中介的调节作用模型,采用重新抽样自助法检验表明:分析师关注能够提高企业社会责任,企业社会责任的履行对于公司价值具有促进作用;分析师关注在产权性质的调节下以企业社会责任为中介影响公司价值。研究结论有助于厘清分析师关注对公司价值的作用机理,构建完善的内外部公司治理机制和信息披露机制,从而提高企业价值。

Taking listed firms from 2010 to 2015 in China as sample,this paper analyzes the influence channel of analysts following on firm value.By constructing mediated moderation model along with re-sampling-based bootstrapping,research shows that analysts following is positively related to corporate social responsibility,corporate social responsibility is beneficial to firm value and corporate social responsibility acts as a mediator in the process of analysts following affecting firm value under the moderation of property rights.The conclusions are of great significance to clarifying the influence channel of analysts following on firm value,constructing perfect internal and external corporate governance mechanism,along with information disclosure mechanism to improve firm value.