分析师预测准确度与企业融资约束

Analyst forecasting accuracy and corporate financing constraints

本文以2012-2019年我国沪深A股上市公司作为研究样本,采用KZ指数来度量企业融资约束,研究分析师预测准确度对企业融资约束的影响。研究发现:①分析师预测准确度可以有效地缓解企业融资约束。②在非国有企业中,分析师预测准确度更能有效地缓解企业的融资约束。

Taking Chinese A-share listed companies on Shanghai and Shenzhen Stock Exchanges from 2012 to 2019 as research samples,this paper uses KZ index to measure corporate financing constraints,and studies the impact of analysts'forecasting accuracy on corporate financing constraints.The research findings are as follows:①Analyst forecasting accuracy can effectively alleviate the financing constraints of enterprises.②Among non-state-owned enterprises,analyst forecasting accuracy can more effectively alleviate the financing constraints of enterprises.