明星分析师第一名关注与企业数字技术创新

Top Star Analyst Concern and Enterprise Digital Technology Innovation

以2015—2020年制造业企业为样本,研究明星分析师第一名关注对企业数字技术创新的影响。研究发现,明星分析师第一名关注有助于推进企业数字技术创新的进程。机制分析表明,明星分析师第一名关注可通过提升数字化转型水平、提高股票信息含量、增加研发投入、提升营运效率和增强产品获利能力推进企业数字技术创新进程。异质性分析显示:在数字产品服务业、高技术企业、公司规模较大企业组中,明星分析师第一名关注的回归结果更加显著,说明存在一定的选择性偏好,需要审慎认知;当企业处于不同融资约束情境时,实证结果均显著,体现了明星分析师第一名的较好专业胜任能力。

Setting the data of manufacturing enterprises from 2015 to 2020 as the sample,this paper analyzed the effect of top star analyst concern on enterprise digital technology innovation.The results found that,top star analyst concern was conductive to pushing the progress of enterprise digital technology innovation.Mechanism analysis showed that,this promoting effect played a role mainly by improving the level of digital transformation,raising stock information content,increasing R&D investment,improving operational efficiency,and enhancing product profitability.Heterogeneity analysis revealed that,the regression results of top star analyst concern were more significant in the groups having digital products and digital services,high-tech enterprises and large-scale ones.Therefore,there was a certain selective preference,so we had to have a critical cognition.Moreover,these empirical results were all valid and remarkable in the situations having different financing constraints,which reflected the better professional competence of top staranalyst.