的分析师关注度%2c股权结构与股票波动性--基于中国上市公司经验的研究.docVIP

分析师关注度，股权结构与股票波动性 ——基于中国上市公司的经验研究 宋小保，郑文佳 （汕头大学商学院，汕头，515063） 摘要：作为上市公司外部独立的信息中介之一，证券分析师在上市公司和市场之间扮演着非 常重要的信息传递角色。本文利用中国上市公司数据，通过建立联立方程，考察了证券分析 师对关注度与股票波动性之间的关系，同时分析了证券分析师的独立性影响因素。研究发现， 证券分析师关注度与股票波动性之间存在显著的负相关关系，说明从总体上来讲，中国证券 分析师具有独立性，在提高信息透明度和稳定市场方面有积极作用。研究同时发现，机构投 资者持股比例和最终控制人的控制权与现金流权分离会影响证券分析师与股票波动性之间 的关系，即在机构持股较高或者最终控制人控制权与现金流权分离度较大的公司，证券分析 师关注度与股票波动性的关系会减弱。该结果说明，机构投资者的存在以及最终控制人较高 的控制权与现金流权分离度，会严重影响证券分析师的独立性。 关键词：证券分析师关注度；股票波动性；机构投资者；控制权与现金流权分离 中图分类号：F830.91 文献标识码：A  Analyst Following, Ownership Structure and Stock Volatility: Evidence from China A-Listed Company Song Xiaobao, Zheng Wenjia Business School, Shantou University, Shantou 515063, China Abstract: As an information intermediary of listed company, analysts have been playing a very important role between listed company and investors by transmitting information to market. Based on China A-listed companies’ data, this paper study the relationship of analyst following and stock volatility through building simultaneous equation, then analyze the factors of analyst independence. We find the negative relation of analyst following and stock volatility, which testify the independence of China analyst. China analyst can play a certain role in increasing the transparency of listed company and stabilizing market volatility. We also find that institutional investor and the separation of control right from cash flow of ultimate controller can affect the relationship of analyst following and stock volatility. When institutional investors ownership or the separation of control right from cash flow of ultimate are higher, the relationship of analyst following and stock volatility will become weaker. The findings illustrate that institutional investors or the separation of control right from cash flow all could affect the independence of analyst. ① 基金项目：国家自然科学基金重点项目及教育部人文社会科学研究青年项目（11YJC630180）。 作者简介：宋小保，河南人