公司特征对分析师跟进行为的影响研究-金融学专业论文.docx

I I 摘 要 作为一类重要的信息中介，分析师对资本市场具有重要影响。随着2013年新 财富明星分析师评选的结束，我们发现，近年来随着中国资本市场的发展，证券分 析师行业已经受到越来越多的关注。由于分析师是资本市场的重要组成部分，对分 析师行为的研究有利于投资者的判断、分析师行业的监管以及整个金融市场的建设。 本文以2011至2013年1532家上海和深圳A股上市公司为样本，实证分析了影 响我国证券分析师跟进程度的几个公司特征。研究结果表明，我国证券分析师除了 受到学术界公认的公司市值规模、每股收益等公司特征的影响外，还倾向于选择跟 进董事长兼任总经理的公司，以及前十大股东持股比例较高和股息率较高的公司。 该结果在控制行业和年份因素后依然较稳健。研究结论进一步表明，由于根据公司 财务状况和公司治理状况等因素来选择所跟进的公司，从成本收益风险等角度分析 背后的动机发现，我国分析师的独立性和客观性可能存在一定问题，分析师报告的 质量和可信度可能受到某种程度的负面影响。 本文的贡献在于，在现有文献的基础上着重研究几个公司特征变量，以期得 出新的结论，对现有文献进行补充；并且本文致力于选取少量几个主要因子，在保 证模型较大拟合度的同时精简模型。 关键词：分析师，公司特征，跟进行为 II II Abstract As an important kind of information intermediary, analysts play a vital role in the capital market. With the development of our capital market these years, the securities analysts industry draws an increasing attention, and the research about analysts’ behavior will somewhat make an improvement of the judgment of investors, the regulation of analyst industries and the construction of the whole market. By studying several firm characteristics which have an impact on analyst following, this empirical research suggests that besides the incline to companies with large scales and good per-share performance, securities analysts in China are likely to choose those companies of which chairman of the board serves as general manager at the same time, and those with high ownership concentration and excellent valuation indicators. The sample companies are 1532 listed ones from Shanghai and Shenzhen A share markets during 2011 to 2013. This empirical result is robust even after controlling the industry and year factors. And the conclusion further casts doubts on the independence and objectivity of securities analysts in China, and on the quality and credibility of those analyst reports. The contribution of this article is that it examines several factors that are not likely examined by others, thus making some new conclusions as supplementary to related studies. Also, although most models about this research are composed of too m