国内证券分析师的信息优势:地理邻近性还是会计准则差异

发布时间：2018-06-05 23:27

本文选题：会计准则变革 + 分析师预测　；参考：《会计研究》2010年12期

【摘要】：本文考察了地理邻近性、会计准则差异对分析师行为的影响,具体关注以下两个问题:国内分析师在预测本地上市公司盈利上是否比海外分析师有优势?这种优势是源于地理邻近性还是会计准则差异?通过对比会计准则前后国内外分析师盈余预测准确度的差异发现:在会计准则变革以前,国内分析师比海外分析师预测准确度更高;会计准则变革虽然使国外分析师面临的会计准则差异减少或消失,但国内分析师的预测优势仍然存在,只是这种优势的程度显著减少了。这些结果意味着,地理邻近性和会计准则差异都是解释国内分析师比海外分析师具有预测优势的重要因素。
[Abstract]:This paper examines geographical proximity and the impact of accounting standards differences on the behavior of analysts, focusing on the following two questions: does domestic analysts have an advantage over overseas analysts in predicting the earnings of local listed companies? Is this advantage due to geographical proximity or differences in accounting standards? By comparing the differences of earnings forecast accuracy between domestic and foreign analysts before and after accounting standards, it is found that: before the accounting standards change, the accuracy of domestic analysts is higher than that of overseas analysts; Although the change of accounting standards has reduced or disappeared the differences in accounting standards faced by foreign analysts, the forecast advantage of domestic analysts still exists, but the degree of this advantage has been significantly reduced. These results mean that geographical proximity and differences in accounting standards are important factors that explain why domestic analysts have a predictive advantage over overseas analysts.
【作者单位】：中央财经大学会计学院;清华大学经济管理学院;多伦多大学罗特曼管理学院;
【基金】：国家自然科学基金项目(项目号70872056) 中央财经大学“211工程”三期重点学科建设项目北京市教育委员会共建项目资助
【分类号】：F233;F832.51

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