公司治理对证券分析师盈余预测准确度的影响研究

发布时间：2018-01-12 19:03

本文关键词：公司治理对证券分析师盈余预测准确度的影响研究　出处：《湖南大学》2014年硕士论文　论文类型：学位论文

【摘要】：随着资本市场的不断发展，作为信息中介的证券分析师的作用愈加明显，尤其是证券分析师的盈余预测信息越来越受到信息使用者的关注。证券分析师的盈余预测信息不仅会影响到投资者的决策，也会影响资本市场的效率和资源配置。然而证券分析师提供的预测信息是否具有价值及价值大小取决于预测信息的准确度，所以对证券分析师盈余预测准确度影响因素的研究很有必要。国内关于证券分析师盈余预测准确度影响因素的研究起步较晚，目前大多集中在企业信息披露质量的方面，，我们认为，公司治理作为企业的重要特征，也会是证券分析师对企业进行盈余预测时考虑的因素，并且由于公司治理贯穿于企业整个的生命周期运行当中，会对企业向外传递信息的方式和结果产生一定影响，进而影响到证券分析师获取的相关信息质量，因此公司治理可能是一个更为根本的影响证券分析师盈余预测准确度的因素。本文在理论上探讨了公司治理对于证券分析师盈余预测准确度的影响路径，并选取2007-2011年的深交所A股上市公司作为研究样本，实证分析了我国企业公司治理对于证券分析师盈余预测准确度的影响。研究结果表明，公司治理水平和证券分析师的盈余预测准确度以及企业的信息披露质量正相关，并且公司治理对证券分析师盈余预测准确度的影响中有一部分是通过影响企业的信息披露质量发挥作用的。本文的研究结果为进一步完善企业的公司治理结构和促进证券分析师行业的健康发展提供了一定的理论依据和经验支持，对于上市公司和资本市场的长远发展具有十分重要的意义。
[Abstract]:With the development of capital market, the role of securities analyst as information intermediary becomes more and more obvious. In particular, the earnings forecast information of securities analysts is more and more concerned by information users. The earnings forecast information of securities analysts will not only affect investors' decisions. It also affects the efficiency of the capital market and the allocation of resources. However, whether the forecast information provided by the securities analysts has value and value depends on the accuracy of the forecast information. Therefore, it is necessary to study the influencing factors of earnings forecasting accuracy of securities analysts. At present, most of them focus on the quality of corporate information disclosure. We believe that corporate governance, as an important feature of enterprises, will also be considered by securities analysts when forecasting earnings. And because corporate governance runs through the whole life cycle of the enterprise, it will have a certain impact on the way and results of the enterprise to transmit information to the outside, and then affect the quality of relevant information obtained by securities analysts. Therefore, corporate governance may be a more fundamental factor affecting the accuracy of earnings forecast of securities analysts. This paper theoretically discusses the influence of corporate governance on the earnings forecast accuracy of securities analysts, and selects the A-share listed companies of Shenzhen Stock Exchange from 2007 to 2011 as the research samples. Empirical analysis of the impact of corporate governance on the earnings forecast accuracy of securities analysts. The level of corporate governance is positively related to the accuracy of earnings forecast of securities analysts and the quality of information disclosure. And the influence of corporate governance on the accuracy of earnings forecast of securities analysts is partly affected by the quality of information disclosure. The research results of this paper are to further improve the corporate governance structure and corporate governance. To promote the healthy development of the securities analyst industry provides a certain theoretical basis and empirical support. It is of great significance for the long-term development of listed companies and capital markets.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F271;F832.51;F275

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