本文選題：分析師關(guān)注 + 剩余關(guān)注度　； 參考：《哈爾濱工業(yè)大學(xué)》2012年碩士論文

【摘要】：隨著我國(guó)證券市場(chǎng)的不斷完善，證券分析師作為投資者與上市公司之間重要的信息中介，其所發(fā)揮的作用越來(lái)越受到理論與實(shí)務(wù)界的關(guān)注。然而回顧國(guó)內(nèi)外相關(guān)研究，，不難發(fā)現(xiàn)當(dāng)前有關(guān)分析師的研究多集中于分析師盈余預(yù)測(cè)性質(zhì)、分析師工作內(nèi)容、決策過(guò)程、公司特征對(duì)分析師跟進(jìn)行為的影響以及分析師覆蓋強(qiáng)度對(duì)股市后期表現(xiàn)等方面。然而分析師作為一種中介力量，其能否在公司治理中發(fā)揮一定的作用，分析師是否能作為對(duì)管理層的外部監(jiān)督器，他們的存在是否給了管理者額外的壓力？本文檢驗(yàn)證券分析師對(duì)公司價(jià)值和盈余管理的影響，試圖為其所發(fā)揮的作用找到證據(jù)。 本文選取滬深兩市A股市場(chǎng)953家上市公司，以2007年-2010年為樣本區(qū)間，并剔除公司規(guī)模、行業(yè)等控制變量對(duì)分析師關(guān)注的影響，以分析師剩余關(guān)注度這一全新指標(biāo)作為分析師關(guān)注強(qiáng)度的代理變量，采用多變量回歸方法探究分析師剩余關(guān)注對(duì)公司價(jià)值和盈余管理的影響，尋求我國(guó)證券市場(chǎng)中分析師公司治理效應(yīng)的間接和直接證據(jù)。以分析師剩余關(guān)注度對(duì)公司價(jià)值的影響為切入點(diǎn)，驗(yàn)證分析師關(guān)注的公司治理效應(yīng)的存在性，然后通過(guò)對(duì)分析師剩余關(guān)注與公司盈余管理的相互影響研究，從公司的財(cái)務(wù)數(shù)據(jù)上尋求最直接的公司治理效應(yīng)證據(jù)。這就為分析師的公司治理效應(yīng)找到了直接證據(jù)的同時(shí)也探索出了一條可能的作用機(jī)制。為了解決分析師關(guān)注的內(nèi)生性問(wèn)題，本文以上市公司是否屬于滬深300成分股為工具變量，來(lái)驗(yàn)證這種監(jiān)督效應(yīng)是否穩(wěn)健。 在中國(guó)證券市場(chǎng)發(fā)展過(guò)程中，分析師行業(yè)的不斷擴(kuò)大，不僅有助于投資者發(fā)現(xiàn)具有價(jià)值的上市公司，而且分析師作為重要的信息中介團(tuán)體，其對(duì)管理層所發(fā)揮的監(jiān)督效應(yīng)，對(duì)于保護(hù)投資者利益和促進(jìn)證券市場(chǎng)的不斷完善都具有重要的理論和現(xiàn)實(shí)意義。
[Abstract]:With the continuous improvement of China's securities market, securities analysts, as an important information intermediary between investors and listed companies, have attracted more and more attention in theory and practice.However, looking back at relevant studies at home and abroad, it is not difficult to find that the current research on analysts focuses on the nature of analyst earnings forecasting, the content of analyst work, and the decision-making process.The impact of corporate characteristics on analysts' follow-up behavior and the impact of analyst coverage on later stock market performance.However, as an intermediary force, can analysts play a certain role in corporate governance, can analysts act as external supervisors to the management, and do their existence give managers additional pressure?This paper examines the influence of securities analysts on corporate value and earnings management, and tries to find evidence for its role.This paper selects 953 listed companies in Shanghai and Shenzhen A-share markets, takes 2007-2010 as the sample interval, and excludes the influence of controlling variables such as company size, industry and other control variables on the attention of analysts.Taking the new index of analyst residual concern as the proxy variable of the analyst's concern intensity, the multivariate regression method is used to explore the influence of the analyst's residual concern on the company value and earnings management.To seek indirect and direct evidence of the corporate governance effect of analysts in China's securities market.From the perspective of the influence of analyst residual attention on corporate value, this paper verifies the existence of corporate governance effect concerned by analysts, and then studies the interaction between analyst residual concern and corporate earnings management.Seek the most direct evidence of corporate governance from the company's financial data.This provides direct evidence for the corporate governance effect of analysts and explores a possible mechanism.In order to solve the endogenous problem, this paper takes whether the listed companies belong to the CSI 300 as a tool variable to verify whether the supervision effect is robust.In the course of the development of China's securities market, the continuous expansion of the analyst industry not only helps investors to find valuable listed companies, but also serves as an important information intermediary organization, which plays a supervisory role on the management.It is of great theoretical and practical significance to protect the interests of investors and promote the continuous improvement of the securities market.
【學(xué)位授予單位】：哈爾濱工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51

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