证券分析师跟踪:决定因素与经济后果

以会计信息的价值相关性模型为基础,探讨了分析师跟踪上市公司的决定因素及其对盈余信息价值相关性的影响。研究发现,分析师更倾向于选择盈余平滑程度较高且盈余操纵较少的公司。在分析师市场形成后,投资者将分析师的预测作为估计公司未来盈利的主要依据;对没有分析师跟踪的公司,投资者仍然倾向于运用以往的盈利作为公司未来盈利预测基础。

Security Analysts Following:Decisive Factors and Economic Consequences

This paper discusses the factors that decide analysts' following listed companies and the influence of analyst market on the value relevance of accounting information.The paper finds that analysts prefer to choose to follow companies with great earnings smoothing or little earnings manipulation.When the analyst market is mature,investors will take the analysts' forecasts as the main basis of their forecasts. While,for those companies followed by no analysts,investors are inclined to forecasting the future p...