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金融研究  2018, Vol. 458 Issue (8): 190-206    
  本期目录 | 过刊浏览 | 高级检索 |
券商跟踪海外上市公司对国内分析师盈余预测准确性的影响
罗棪心, 麻志明, 王亚平
北京大学光华管理学院,北京 100871
The Effect of Covering Foreign Listing Companies on the Domestic Analysts’ Earnings Forecast Accuracy
LUO Yanxin, MA Zhiming, WANG Yaping
Guanghua School of Management, Peking University
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摘要 本文选取分析师对A股上市公司盈余预测数据,在分析师层面研究券商跟踪海外上市公司带来的效应。研究发现,国内券商跟踪海外上市公司后,其国内分析师对同行业A股公司的盈余预测准确性有显著提高,即券商跟踪海外上市公司会给国内分析师带来溢出效应。进一步研究发现,这种溢出效应对于经验丰富的分析师以及跟踪信息环境较差公司的分析师更加显著。本研究对于全面认识券商海外业务的溢出效应及分析师盈余预测准确性的影响因素具有理论和现实意义。
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罗棪心
麻志明
王亚平
关键词:  分析师  溢出效应  盈余预测准确性    
Abstract:  This paper examines the effect of brokerage covering foreign listing companies on domestic analyst earnings forecast accuracy. We find that the analyst forecasts of an A-share company is more accurate after the brokerage covers a foreign listing company in the same industry, indicating that covering foreign listing companies can create spillover effects to domestic analysts. Further analysis shows that this spillover effect is more pronounced for experienced analysts and for less informative companies. This study provides further insights on the spillover effect brought by the brokerage extending overseas business and the factors that affect analyst forecast accuracy.
Key words:  Analyst    Spillover Effect    Forecast Accuracy
JEL分类号:  G14   G24   M41  
作者简介:  罗棪心,北京大学光华管理学院博士研究生,Email: luoyanxin@pku.edu.cn.
麻志明,会计学博士,助理教授,北京大学光华管理学院,Email: mazhiming@gsm.pku.edu.cn.
王亚平,经济学博士,副教授,北京大学光华管理学院,Email: ywang@gsm.pku.edu.cn.
引用本文:    
罗棪心, 麻志明, 王亚平. 券商跟踪海外上市公司对国内分析师盈余预测准确性的影响[J]. 金融研究, 2018, 458(8): 190-206.
LUO Yanxin, MA Zhiming, WANG Yaping. The Effect of Covering Foreign Listing Companies on the Domestic Analysts’ Earnings Forecast Accuracy. Journal of Financial Research, 2018, 458(8): 190-206.
链接本文:  
http://www.jryj.org.cn/CN/  或          http://www.jryj.org.cn/CN/Y2018/V458/I8/190
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