基于分析师盈余预测视角的信息披露评级与市场波动性

摘要笔者选取2007年~2014年深市A股上市公司为研究样本,采用深交所的信息披露评级,运用描述性统计、相关性分析及回归分析等方法研究了信息披露评级对市场波动性的影响。研究结果表明,上市公司信息披露评级越高市场波动性越小,其影响机理在于信息披露评级越高分析师盈余预测准确性越高,进而降低了市场波动性。稳健性检验结果表明研究结论不变。基于此,提出完善市场质量及促进分析师行业健康发展等政策性建议。

	Service

	把本文推荐给朋友
	加入我的书架
	加入引用管理器
	Email Alert
	RSS
	作者相关文章
	杜浩阳
	柯金川
	方鑫

关键词：信息披露评级市场波动性分析师盈余预测信息披露评级市场波动性分析师盈余预测

Abstract： This paper selects 2007~2014 Shenzhen-A-share listed companies as samples, takes the Shenzhen Stock Exchange website “credit file” to measure information disclosure rating, and uses descriptive statistics, correlation analysis and regression analysis method to study the impact of the information disclosure rating on market volatility. The results show that the higher the information disclosure rating of listed companies, the smaller the market volatility, the impact mechanism being that: the higher the rating of disclosure, the higher the analyst earnings forecast accuracy, thereby reducing the market volatility. Robustness test results indicate conclusions are robust. Based on this, we put forward some suggestions to improve market quality and promote the healthy development of the analysts industry and other policy recommendations.

Keywords： Information Disclosure Rating Market Volatility Analyst’s Earning Forecasts Information Disclosure Rating Market Volatility Analyst’s Earning Forecasts

收稿日期 2017-03-30; 接受日期 2017-03-30;

作者简介: 杜浩阳(1980— ),男,河南襄城人,博士研究生,主要从事公司金融研究;柯金川(1966— ),男,福建永春人,教授,博士生导师,主要从事产业经济和金融工程研究;方鑫(1992- ),女,安徽铜陵人,硕士研究生,主要从事产业经济研究。

引用本文:

杜浩阳,柯金川,方鑫.基于分析师盈余预测视角的信息披露评级与市场波动性[J]. 经济经纬, 2017,2: 158-164

DU Hao-yang, KE Jin-chuan, FANG Xin.Information Disclosure Ratings and Market Volatility from Analyst Forecasts Perspective[J] Economic Survey, 2017,V34(2): 158-164

链接本文:

http://www.jjjw.org.cn/CN/ 或 http://www.jjjw.org.cn/CN/Y2017/V34/I2/158