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| Title: | 分析師特性與公司投資效率關係之研究：來自中國上市公司的證據
The Relation between Analyst Characteristics and Investment Efficiency : Evidence from China |
| Authors: | 劉細君
Liu, Xi Jun |
| Contributors: | 金成隆
劉細君
Liu, Xi Jun |
| Keywords: | 分析師追蹤
分析師特性
投資效率
國有企業
Analyst following
Analyst characteristics
Investment efficiency
State-owned enterprises |
| Date: | 2018 |
| Issue Date: | 2018-06-12 17:05:31 (UTC+8) |
| Abstract: | 本文探討分析師追蹤行為及分析師特性對其客戶投資效率的影響，並進一步研究分析師對國有與非國有企業的不同影響。本文以2007-2016年中國滬深證交所上市公司為樣本。實證結果發現，分析師追蹤及有較多的分析師追蹤，明星分析師追蹤及有較多的明星分析師追蹤，分析師預測公司數量較多都能提高其追蹤的上市公司的投資效率。本文進一步研究發現，分析師預測公司家數越多，其追蹤的國有企業的投資效率要高於非國有企業；並且，在分析師追蹤下，地方企業的投資效率要高於中央企業。然而，並沒有顯著證據能夠證明在分析師的追蹤下，非國有企業的投資效率高於國有企業。總結上述，分析師在資訊傳遞方面扮演著重要的角色，有助於降低企業資訊不對稱，從而對企業投資效率產生正面的影響。
The objective of this thesis is to examine the association between forecasts behaviors and the covered firms’ investment efficiency. Using a sample of Chinese listed firms from 2007 to 2016, the empirical results can be summarized as follows. The presence of analyst following improves the investment efficiency of listed companies; the effect increases with the number of analysts following. Second, my results are stronger for firms with star analysts following than those without such analysts; more star following leads to greater improvement in investment efficiency. Thirdly, the effect of the number of analysts is more pronounced for stated-owned enterprise (SOE) than non-stated-owned enterprise (non-SOE). Further analyses indicate that for SOE, the presence of analysts following on investment efficiency is stronger for local SOE than for central SOE. |
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| Description: | 碩士
國立政治大學
會計學系
105353118 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0105353118 |
| Data Type: | thesis |
| Appears in Collections: | [會計學系] 學位論文
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