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題名 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
作者 劉細君
Liu, Xi Jun
貢獻者 金成隆
劉細君
Liu, Xi Jun
關鍵詞 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
日期 2018
上傳時間 12-Jun-2018 17:05:31 (UTC+8)
摘要 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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王明昌，周邦營，2014，健全財務報表品質與分析師盈餘預測之相關性研究——以公司治理與審計品質觀點探討，弘光學報，第74期：14-38。
方軍雄，2007，我國上市公司信息披露透明度與證券分析師預測，金融研究，第6期：136-148。
朱紅軍，何賢傑和陶林，2007，中國的證券分析師能夠提高資本市場的效率嗎——基於股價同步性和顧家信息含量的經驗證據，金融研究，第2期：110-121。
李延喜，陳克兢和劉伶，2013，外部治理環境、行業管制與過度投資，管理科學，第2期：14-25。
李春濤，王立威和呂勇斌，2017，分析師跟蹤、金融發展與企業盈餘管理：來自中國上市公司的證據，產業經濟評論，第1期：101-112。
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李麗青，2012，《新財富》評選的最佳分析師可信嗎?——基於盈利預測準確度和預測修正市場反應的經驗證據，投資研究，第7期：54-64。
伊志宏和江軒宇，2013，明星VS非明星：分析師評級調整與信息屬性，經濟理論與經濟管理，第10期：93-108。
江新峰和張東旭，2014，政治關聯、分析師跟蹤與中小企業投資效率——以製造業為例，貴州財經大學學報，第6期：57-65。
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描述 碩士
國立政治大學
會計學系
105353118
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0105353118
資料類型 thesis
dc.contributor.advisor 金成隆zh_TW
dc.contributor.author (Authors) 劉細君zh_TW
dc.contributor.author (Authors) Liu, Xi Junen_US
dc.creator (作者) 劉細君zh_TW
dc.creator (作者) Liu, Xi Junen_US
dc.date (日期) 2018en_US
dc.date.accessioned 12-Jun-2018 17:05:31 (UTC+8)-
dc.date.available 12-Jun-2018 17:05:31 (UTC+8)-
dc.date.issued (上傳時間) 12-Jun-2018 17:05:31 (UTC+8)-
dc.identifier (Other Identifiers) G0105353118en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/117635-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計學系zh_TW
dc.description (描述) 105353118zh_TW
dc.description.abstract (摘要) 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。zh_TW
dc.description.abstract (摘要) 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.en_US
dc.description.tableofcontents 目 錄
壹、緒論 1
一、研究動機 1
二、研究目的 2
三、研究思路 3
貳、文獻綜述 5
一、分析師追蹤行為影響客戶投資效率 5
二、分析師分析特性影響客戶投資效率 6
三、分析師行為及特性對國有企業投資效率的影響 8
叁、研究設計 11
一、研究假說 11
二、資料來源與選取 15
三、變數衡量 16
四、實證模型建立 23
肆、 實證結果與分析 28
一、敘述性統計量 28
二、相關係數分析 34
三、 迴歸結果分析 34
四、 穩健性檢驗 40
伍、 結論與未來研究 45
一、 研究結論 45
二、 研究限制與未來研究 46
附錄 47
參考文獻 49

表目錄
表一 變數定義表 57
表二 敘述性統計，N=10,229 58
表三 Spearman相關係數，N = 10,229 59
表四 分析師追蹤行為與客戶投資效率之關聯性分析 62
表五 分析師追蹤行為x企業結構與客戶投資效率之關聯性分析 64
表六 分析師特性與客戶投資效率之關聯性分析 67
表七 分析師特性x企業結構與客戶投資效率之關聯性分析 68
表八 分析師追蹤行為與客戶投資效率之關聯性分析 69
表九 分析師追蹤行為x企業結構與客戶投資效率之關聯性分析 71
表十 分析師特性與客戶投資效率之關聯性分析 74
表十一 分析師特性x企業結構與客戶投資效率之關聯性分析 75		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0105353118en_US
dc.subject (關鍵詞) 分析師追蹤zh_TW
dc.subject (關鍵詞) 分析師特性zh_TW
dc.subject (關鍵詞) 投資效率zh_TW
dc.subject (關鍵詞) 國有企業zh_TW
dc.subject (關鍵詞) Analyst followingen_US
dc.subject (關鍵詞) Analyst characteristicsen_US
dc.subject (關鍵詞) Investment efficiencyen_US
dc.subject (關鍵詞) State-owned enterprisesen_US
dc.title (題名) 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zh_TW
dc.title (題名) The Relation between Analyst Characteristics and Investment Efficiency : Evidence from Chinaen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 尹玉剛，2014，分析師教育、經驗和努力：投資者關注與認知偏差，投資研究，第12期：126-141。
王明昌，周邦營，2014，健全財務報表品質與分析師盈餘預測之相關性研究——以公司治理與審計品質觀點探討，弘光學報，第74期：14-38。
方軍雄，2007，我國上市公司信息披露透明度與證券分析師預測，金融研究，第6期：136-148。
朱紅軍，何賢傑和陶林，2007，中國的證券分析師能夠提高資本市場的效率嗎——基於股價同步性和顧家信息含量的經驗證據，金融研究，第2期：110-121。
李延喜，陳克兢和劉伶，2013，外部治理環境、行業管制與過度投資，管理科學，第2期：14-25。
李春濤，王立威和呂勇斌，2017，分析師跟蹤、金融發展與企業盈餘管理：來自中國上市公司的證據，產業經濟評論，第1期：101-112。
李曉玲，劉中燕和任宇，2012，分析師關注對上時公司盈餘管理的影響，江淮論壇，第6期：63-68。
李麗青，2012，《新財富》評選的最佳分析師可信嗎?——基於盈利預測準確度和預測修正市場反應的經驗證據，投資研究，第7期：54-64。
伊志宏和江軒宇，2013，明星VS非明星：分析師評級調整與信息屬性，經濟理論與經濟管理，第10期：93-108。
江新峰和張東旭，2014，政治關聯、分析師跟蹤與中小企業投資效率——以製造業為例，貴州財經大學學報，第6期：57-65。
辛清泉和譚偉強，2009，市場化改革、企業業績與國有企業經理薪酬，經濟研究，第11期。
肖斌卿，伊曉奕和劉海飛，2010，分析師跟進行為對上市公司資本成本的影響——來自中國證券市場的經驗證據，南京師大學報:社會科學版，第5期。
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