摘要
企业“脱实向虚”的风险引起了社会广泛关注,而分析师作为专业的信息中介,其行为决策具有更高的风险敏感性及引导性。基于此,本文考察了企业金融化对分析师行为的影响及其作用路径。研究发现:企业金融化程度越高,证券分析师和明星分析师跟踪数量越少,盈余预测误差和分歧度越高;且这一关系在融资约束较严重的企业中更为显著。进一步分析发现,金融化程度越高的企业信息不对称程度越大、未来主业业绩越差且业绩波动越明显、企业利润的可持续性也越低,揭示了企业金融化通过风险信息感知渠道作用于分析师行为。本文结论拓展了企业金融化经济后果以及分析师行为影响因素的相关研究,也对理解企业金融化的真实效应及其后续改革具有一定的启示。
The risk of firm financialization has aroused wide public concern.As professional information intermediaries,analysts have a stronger perception of risks faced by firms than ordinary information users,and their decisions have a guiding effect on other information users.From the above considerations,this paper empirically investigates the relationship between firm financialization and analysts'behavior responses.The results illustrate that the larger the firm's financialization,the fewer securities analysts and star analysts cover the firm,the lower accuracy of earnings forecast,and the higher divergence of earnings forecast.Exploiting cross-sectional variation,we find that the relationship between firm financialization and analysts'behaviors is more pronounced in firms with severer financial constraints.Furthermore,the channel analysis indicates that firm financialization is associated with higher information asymmetry,lower future core performance,and greater earnings volatility.This finding suggests that financialization affects analysts'behaviors by influencing analysts'perceived risk.Overall,through investigating the analysts'interpretation of the phenomenon of firm financialization,this paper expends the related literature on the economic consequences of firm financialization and the factors affecting analysts'behaviors.It also has implications for understanding the real effects of firm financialization and the follow-up reform.
作者
徐思
何晓怡
熊枫
Xu Si;He Xiaoyi;Xiong Feng
出处
《金融学季刊》
2022年第3期121-145,共25页
Quarterly Journal of Finance
基金
国家自然科学基金青年项目(71802085)
国家自然科学基金重大项目(71790602)
教育部人文社科青年项目(18YJC630211)
广东省自然科学基金青年提升项目(2023A1515030279)
广东省哲学社会科学项目(GD22XGL13)
广东省基础与应用基础研究基金(2019A1515010451)的资助
关键词
企业金融化
分析师跟踪
脱实向虚
盈余预测
风险信息感知
firm financialization
analyst coverage
removing reality to virtual
earnings forecast
perceived risk information
