摘要
以2008—2022年上市企业数据样本实证检验分析师关注对企业金融资产配置结构产生的影响,实证结果显示:分析师关注对企业短期和长期金融资产配置均产生显著抑制作用。渠道机制分析显示,分析师关注通过缓解企业融资约束渠道抑制企业短期金融资产配置,通过提升企业主营业务经营绩效渠道抑制企业长期金融资产配置。企业经营特征异质性研究显示,无论是短期金融资产配置还是长期金融资产配置,分析师关注对小型企业和市场竞争程度高的企业产生的抑制作用更显著。
An empirical examination was conducted using a data sample of listed companies from 2008 to 2022 to investigate the impact of analyst coverage on the structure of corporate financial asset allocation.The results reveal that analyst coverage significantly inhibits both short-term and long-term financial asset allocation.Channel mechanism analyses indicate that analyst coverage suppresses short-term financial asset allocation by alleviating corporate financing constraints,while simultaneously restraining their long-term financial asset allocation by enhancing the operating performance of firms′ core businesses.Heterogeneity analysis based on corporate operating characteristics demonstrates that,whether in short-term or long-term financial asset allocation,the inhibitory effect of analyst coverage is more pronounced for small-sized enterprises and those with highly competitive markets.
作者
赵健
高畅
ZHAO Jian;GAO Chang(School of Economics and Trade,Henan University of Engineering,Zhengzhou 451191,China;School of Management and Economics,North China University of Water Resources and Electric Power,Zhengzhou 450046,China)
出处
《河南工程学院学报(社会科学版)》
2025年第2期16-25,共10页
Journal of Henan University of Engineering(Social Science Edition)
基金
2025年河南省高校人文社会科学研究一般项目(2025-ZZJH-155)
2025河南省高校社会科学应用研究重大项目(2025-YYZD-07)。
关键词
分析师关注
金融资产配置
异质性
analyst coverage
financial asset allocation
heterogeneity
