论文部分内容阅读
区别于以往文献只研究分析师对市场绩效或对公司治理的影响,文章采用2SLS模型消除分析师覆盖的内生性,基于多角度的并购绩效来考察分析师覆盖效应。研究发现,分析师的影响有从经济绩效到市场绩效逐渐减小的趋势,表明分析师更注重公司基本面和成长性,而非短期市场表现。文章进一步验证了分析师的外部约束作用,具体体现为分析师覆盖的收购方企业经济绩效显著高于非覆盖企业,覆盖企业成长性也较高,表明分析师具有价值发现功能。
Different from the previous literature, we only study analysts’ influence on market performance or corporate governance. The article uses 2SLS model to eliminate the endogeneity of analyst coverage, and investigates analyst coverage effect based on multi-angle M & A performance. The study found that the impact of analysts has been a gradual decrease from economic performance to market performance, indicating that analysts pay more attention to company fundamentals and growth rather than short-term market performance. The article further verifies the external constraints of the analysts. The concrete manifestation is that the economic performance of the acquirer covered by analysts is significantly higher than that of the non-covered enterprises and the growth of the covered enterprises is also high, indicating that the analysts have the function of value discovery.