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证券分析师群体一直是金融监管部门高度重视但尚未完全纳入金融发展规划的从业人员。在金融生态中,分析师是否发挥了改善上市公司治理的作用,在关于分析师监管方面是一个值得探究的问题。本文利用2007-2013年中国证券分析师对中国沪深两市907家A股上市公司的关注数据,构建了分析师对上市公司关注程度的衡量指标,实证检验了分析师关注对公司盈余管理行为的影响,并区分大券商和小券商分析师异质性对发挥外部监督作用的影响。研究发现:①在2007年新会计准则实施后,中国上市公司的盈余管理与证券分析师对上市公司的关注度呈显著的负向相关;②不论是用分析师数量还是研究机构数量来度量分析师关注,其对上市公司的盈余管理行为都起到了明显的抑制作用;③大券商中分析师的关注对上市公司的盈余管理行为的抑制更为突出。因此,规范培育证券分析师行业,不仅能够促进信息的传播,还能够影响上市公司所产生信息的质量。
Securities analysts group has always been the financial regulatory authorities attach great importance to but not fully integrated into the financial development planning practitioners. In the financial ecology, whether analysts play a role in improving the governance of listed companies is a question worth exploring in the aspect of analyst supervision. Based on the data of 907 A-share listed companies in China’s Shanghai and Shenzhen Stock Exchanges from 2007 to 2013, China Securities analysts constructed a measure of the analyst’s interest in listed companies, and empirically tested the analysts’ concern about the earnings management behavior of the companies And to distinguish the impact of the heterogeneity of the big brokerages and small brokerage analysts on the role of external oversight. The findings are as follows: ① After the implementation of the new accounting standards in 2007, there is a significant negative correlation between the earnings management of China’s listed companies and the degree of publicity on the listed companies by securities analysts. ② Whether measured by the number of analysts or the number of research institutions Concerned about the company, which has played a significant inhibitory effect on the earnings management behavior of listed companies; (3) the concern of big brokerage analysts in the listed companies more prominent suppression of earnings management behavior. Therefore, to standardize and cultivate the securities analyst profession can not only promote the dissemination of information, but also the quality of the information produced by listed companies.