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在对中国2769个股权收购样本进行分析后发现,分析师跟踪和收购公告日效应(短期绩效)之间呈显著负向关系,但当控制公司规模时显著性消失;进一步研究发现,这种负向关系是由分析师偏好跟踪大规模公司造成的,从而证明了中国分析师存在选择偏差。分析师跟踪和收购方公司的长期市场绩效间存在显著的正向关系,从而为分析师的长期价值发现功能提供了证据。对于中国证券分析师的选择偏差问题,本文建议用残差分析师跟踪替代分析师跟踪的原始值来解决。随着证券市场制度创新和小型公司上市成为新常态,监管部门需要规范分析师跟踪公司的规模分布,并考虑进一步放宽机构投资者的投资标的选择范围。
An analysis of 2,769 equity acquisitions in China shows that there is a significant negative relationship between analyst tracking and acquisition announcement effect (short-term performance), but it significantly disappears when controlling the size of the company. Further studies have found that this negative The relationship is caused by the analyst’s preference for tracking large-scale companies, thus proving the bias of Chinese analysts. There is a significant positive relationship between analyst tracking and long-term market performance of acquirer firms, providing evidence for analysts’ long-term value discovery. For the selection bias of Chinese securities analysts, this paper proposes to use residual analysts to track the original values tracked by the alternative analysts. As the system innovation in the securities market and the listing of small-size companies become the new normal, regulators need to regulate analysts to track the size distribution of the company and to consider further relaxing the range of investment options for institutional investors.