中国在美上市企业的盈利表现受国际分析师关注度的影响吗?

›› 2016, Vol. 28 ›› Issue (6): 42-51.

中国在美上市企业的盈利表现受国际分析师关注度的影响吗?

李双燕

西安交通大学经济与金融学院, 西安 710061

收稿日期:2014-02-26 出版日期:2016-06-28 发布日期:2016-07-07
作者简介:李双燕,西安交通大学经济与金融学院副教授,硕士生导师,博士。
基金资助:
国家自然科学基金青年项目(71202076);中央高校基本科研业务费专项资金项目(sk2014046);陕西省软科学项目(2014KRM40)。

Was Corporate Profitability of Chinese Listed Companies in the U.S. Affected by International Analyst Coverage?

Li Shuangyan

School of Finance & Economics, Xi'an Jiaotong University, Xi'an 710061

Received:2014-02-26 Online:2016-06-28 Published:2016-07-07

摘要/Abstract

摘要：

以美国存托凭证(ADR)存托银行官方网站及沃顿商学院开发的WRDS数据库为数据来源,对1996-2011年间通过ADR在美纳斯达克与纽约交易所上市的中国企业数据为样本,实证研究了美国市场分析师关注数量与分析师推荐对公司盈利能力的影响。结果发现,分析师关注数量对公司盈利无显著影响,分析师高推荐评级度与公司的盈利能力有正相关关系,内生性检验支持上述主要结论。稳健性检验表明,分析师高推荐评级对盈利能力的促进主要在萨班斯法案颁布后发生,该关系在用净资产收益率替代资产回报率表示的盈利能力时仍然是稳健的。

关键词: 分析师关注, 分析师推荐, 公司盈利性, 美国存托凭证

Abstract:

By collecting data from the official website of depositary banks that issues American Depositary Receipt (ADR) and WRDS database from Wharton Business School, we study the firms of Chinese ADRs listed on the NASDAQ and NYSE from 1996 to 2011 and provide an empirical evidence for the impact of analyst coverage and recommendation on these firms' profitability. The results demonstrate that, analyst coverage has no significant impact on profitability whereas analyst good recommendation has a positive correlation with profitability. Our endogeneity test supports the above conclusion. The robustness test suggests that this positive affect of analyst good recommendation on profitability was enacted after Sarbanes-Oxley Act. This conclusion is robust when the profitability indicator, return on assets is replaced by return on equity.

Key words: analyst coverage, analyst recommendation, corporate profitability, American depositary receipt

李双燕. 中国在美上市企业的盈利表现受国际分析师关注度的影响吗?[J]. , 2016, 28(6): 42-51.

Li Shuangyan. Was Corporate Profitability of Chinese Listed Companies in the U.S. Affected by International Analyst Coverage?[J]. , 2016, 28(6): 42-51.

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