分析师关注降低上市公司的会计信息风险了吗？——来自中国A股上市公司的经验证据

›› 2020, Vol. 32 ›› Issue (4): 219-230.

分析师关注降低上市公司的会计信息风险了吗？——来自中国A股上市公司的经验证据

胡玮佳¹, 韩丽荣²

1. 吉林财经大学会计学院, 长春 130117;
2. 吉林大学商学院, 长春 130012

收稿日期:2017-07-29 出版日期:2020-04-28 发布日期:2020-05-07
通讯作者: 胡玮佳(通讯作者),吉林财经大学会计学院讲师,博士
作者简介:韩丽荣,吉林大学商学院教授,博士生导师,博士。
基金资助:
吉林财经大学新入职博士科研专项项目（2017B2001）。

Does Analyst Coverage Reduce the Accounting Information Risk of Listed Companies?——Evidence from Chinese Capital Market

Hu Weijia¹, Han Lirong²

1. School of Accounting, Jilin University of Finance & Economics, Changchun 130117;
2. Business School, Jilin University, Changchun 130012

Received:2017-07-29 Online:2020-04-28 Published:2020-05-07

摘要/Abstract

摘要：

作为资本市场的信息中介及外部监督者，分析师在信息传递中扮演着重要角色。本文利用2005—2015年我国A股非金融上市公司数据，对分析师关注能否降低上市公司会计信息风险进行了研究。结果发现，分析师的关注程度与上市公司的盈余管理信息风险和基本面信息风险显著负相关。这表明分析师对上市公司的跟踪活动能够有效识别管理层披露会计信息存在的重大风险。研究结论为分析师在资本市场的外部监督作用提供了经验证据，拓展了识别财务报告中信息风险的相关研究，并强调了资本市场中介机构在市场监管机制中的重要角色。

关键词: 分析师关注, 盈余管理, 信息风险

Abstract:

As information intermediaries and external monitors in capital markets, analysts play an important role in information transition. Based on financial data of China's listed companies from 2005 to 2015, this paper focuses on the research question of whether analyst coverage reduces the risk of accounting information. We find that the risk of earnings management information and fundamental information is negatively associated with financial analyst coverage. This indicates that security analysts' following behavior can effectively detect the material risk in accounting information. Our results provide empirical evidence on the monitoring effect of analysts. This study not only extends existing researches of detecting risk in financial reporting, but also emphasizes the crucial impacts of intermediaries on capital markets as part of the market monitoring mechanism.

Key words: analyst coverage, earnings management, information risk

胡玮佳, 韩丽荣. 分析师关注降低上市公司的会计信息风险了吗？——来自中国A股上市公司的经验证据[J]. , 2020, 32(4): 219-230.

Hu Weijia, Han Lirong. Does Analyst Coverage Reduce the Accounting Information Risk of Listed Companies?——Evidence from Chinese Capital Market[J]. , 2020, 32(4): 219-230.

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