CAJ | 학술논문

证券分析师作为投资者与上市公司之间重要的信息中介，其所发挥的外部监督作用越来越受到学术界与实务界的关注。为探索我国分析师关注是否存在外部监督效应，文章在相关研究基础上，结合中国实际情况，选取沪深两市A股市场953家上市公司的2007～2010年财务数据为研究样本，以分析师剩余关注度作为分析师关注强度的代理变量，采用多变量回归方法研究了分析师关注对公司价值和盈余管理的影响。结果表明：在我国证券市场中，分析师的外部监督效应确实存在，即分析师通过对上市公司关注，抑制了管理层盈余操纵的程度，进而减少了代理成本，提升了上市公司的公司价值。
증권분석사작위투자자여상시공사지간중요적신식중개，기소발휘적외부감독작용월래월수도학술계여실무계적관주。위탐색아국분석사관주시부존재외부감독효응，문장재상관연구기출상，결합중국실제정황，선취호심량시A고시장953가상시공사적2007～2010년재무수거위연구양본，이분석사잉여관주도작위분석사관주강도적대리변량，채용다변량회귀방법연구료분석사관주대공사개치화영여관리적영향。결과표명：재아국증권시장중，분석사적외부감독효응학실존재，즉분석사통과대상시공사관주，억제료관리층영여조종적정도，진이감소료대리성본，제승료상시공사적공사개치。
Securities analysts’ external monitoring role has obtained much attention by academic and practic cir-cles due to its intermediation between investors and listed companies .For searching whether there is an exter-nal monitoring effect between analysts and listed companies in China ,based on foreign research ,this paper takes 953 listed companies from Shanghai and Shenzhen A-share exchange in 2007~2010 as samples .It adopts coverage residual as the proxy variable of analyst coverage to study the effect of analyst coverage on corporate value and earnings management using regression .The results indicate that there is truly an external monitoring effect between analysts and listed companies in China ,which means that analysts have restrained earnings man-agement through coverage on listed companies ,and then reduced agency costs and enhanced the value of listed companies .