CAJ | 학술논문

文章以上市公司的百度新闻报道条数作为新闻报道指标，选择中国A股市场1776家股票作为研究对象，以2004-2012年为样本区间，实证检验上市公司新闻报道对证券分析师盈利预测分歧的作用及其影响机理，结果发现：上市公司的新闻报道与分析师预测分歧之间呈现显著的正相关关系；研究结论支持新闻报道本身含有大量“噪声”成分的解释，而不支持分析师“过度自信”的心理偏差的解释。
문장이상시공사적백도신문보도조수작위신문보도지표，선택중국A고시장1776가고표작위연구대상，이2004-2012년위양본구간，실증검험상시공사신문보도대증권분석사영리예측분기적작용급기영향궤리，결과발현：상시공사적신문보도여분석사예측분기지간정현현저적정상관관계；연구결론지지신문보도본신함유대량“조성”성분적해석，이불지지분석사“과도자신”적심리편차적해석。
By utilizing the number of news of listed companies on Baidu as media coverage indicator and selecting 1776 stocks of China’s A share market during the year of 2004 to 2012,the paper makes an empirical test on the impact of media coverage on analysts’earnings forecast dispersion and its impact mechanism. The results show that there exists a significant positive cor-relation between the media coverage of listed companies and analysts’earnings forecast dispersion. The interpretation support-ed by the study is that the media coverage itself contains a large amount of“noise”components rather than the analysts’over-confidence when forecasting stock earnings.