CAJ | 학술논문

本文运用2005～2010年沪、深A股上市公司的面板数据，在欧拉方程投资模型的基础上，加入分析师跟踪变量，通过观察投资现金流敏感性的变化以验证我国证券分析师是否具有缓解公司外部融资约束的功能。研究证明，证券分析师可显著降低政府干预较少的国有控股公司高投资现金流敏感性，从而有效缓解其面临的融资约束困境；对于政府干预较为严重的国有控股公司及民营控股公司，由于高投资现金流敏感性主要是由于代理问题引起的，证券分析师未能显著降低由代理问题引致的高投资现金流敏感性，即不具有监督功能。这一点不同于西方的研究结论。本文研究结果为上市公司管理层关注分析师跟踪，进而有效实施投资者关系管理提供了经验证据。
본문운용2005～2010년호、심A고상시공사적면판수거，재구랍방정투자모형적기출상，가입분석사근종변량，통과관찰투자현금류민감성적변화이험증아국증권분석사시부구유완해공사외부융자약속적공능。연구증명，증권분석사가현저강저정부간예교소적국유공고공사고투자현금류민감성，종이유효완해기면림적융자약속곤경；대우정부간예교위엄중적국유공고공사급민영공고공사，유우고투자현금류민감성주요시유우대리문제인기적，증권분석사미능현저강저유대리문제인치적고투자현금류민감성，즉불구유감독공능。저일점불동우서방적연구결론。본문연구결과위상시공사관리층관주분석사근종，진이유효실시투자자관계관리제공료경험증거。
Learned from the Western literature, the securities analyst is the very important force of the mature capital market, and the sell-side analysts who serve as information intermediary link with investors and listed com- panies and are very important disseminators of company information. However, as we all know, China stock market is different from the U. S. mature stock markets and is still in the emerging and transitional stage. As we all know, the capital market of China is different from the U. S. capital markets. And now it is still in the emerging and tran- sitional stage. At the present time, the domestic research about the market function of analyst following is still in its infancy, because of its short history and scarce data resources. Existing studies have been scattered and lacked of systematic analysis. Among these studies, most scholars have centered on the issue of information content of analyst forecasts and accuracy of analyst forecasts relative to the prediction of the statistical model and management forecasts, and only few studies centered on the issue of analyst following, So we should as quickly as possible carry out the research on the market efficiency of analyst following. The very important question has come into our notice. When more and more companies are keen to the man- agement of investor relations, in particular, attracting of analysts following （ or concerns）, then we have to ask why the listed companies do that. Or to put it another way, what＇ s the impact of analyst following on corporate finan- cing？ For that, we examine the market function of analysts following under the environment of the emerging and transitional capital market. In this paper, We adopt archival research to analyze the role of securities analysts as information intermediaries involved in the process of stock pricing and explain the unique function of securities analyst in the realization of fi- nancing efficiency of the stock market. We treat analyst following which is an important indicator variable as the breakthrough point, and study the function of analyst following in the promoting the effectiveness of market informa- tion. If the securities analyst can improve the efficiency of information transmission, then the question we face is that what role the securities analysts play in promoting the efficiency of resources allocation. In the following discus- sion, we examine the impact of analyst following on the financing efficiency such as financing cost. As to the study of financing cost, I haven＇ t directly test the relationship between the analyst following and financing cost, but in- ferred from one side by using the investment model of Euler equation. The reason is that the company＇s investment cash flow sensitivity is closely related to the cost of external financing in this model, furthermore this model make the investment and financing of the company closely together which well reveal the financing efficiency. Specifically, We use the panel data of A - share listed company in 2005 - 2010, and add the variable of ana- lyst following to the Euler equation investment model. Then we observe the changes of investment - cash flow sensi- tivity to verify whether or not securities analyst has alleviated the external financing constraint . The result has showed that analyst following can significantly reduce the high investment - cash flow sensitivity of the state - owned enterprises of less government intervention, and effectively alleviate the situation of the company＇s financing con- straint, so the main hypothesis is confirmed. Simultaneously, We find securities analysts can not effectively reduce high investment - cash flow sensitivity of state - owned enterprises of serious government intervention and private enterprises. And we infer that securities analyst can＇ t reduce agency costs. This is different from the conclusion of the mature capital market. The result of this paper has also provided empirical evidence for the manager of listed company actively implementing the investor relations management.