CAJ | 학술논문

证券分析师在中国资本市场上的信息中介作用正日益凸显。本文研究了公司规模、业务复杂度、投资风险、股权结构和投资者关系管理水平等因素对分析师跟进决策的影响。在此基础上，进一步运用计数（Countdata）计量方法和结构化方程（SEM）对实证结果进行了稳健性检验。研究发现，分析师倾向于跟进那些规模较大、机构持股比例较高且投资者关系管理水平较好的公司，而规避那些投资风险和业务复杂程度较高且内部人持股比例较大的公司。实证结果支持了分析师在中国市场上主要搬演了信息中介的角色，而不是作为信息提供者与企业的直接披露进行竞争。
증권분석사재중국자본시장상적신식중개작용정일익철현。본문연구료공사규모、업무복잡도、투자풍험、고권결구화투자자관계관리수평등인소대분석사근진결책적영향。재차기출상，진일보운용계수（Countdata）계량방법화결구화방정（SEM）대실증결과진행료은건성검험。연구발현，분석사경향우근진나사규모교대、궤구지고비례교고차투자자관계관리수평교호적공사，이규피나사투자풍험화업무복잡정도교고차내부인지고비례교대적공사。실증결과지지료분석사재중국시장상주요반연료신식중개적각색，이불시작위신식제공자여기업적직접피로진행경쟁。
The information intermediary role of securities analysts in the Chinese capital market is becoming increasingly prominent. We test the decisive factors that influence the analyst following by using count - data econometrics and structural equation model. The study found that analysts prefer to follow companies with larger size, higher institute ownership and better investor relationships, while they tend to keep away from those with higher investment risk, more diversification, and higher insider ownership. The result shows that analysts in the Chinese market mainly act as the role of intermediary, rather than as the information provider competes against direct disclosure from firms.