CAJ | 학술논문

财务分析师既是市场信息的集中使用者，又是市场信息的提供者，作为信息中介，他们的意见分歧和经验在降低市场信息不对称中会发挥怎样的作用？本文利用我国非金融类上市公司2004-2011年的非平衡面板数据，采用固定效应模型，实证检验分析师意见分歧、经验与权益资本成本之间关系。研究结果表明，分析师意见分歧在一定程度上反应了企业信息不对称程度，它与权益资本成本显著正相关。而分析师经验在降低市场信息不对称中发挥了积极作用，它与权益资本成本显著负相关。本研究证实分析师意见分歧和经验是影响权益资本成本的两个重要因素。
재무분석사기시시장신식적집중사용자，우시시장신식적제공자，작위신식중개，타문적의견분기화경험재강저시장신식불대칭중회발휘즘양적작용？본문이용아국비금융류상시공사2004-2011년적비평형면판수거，채용고정효응모형，실증검험분석사의견분기、경험여권익자본성본지간관계。연구결과표명，분석사의견분기재일정정도상반응료기업신식불대칭정도，타여권익자본성본현저정상관。이분석사경험재강저시장신식불대칭중발휘료적겁작용，타여권익자본성본현저부상관。본연구증실분석사의견분기화경험시영향권익자본성본적량개중요인소。
This paper investigates the impact of analyst dispersion and experience on the cost of equity capital. Financial analysts are the main user of market information, and they also offer new information to the market. As the information media between companies and investors, would their dispersion and experience influence the market information asymmetry, so as to influence the cost of equity capital？ Hence, we empirically test this question by doing fixed-effect regression using the unbalance panel data of China＇s non-financial listed companies from 2004-2011. The results show that the two components are significantly related to the cost of equity capital. Specifically, analyst dispersion can reflect the companies＇ information asymmetry to some extent, which positively correlates with the cost of equity capital, whereas analyst experience plays an active role in reducing the market information asymmetry, which negatively correlates with the cost of equity capital.