CAJ | 학술논문

本文以2004—2012年具有券商股权投资背景的IPO企业为研究对象，通过考察不同背景分析师在锁定期前后“乐观”倾向及预测准确性差异，探讨股权投资背景下券商潜在利益输送问题。研究发现：有股权投资的券商分析师对目标公司的股票评级比其他分析师表现出额外“乐观倾向”；券商分析师的“乐观倾向”抵消了其信息优势，并使得其盈利预测准确性劣于其他独立分析师；在股票锁定期解除以后，股权投资分析师的“激励非中性”导致其盈利预测误差进一步扩大。
본문이2004—2012년구유권상고권투자배경적IPO기업위연구대상，통과고찰불동배경분석사재쇄정기전후“악관”경향급예측준학성차이，탐토고권투자배경하권상잠재이익수송문제。연구발현：유고권투자적권상분석사대목표공사적고표평급비기타분석사표현출액외“악관경향”；권상분석사적“악관경향”저소료기신식우세，병사득기영리예측준학성렬우기타독립분석사；재고표쇄정기해제이후，고권투자분석사적“격려비중성”도치기영리예측오차진일보확대。
Using the data of IPO f＇ums with equity investmentsfrom securities brokerage fLrms between 2004 and 2012, this paper examines whether brokerage firms involving in equity investment reap investment proceeds by pressuring security analysts to issue extremely optimistic and upward biased research reports. We find that affrli- ated analysts （i. e. security analysts employed by brokerage ftrms involving in equity investment） exhibit a rel- atively higher degree of optimism and a lower degree of forecast accuracy than independent analysts （i. e. ana- lysts employed by securities without equity investment）. Moreover, the atFaliated analysts＇ forecast accuracy de- teriorates as the locking period ends. The resultsprovide empirical evidence for stringent regulation policy re- garding brokerage firms＇ investing behavior.