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    政大機構典藏 > 商學院 > 會計學系 > 學位論文 >  Item 140.119/117635
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    題名: 分析師特性與公司投資效率關係之研究:來自中國上市公司的證據
    The Relation between Analyst Characteristics and Investment Efficiency : Evidence from China
    作者: 劉細君
    Liu, Xi Jun
    貢獻者: 金成隆
    劉細君
    Liu, Xi Jun
    關鍵詞: 分析師追蹤
    分析師特性
    投資效率
    國有企業
    Analyst following
    Analyst characteristics
    Investment efficiency
    State-owned enterprises
    日期: 2018
    上傳時間: 2018-06-12 17:05:31 (UTC+8)
    摘要: 本文探討分析師追蹤行為及分析師特性對其客戶投資效率的影響,並進一步研究分析師對國有與非國有企業的不同影響。本文以2007-2016年中國滬深證交所上市公司為樣本。實證結果發現,分析師追蹤及有較多的分析師追蹤,明星分析師追蹤及有較多的明星分析師追蹤,分析師預測公司數量較多都能提高其追蹤的上市公司的投資效率。本文進一步研究發現,分析師預測公司家數越多,其追蹤的國有企業的投資效率要高於非國有企業;並且,在分析師追蹤下,地方企業的投資效率要高於中央企業。然而,並沒有顯著證據能夠證明在分析師的追蹤下,非國有企業的投資效率高於國有企業。總結上述,分析師在資訊傳遞方面扮演著重要的角色,有助於降低企業資訊不對稱,從而對企業投資效率產生正面的影響。
    The objective of this thesis is to examine the association between forecasts behaviors and the covered firms’ investment efficiency. Using a sample of Chinese listed firms from 2007 to 2016, the empirical results can be summarized as follows. The presence of analyst following improves the investment efficiency of listed companies; the effect increases with the number of analysts following. Second, my results are stronger for firms with star analysts following than those without such analysts; more star following leads to greater improvement in investment efficiency. Thirdly, the effect of the number of analysts is more pronounced for stated-owned enterprise (SOE) than non-stated-owned enterprise (non-SOE). Further analyses indicate that for SOE, the presence of analysts following on investment efficiency is stronger for local SOE than for central SOE.
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    描述: 碩士
    國立政治大學
    會計學系
    105353118
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0105353118
    資料類型: thesis
    顯示於類別:[會計學系] 學位論文

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