作　　者： ;

机构地区： 华南理工大学经济与贸易学院

出　　处： 《经济学（季刊）》 2016年第3期1483-1506,共24页

摘　　要： 借助汉字环境下的年报复杂性/可读性指标,研究表明:(1)年报复杂性与分析师跟进度存在显著正相关关系,说明中国分析师会积极跟进那些年报较复杂的公司;(2)年报复杂性与分析师预测信息含量不存在显著正相关关系,说明分析师未有效发挥专业解读信息作用;(3)年报复杂性与分析师预测质量不存在显著相关关系,再次说明分析师在专业解读方面作用有限。最后利用中国公平信息披露法规变革的"自然实验",发现分析师跟进年报复杂性高的公司主要源于其过度自信。 By applying a measure for the complexity/readability level of Chinese annual reports,this paper provides evidences to show that：1）analysts actively follow the corporations with more complex reports;2）There is no significant positive correlation between the complexity of annual reports and the information of analysts＇reports,indicating that analysts fail to interpret the disclosed information effectively;3）the complexity of annual reports is not significantly related to the quality of the analysts＇predictions,confirming again that analysts contribute little to the interpretation of professional information.We further demonstrate the motivation of analysts following complex reports mainly arises from their overconfidence based on a quasi-natural experiment of China＇s ＂fair disclosure＂policy on the stock market.

关 键 词： 分析师 年报复杂性 私有信息

领　　域： [] []