明星CEO、信息渠道与分析师行为

当代财经 ›› 2021, Vol. 0 ›› Issue (2): 124-136.

明星CEO、信息渠道与分析师行为

刘佳伟¹, 吉利²

1.苏州大学东吴商学院,江苏苏州 215021;
2.西南财经大学会计学院,四川成都 611130

收稿日期:2020-08-17 修回日期:2020-10-30 出版日期:2021-02-15 发布日期:2021-03-16
通讯作者: 刘佳伟,苏州大学讲师,博士,主要从事财务会计、公司治理研究,联系方式jwliu@suda.edu.cn。
作者简介:吉利,西南财经大学教授,博士,博士生导师,主要从事公司治理、上市公司信息披露研究。
基金资助:
国家自然科学基金青年项目“企业获奖与薪酬契约有效性研究”（71902161）; 教育部人文社会科学研究项目“精准扶贫与企业慈善行为研究”（18YJA630041）

Star CEO, Information Channels and Analysts’ Behavior

LIU Jia-wei¹, Ji Li²

1. Suzhou University, Suzhou 215021;
2. Southwestern University of Finance and Economics, Chengdu 611130, China

Received:2020-08-17 Revised:2020-10-30 Online:2021-02-15 Published:2021-03-16

摘要/Abstract

摘要： 企业CEO成为行业明星具有信息效应,因而以2008—2017年福布斯中文网、财富中文网等主流财经媒体对中国企业颁发的“最佳CEO”等榜单的数据,利用双重差分模型研究了企业CEO成为行业明星对分析师行为的影响。研究发现：CEO成为行业明星能吸引更多新闻媒体的关注与报道,进而可提升分析师对明星CEO所在企业的关注度,并可降低分析师的盈余预测偏差与预测分歧度。进一步研究发现：明星CEO能提高分析师的关注度与盈余预测精确度,原因在于分析师可通过多种信息渠道获取信息和提高信息质量。

关键词: 明星CEO, 信息渠道, 分析师盈余预测

Abstract: Once becoming stars in their industries, the CEOs of the enterprises will have information effects. This paper makes use of the data of the lists of Chinese enterprises, such as the “Best CEOs”, issued by mainstream financial medias, i.e., Forbes China and Fortune China, during 2008--2017 to study the impact of corporate CEOs becoming stars within their industries on the analysts’ behaviors with the DID model. The findings show that once becoming stars, CEOs will attract more attention and focus from the news medias, thereby increasing the attention of the analysts to their enterprises and reducing the earnings forecast bias and the degree of forecast differences of the analysts. Further investigation shows that star CEOs can improve analysts’ attention and the accuracy of their earnings forecasts. The reason lies in the fact that analysts can obtain information from multiple information channels and improve information quality.

Key words: star CEO, information channels, analysts' earnings forecasts

中图分类号:

F832.48

刘佳伟, 吉利. 明星CEO、信息渠道与分析师行为[J]. 当代财经, 2021, 0(2): 124-136.

LIU Jia-wei, Ji Li. Star CEO, Information Channels and Analysts’ Behavior[J]. Contemporary Finance & Economics, 2021, 0(2): 124-136.

参考文献

[1] 李建军,范源源.光环之下:纳税声誉能否提升企业税收遵从[J].当代财经,2020,(8): 28-40.
[2] 吕文栋,林琳,赵杨.名人CEO与企业战略风险承担[J].中国软科学,2020,(1): 112-127.
[3] 金雪军,郑丽婷.谁能成为明星CEO——管理者声誉的来源及影响[J].经济理论与经济管理,2015,(9):86-100.
[4] 醋卫华,李培功.媒体追捧与明星CEO薪酬[J].南开管理评论,2015,(1): 118-129.
[5] Li J.Y.,Shi W.,Connelly B.,Yi X.W.,Qin X.CEO Awards and Financial Misconduct[J].Journal of Management,2020(Forthcoming): DOI: 10.1177/0149206320921438.
[6] Malmendier U.,Tate G.Superstar CEOs[J].The Quarterly Journal of Economics,2009,124(4): 1593-1638.
[7] Chan H.F.,Frey B.S.,Gallus J.,Torgler B.Academic Honors and Performance[J].Labour Economics,2014,31(6): 188-204.
[8] Borjas G.J.,Doran K.B.Prizes and Productivity: How Winning the Fields Medal Affects Scientific Output[J].Journal of Human Resources,2015,50(3): 728-758.
[9] Weng P.,Chen W.Doing Good or Choosing well? Corporate Reputation,CEO Reputation,and Corporate Financial Performance[J].The North American Journal of Economics and Finance,2017,39(39): 223-240.
[10] Love E.G.,Lim J.,Bednar M.K.The Face of the Firm: The Influence of CEOs on Corporate Reputation[J].Academy of Management Journal,2017,60(4): 1462-1481.
[11] Frey B.S.,Oberholzer-Gee F.The Cost of Price Incentives: An Empirical Analysis of Motivation Crowding-out[J].The American Economic Review,1997,87(4): 746-755.
[12] Besley T.,Ghatak M.Status Incentives[J].American Economic Review,2008,98(2): 206-211.
[13] Shi W.,Zhang Y.,Hoskisson R.E.Ripple Effects of CEO Awards: Investigating the Acquisition Activities of Superstar CEOs’Competitors[J].Strategic Management Journal,2017,38(10): 2080-2102.
[14] 朱丽娅,黄静,童泽林.企业家前台化行为对品牌的影响述评[J].中国软科学,2014,(1): 171-179.
[15] Frey B.S.Awards as Compensation[J].European Management Review,2007,4(1): 6-14.
[16] 刘江会,顾雪芹,王海之.媒体评选“明星高管”具有改善公司绩效的作用吗?[J].证券市场导报,2019,(3): 34-42.
[17] Xu N.H.,Chan K.C.,Jiang X.Y.,Yi Z.H.Do Star Analysts Know More Firm-Specific Information? Evidence from China[J].Journal of Banking and Finance,2013,37(1): 89-102.
[18] Cheng Q.,Du F.,Wang Y.T.,Wang X.Do Corporate Site Visits Impact Stock Prices?[J].Contemporary Accounting Research,2019,36(1): 359-388.
[19] 黄俊,郭照蕊.新闻媒体报道与资本市场定价效率——基于股价同步性的分析[J].管理世界,2014,(5): 121-130.
[20] 牛枫,叶勇.媒体报道影响中小板公司IPO抑价吗?[J].当代财经,2015,(2): 76-84.
[21] 谭松涛,甘顺利,阚铄.媒体报道能够降低分析师预测偏差吗?[J].金融研究,2015,(5): 192-206.
[22] 周开国,应千伟,陈晓娴.媒体关注度、分析师关注度与盈余预测准确度[J].金融研究,2014,(2): 139-152.
[23] 谭松涛,崔小勇.上市公司调研能否提高分析师预测精度[J].世界经济,2015,(4): 126-145.
[24] 王玉涛,王彦超.业绩预告信息对分析师预测行为有影响吗[J].金融研究,2012,(6): 193-206.
[25] 孔东民,刘莎莎,谭伟强.分析师评级与投资者交易行为[J].管理世界,2019,(1): 167-178+228.
[26] Gong G.,Qu H.,Tarrant I.Earnings Forecasts and Price Efficiency after Earnings Realizations: Reduction in Information Asymmetry through Learning from Price[J].Contemporary Accounting Research,2020,(Forthcoming): https://doi.org/10.1111/1911-3846.12615.
[27] 叶康涛,刘芳,李帆.股指成份股调整与股价崩盘风险:基于一项准自然实验的证据[J].金融研究,2018,(3): 172-189.
[28] 林乐,谢德仁.分析师荐股更新利用管理层语调吗?——基于业绩说明会的文本分析[J].管理世界,2017,(11): 125-145+188.
[29] 肖斌卿,彭毅,方立兵,胡辰.上市公司调研对投资决策有用吗——基于分析师调研报告的实证研究[J].南开管理评论,2017,(1): 119-131.
[30] 林晚发,赵仲匡,刘颖斐,宋敏.债券市场的评级信息能改善股票市场信息环境吗?——来自分析师预测的证据[J].金融研究,2020,(4): 166-185.