关键词: 系族企业, 盈余持续性, 信息溢出, 系族内部结构, 分析师预测

Abstract: After more than 20 years of development, family enterprises are very common in China’s capital market. Taking China’s A-share private listed companies from 2008 to 2018 as samples, this paper studies the impact of family companies on the accuracy of analysts’ forecasts. The findings show that compared with non-family companies, analysts’ predictions for family companies are more accurate. This result is more significant when the company’s operating uncertainty is higher. The findings of the outcome analysis show that the higher accuracy of forecasting by the analysts of family business can play an active role in information governance, which is mainly manifested in the higher quality of information disclosure in family enterprises and lower risks of stock price collapse. The more listed member companies of the family group, the higher the degree of industry diversification they involved, the higher the accuracy of analysts’ forecasts will be.

Key words: family enterprise, continuity of earnings, information overflow, family internal structure, analysts’ forecast;