核心竞争力信息披露与分析师关注
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F062.5

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中央高校基本科研业务费专项资金资助项目“数字经济发展对财务管理决策的影响机理研究”(2022NTSS02)。


Core competence information disclosure and analyst following
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    摘要:

    基于2007—2021年中国A股上市公司的数据,实证检验核心竞争力信息披露对分析师关注的影响。研究发现,企业核心竞争力信息披露与分析师关注呈正相关关系。机制检验表明,核心竞争力信息披露通过降低分析师获取信息的成本,提高了分析师关注度。进一步研究发现:技术和品牌类核心竞争力信息更能吸引分析师关注;核心竞争力信息披露对分析师关注的正向影响,在公司治理水平更高的样本中更显著;核心竞争力信息披露同时还能够降低分析师盈余预测偏差和盈余预测分歧度。研究结论有助于丰富核心竞争力信息披露经济后果和分析师关注影响因素方面的文献,并对监管部门进一步完善相关信息披露要求具有一定借鉴作用。

    Abstract:

    Based on Chinese A-share listed companies from 2007 to 2021, this paper empirically tests the impact of core competence information disclosure on analyst following. We find that there is a significant positive correlation between the disclosure of core competence information and the analyst following. Mechanism test shows that the disclosure of core competence information improves the attention of analysts by reducing information acquisition costs. Further research shows that technology and brand core competence information can attract more attention from analysts. The positive impact of core competence information disclosure on analyst following is more significant in higher corporate governance level samples. Besides, core competence information disclosure can also reduce the deviation and divergence of analysts’ earnings forecast. The research conclusions of this paper are helpful to enrich the literature on the economic consequences of the disclosure of core competence information and the influencing factors of analysts’ following, and have a certain reference for the regulatory authorities to further improve the requirements of relevant information disclosure.

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黎来芳,张洁,孙昌玲.核心竞争力信息披露与分析师关注[J].中国软科学,2023,(3):108-122

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  • 在线发布日期: 2026-08-24
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