6346 
4805信息技术和社交网络的发展改变了信息的数量、类型及其传播方式。作为金融市场上最专业的信息使用者,分析师无疑会受到这一变化的影响。文章研究了上市公司开通微博对分析师盈余预测的影响,结果发现:(1)开通微博后,分析师盈余预测的修正频率增加,说明分析师会使用微博信息及时更新盈余预测。(2)开通微博后,分析师的平均盈余预测偏差和盈余预测分歧度都显著下降,说明微博信息是分析师进行预测的重要信息源,有助于其更好地了解和分析公司的经营活动。(3)开通微博后,公司股价对分析师盈余预测修正的反应更大。一个合理的解释是,投资者对微博发布的信息反应不足,而分析师能够帮助理解这些信息。文章的研究结论对于监管部门制定基于微博的社交网络信息披露标准,以及分析师如何在资本市场信息定价效率方面最大程度地发挥作用具有参考意义。
微博、信息披露与分析师盈余预测
摘要
参考文献
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引用本文
胡军, 王甄, 陶莹, 等. 微博、信息披露与分析师盈余预测[J]. 财经研究, 2016, 42(5): 66–76.
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