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4835证券分析师是影响资本市场信息传递和资源配置的重要力量。在公司普遍采用关系型交易的情况下，分析师必须嵌入公司所处的社会关系网络中获取私有信息，进而向市场公开传递。由于中国各个地区间存在经济和文化差异，社会关系网络呈现地区集聚的特征，因此分析师可以通过嵌入公司地域关系网络中，形成社会资本（称为“家乡网络资本”），获得信息优势，提高预测准确度。文章基于2006−2016年分析师对A股上市公司的研究报告，研究发现：（1）分析师对家乡所在地公司发布的盈利预测更加准确；（2）在社会关系网络更加复杂和社会资本更加重要的地区，分析师的家乡网络资本的信息优势更大；（3）有家乡网络资本的分析师发布的研究报告产生了更强的短期与长期市场反应。文章的研究丰富了分析师的社会关系网络影响信息传递的相关文献，也为理解中国资本市场信息中介的作用机制提供了经验证据。
证券分析师家乡网络资本的信息效应
摘要
参考文献
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引用本文
周国良, 孟庆玺, 武凯文, 等. 证券分析师家乡网络资本的信息效应[J]. 财经研究, 2020, 46(5): 111-124.
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