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5919根据“信息隐藏说”，公司与投资者之间信息不对称的极端经济后果便是股价崩盘，分析师作为资本市场的重要信息中介对股价崩盘风险将有何种反应。分析师关注是一切分析师行为的逻辑起点，文章从该视角出发选取2005-2016年中国A股上市公司为样本，实证检验了股价崩盘风险对分析师关注的影响。研究发现，当公司股价崩盘风险越高时，越会吸引更多的分析师跟踪报道，表明分析师在选择跟踪目标时会考虑股价崩盘风险的因素。进一步地，文章对股价崩盘风险影响分析师关注的内在机理进行了探讨，发现股价崩盘风险通过投资者信息需求这条路径影响分析师的关注水平。最后，截面分组检验还发现在投资者分歧度越大、投资者情绪越高涨、机构投资者的持股比例越高的组中，股价崩盘风险对分析师关注的正向影响更显著。文章在丰富股价崩盘风险微观层面经济后果以及分析师关注影响因素相关领域文献的同时，也为监管部门尽快建立奖惩机制，以鼓励分析师更好地扮演信息中介与外部治理的角色来保护投资者权益提供了可行性依据。
股价崩盘风险与分析师关注：“趋之若鹜”还是“退避三舍”
摘要
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引用本文
王爱群, 李静波, 萧朝兴, 等. 股价崩盘风险与分析师关注：“趋之若鹜”还是“退避三舍”[J]. 上海财经大学学报, 2019, 21(5): 65-84.
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