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论文编号：	12583
作者编号：	2120192893
上传时间：	2021/6/16 12:30:34
中文题目：	财务报告问询函、分析师预测和投资者行为
英文题目：	Financial report inquiries, analyst forecasts and investor behavior
指导老师：	马连福
中文关键字：	财务报告问询函； 机构投资者； 羊群行为； 分析师预测
英文关键字：	Financial Report Inquiry Letter; Institutional Investor; Herding Behavior; Analyst Forecast
中文摘要：	为加强上市公司信息披露质量，监管部门开通了“信息披露直通车”，以财务报告问询函为代表的非行政处罚性监管逐渐进入大家的视野。财务报告问询函提出于2013年，大规模实施于2015年。在实际的监管工作中，证券交易所会对上市公司年报披露不规范、有可疑损失的相关事项进行进一步问询，要求定期回复、并对财务报告进行修改。而上市公司针对相关事项的回函会对公司信息进行进一步披露，而且会对可疑损失的合理性进行解释，在一定程度上降低上市公司和投资者之间的信息不对称程度。在2009年之后，机构投资者成为我国市场上的一大主体，而其羊群行为可能会导致资本市场波动、产生泡沫，严重时甚至可能导致股价崩盘，所以如何缓解机构投资者羊群行为的产生也是一个值得讨论的话题。分析师作为市场上的信息中介，有时也作为私有信息的提供者，其行为以及盈余预测会对资本市场产生重要的影响。分析师预测和机构投资者的投资决策都离不开公开信息披露，而财务报告问询函这类可以加强信息披露质量的监管模式，是否能够对市场上的机构投资者和分析师产生效用，值得我们进一步研究。 本文基于证券交易所发放的财务报告问询函内容，结合相关文献，探索证券交易所发放的财务报告问询函对机构投资者羊群行为以及分析师跟随的影响。本文创新点如下:以前学者的研究大多数集中于问询函对公司内部的效应，如公司的盈余管理，审计税务表现等等。本文创新性地研究问询函对资本市场其他参与者的影响。 本文结论如下：首先，财务报告问询函可以缓解机构投资者的羊群行为。此外，财务报告问询函的发放会降低分析师的跟踪数量。进一步研究发现，财务报告问询函的发放会导致分析师更倾向于利用手中的私有信息，做出差异较大的盈余预测，进而缓解机构投资者的羊群行为。本文有图1幅，表9个，参考文献70篇。
英文摘要：	In order to strengthen the quality of information disclosure of listed companies, the regulatory authorities have opened the "information disclosure through train", and non-administrative punishment supervision represented by financial report inquiry letters has gradually entered everyone's field of vision. The financial report inquiry letter was proposed in 2013 and implemented on a large scale in 2015. In the actual supervision work, the stock exchange will further inquire about matters related to the irregular disclosure of listed companies' annual reports and suspect losses, and require regular responses and amendments to financial reports. The listed company’s response to related matters will further disclose the company’s information and explain the reasonableness of the suspicious losses, which will reduce the degree of information asymmetry between the listed company and investors to a certain extent. After 2009, institutional investors have become a major player in my country’s market, and their herding behavior may cause capital market volatility, bubble generation, and even a stock price collapse in severe cases. So how to alleviate institutional investors’ herding behavior Generation is also a topic worth discussing. Analysts act as information intermediaries in the market and sometimes as providers of private information. Their behavior and earnings forecasts will have an important impact on the capital market. Analysts’ forecasts and institutional investors’ investment decisions are inseparable from public information disclosure, and whether regulatory models such as financial report inquiry letters that can enhance the quality of information disclosure can be effective for institutional investors and analysts in the market? It is worthy of our further study. Based on the content of the financial report inquiry letter issued by the stock exchange and related literature, this article explores the influence of the financial report inquiry letter issued by the stock exchange on the herd behavior of institutional investors and the follow-up of analysts. The innovations of this article are as follows: Most of the previous scholars' research focused on the effect of the inquiry letter on the company's internal effects, such as the company's earnings management, auditing tax performance, and so on. This article innovatively studies the impact of the inquiry letter on other participants in the capital market. The conclusions of this article are as follows: First, the financial report inquiry letter can alleviate the herd behavior of institutional investors. In addition, the issuance of financial report inquiries will reduce the number of analysts to follow. Further research has found that the issuance of financial report inquiries will cause analysts to be more inclined to use private information in their hands to make relatively different earnings forecasts, thereby easing the herd behavior of institutional investors. This article has one picture, nine tables, and 70 references.
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