寻求风险或厌恶风险,分析师覆盖和公司访问如何激励经理人?
Hangbo Liu1, Xuemeng Guo1, Dachen Sheng2,3
1School of Economics and Management, Beijing Jiaotong University, Beijing, China.
PloS one
|July 11, 2025
概括
机构分析师公司访问有助于企业承担风险,降低收益质量. 然而,在国有企业中集中所有权减轻了这种风险,与非国有企业不同.
科学领域:
- 企业金融公司财务
- 金融市场 金融市场
- 公司治理 公司治理
背景情况:
- 机构分析师与企业的接触是企业决策的关键因素.
- 收益质量是公司业绩和风险的关键指标.
- 讨论了所有权集中在企业风险承担中的作用,特别是在不同的所有权结构中.
研究的目的:
- 调查机构分析师对企业风险承担和收益质量的公司访问的影响.
- 检查所有权集中如何调节分析师访问和公司承担风险之间的关系.
- 探索国有企业 (SOE) 地位对这些动态的影响.
主要方法:
- 使用来自中国证券交易所上市公司的数据.
- 分析分析师访问公司的频率与随后的冒险行为之间的相关性.
- 通过收益质量指标来衡量风险承担.
- 基于公司所有权 (国有企业与非国有企业) 和所有权集中度的区分分析.
主要成果:
- 前一年分析师访问的频率增加与管理层更高的风险承担和随后几年的收益质量下降有关.
- 在国有企业 (SOE) 中,集中的股权和管理权力减轻了分析师访问引起的风险承担.
- 相反,在非国有企业中,更高的股权和管理权力的集中加剧了与分析师访问相关的冒险行为.
结论:
- 机构分析师的关注可以激励企业承担更大的风险,可能以牺牲收益质量为代价.
- 所有权集中对承担风险的影响取决于公司的所有权类型,国有企业表现出缓和作用.
- 在市场审查下,管理层的政治联系可能会影响风险厌恶,影响企业的风险承担策略.
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