审计质量、分析师盈余预测与上市公司股价信息含量

以前文献较少涉及审计师、分析师与市场效率的研究。在研究考察审计质量和分析师盈余预测与股价信息含量关系的基础上,通过对中国A股上市公司的实证分析,得出高的审计质量直接提升股价信息含量,其对分析师盈余预测的影响间接提升股价信息含量的结论。继而采用制度环境的分组,发现分析结果在市场化高的地区显著,在市场化低的地区不显著。研究表明,在提高市场信息中介职能发挥的同时,不能忽视更为基础的地区制度环境改善。

Audit Quality, Analysts' Earnings Forecast and Stock Price Information Content of Listed Companies

There is little research made on auditors,analysts and market efficiency in present literature.Based on the research on the impact of audit quality and analysts' earnings forecast upon stock price information content of listed companies,with an empirical analysis of A-share listed companies in China,this paper draws the important conclusions that high audit quality directly enhances the stock price information content and its impact on analysts' earnings forecast indirectly enhances the stock price information content.Further,with the group sampling of institutional environment,the analytical result is significant in the areas with a higher degree of marketization and insignificant in the areas with a lower degree of marketization.The research indicates that the regional institutional environment which is more fundamental should not be ignored while more improvement is made in enhancing the function of market information agent.