股吧投資專家對分析師追蹤影響之探究

Abstract

在中國，機構投資人與許多個別投資者投資前會閱讀分析師的研究報告。近年來網路的快速發展，眾多網路投資專家於股吧上發表投資看法。因為投資人可從股吧獲得資訊，分析師產生競爭壓力。本研究以2017年至2019年在深圳交易所與上海交易所發行A股之上市公司為樣本，檢視具有影響力投資專家於股吧發表意見，中國分析師是否會傾向加入股吧投資專家追蹤的公司。此外，本研究目的係檢視具有影響力股吧專家於股吧發表意見後，追蹤該公司分析師發佈長期盈餘預測次數有否改變。實證結果顯示，相較於缺乏有影響力股吧專家發表意見的公司，有影響力股吧專家發表意見的公司，其新加入分析師追蹤數顯著較低。實證結果亦顯示，僅在2019年，有影響力股吧專家於股吧發表意見後，分析師發佈長期盈餘預測次數會顯著增加。In China, institutional investors and many individual investors read analysts' research reports before investing. With the rapid growth of the Internet in recent years, many individual investment experts express their investment view on Gubs. Financial analysts face competition because investors can obtain information from Gubs. This study uses listed firms on Shenzhen Exchange and Shanghai Exchange from 2017 to 2019 as a sample. This study examines whether Chinese analysts tend to cover the companies after the influential investment experts provide their opinion on Gubs. This study also examines whether the number of long-term earnings forecasts issued by the analysts will change after the influential investment experts provide their opinion on Gubs.The empirical results show that compared to those companies without the Gub's influential experts, the number of analysts’ add coverage is significantly fewer for the companies which the Gub's influential experts provide their opinion. The empirical results also indicate that the number of long-term earnings forecasts issued by the analysts significantly increase in 2019 after the influential investment experts provide their opinion on Gubs.