财务分析师在R&D支出中的功能分析与经济后果——基于中国资本市场A股上市公司的实证检验

The Role and Economic Consequence of Financial Analyst in R&D Expenditure ——Empirical Test Basing on A-share Listed Companies from China's Capital Market

中文关键词:  财务分析师  R&D支出  明星分析师  政治关联  经济后果

英文关键词:financial analyst  R&D expenditure  star analyst  political connections  economic consequence

中文摘要:

      财务分析师向外部利益相关者提供盈利预测与投资建议,在资本市场中扮演着重要角色,其如何作用于企业R&D支出及相应的经济后果较少受到关注。基于此,以2007—2015年中国资本市场A股上市公司为样本,实证检验了财务分析师对R&D支出的影响和其经济后果。研究结果显示:(1)财务分析师跟踪显著提高了企业的R&D支出水平；(2)上述关系受到财务分析师声誉的影响,表现为非明星分析师跟踪对R&D支出的促进作用更为显著；(3)政治关联强化了财务分析师对R&D支出的促进作用；(4)R&D支出在财务分析师影响经营业绩的过程中发挥了部分中介作用。依据上述发现,认为未来在重视财务分析师专业能力建设的同时,应减弱明星分析师业绩压力的负面影响。

英文摘要:

      Financial analysts provides external stakeholders with earnings forecast and investment advice, and they play an important role in capital markets, but how they impact corporate R&D and its relevant economic consequence have attracted little attentions. Accordingly, this article uses A-share listed companies in China's capital market from 2007 to 2015 as sample to analyze the influence of financial analyst on corporate R&D expenditures and its economic consequence. The results show that:(1) Financial analyst tracking increases corporate R&D expenditures level significantly. (2) The above relationship is affected by financial analysts reputation, especially, the impact of non-star analysts on corporate R&D expenditures is more significantly; (3) Political connections strength the promoting function of financial analysts on R&D expenditures; (4) R&D expenditures play a partial intermediary role between financial analysts and operation performance. Basing on the above discovery, the article holds the opinion that we should not only pay attention to professional ability cultivation of financial analysts, but also weaken negative impact from performance pressure of star analyst.