文献类型：期刊文献

中文题名：股票随意停牌与证券分析师预测

英文题名：Discretionary Stock Halt and Analyst Forecast

作者：于雪航[1];方军雄[2]

机构：[1]华东理工大学商学院,200237;[2]浙江财经大学会计学院,310018

年份：2022

期号：7

起止页码：123

中文期刊名：会计研究

外文期刊名：Accounting Research

收录：CSTPCD;;国家哲学社会科学学术期刊数据库;北大核心:【北大核心2020】；CSSCI:【CSSCI2021_2022】；

基金：国家自然科学基金项目(71872048,72272132)的资助。

语种：中文

中文关键词：随意停牌;信息环境;分析师预测

外文关键词：Discretionary Stock Halt;Information Environment;Analyst Forecast

摘要：日益泛滥的停牌,尤其是随意停牌现象已成为中国资本市场国际化的一大障碍,也引起了监管当局和学者的关注。本文从证券分析师视角系统的检验了随意停牌对信息环境的影响,研究发现上市公司股票随意停牌导致分析师跟踪人数减少,分析师预测准确度下降,以及分析师预测分歧度增加。进一步研究发现,可获取信息数量的减少和信息披露质量的下降是股票随意停牌恶化信息环境的两个重要渠道。分组检验显示,股票随意停牌对分析师预测的负向影响在投资者保护程度较低、代理成本较高的样本中更加显著。以上结果表明,随意停牌恶化了公司的信息环境,这为中国资本市场改革提供了重要的政策启示。
The increasing number of stock halts, especially discretionary halts, has attracted the attention of regulatory authorities and scholars.They have also become a major obstacle to the internationalization of China’s capital market.This article systematically examines the impact of discretionary halt on information environment from the perspective of analysts.The study finds that discretionary halts of listed companies’ stocks lead to a decrease in the number of analysts following, a decline in analysts’ forecast accuracy, and an increase in analysts’ forecast dispersion.Further research found that the reduction of the amount and the decline of the quality of information disclosure are two important channels for discretionary stock halts deteriorating the information environment.Cross-sectional tests show that the negative impact of the discretionary stock halt on analysts’ forecasts is more pronounced in samples with low investor protection and higher agency costs.The above results indicate that discretionary halts deteriorate company’s information environment, which provides important policy implications for China’s capital market reform.