分析師研究報告頁數之決定因素

The Determinants of Pages of Analyst Research Reports

林東杰(TUNG-CHIEH LIN)

指導教授 ： 呂倩如

元智大學/管理學院/會計學系/碩士(2009年)

摘要

由於投資人與企業之間存在著資訊不對稱，因此財務分析師扮演著解釋企業會計盈餘相關資訊的角色，而分析師係將所獲取之資訊經分析後而形成對企業的預測及推薦且記載於研究報告之中，因此，本文欲探討分析師研究報告頁數之決定因素，整體而言，本文根據相關文獻建構企業未來收益不確定性及分析師盈餘預測兩個構面，且後者更進一步地區分為三個層面，分別為分析師經驗、分析師資源以及分析師產量。
在企業未來收益不確定性構面中，本文發現當企業無形資產比例愈高，分析師傾向提供更多對企業盈餘預測分析，且為了提升預測正確性，故將提供更多的資訊及證據以說服投資人，因而增加研究報告的頁數。此外，在分析師盈餘預測的構面中，本文發現當分析師有較長之一般經驗時可能會因過度自信而跟隨較多企業或產業，故僅能提供較少的資源或時間予每間企業，而產生頁數較少之研究報告。除此之外，券商規模亦為影響分析師研究報告頁數的決定因素之一，本研究結果顯示，當券商規模愈大，將提供分析師愈多資源，使分析師對企業進行盈餘預測實有莫大幫助，但並未如本研究所預期使分析師研究報告頁數增加，反而減少研究報告的頁數。最後，分析師的產量部分（分析師跟隨企業家數及提供報告數量）則未發現顯著結果。整體而言，本研究發現企業之無形資產、分析師的經驗以及分析師獲取資源的多寡，皆為其研究報告頁數多寡的決定因素。

關鍵字

分析師經驗 ； 分析師研究報告 ； 券商規模 ； 無形資產

並列摘要

There exists information asymmetry between managers and investors, which suggests a role of financial analysts in interpreting the information contained in reported accounting earnings. All the information and analyses obtained and used by analysts to make forecasts and recommendations are contained in the research reports. Therefore, the purpose of this thesis is to explore the determinants of the pages of analyst research reports. Specifically, based on the literature, I construct two dimensions of firm’s earnings uncertainty and analyst earnings forecasts, and the latter is further decomposed to three elements of analysts experiences, resources, and productions.
In the dimension of earnings uncertainty, I find that analysts tend to provide more analyses in predicting earnings for firms with more intangible assets due to the relative high earnings uncertainty. To prove the accuracy of forecasts, analysts endeavor to provide more information to convince investors that causes the increase of the pages of analyst research reports. On the other hand, in the dimension of analyst earnings forecasts, I find that analysts with more experiences cover more firms or industries due to over-confidence. Since that analysts have a common capacity limit, the pages of research reports may be less for analysts who cover more firms. Moreover, brokerage size is also one of the determinants of the pages. Analysts in large brokerage houses have more resources to access information in making forecasts and recommendations. However, a negative effect of brokerage size is not consistent with my prediction. Finally, the elements of analyst productions (numbers of firms an analyst covers and numbers of forecasts an analyst provides) have no influence on the pages of analyst research reports. In sum, firms’ intangible assets, analysts experiences and resources are the determinants of pages of analyst research reports.

並列關鍵字

Analyst experience ； Analyst research reports ； Brokerage size ； Intangible assets

參考文獻

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