分析師關注度、公司治理與過度投資的關係:以中國企業為例

Analyst coverage, corporate governance and overinvestment: Evidences from Chinese corporations

呂紹煒(Shao-Wei Lyu)

指導教授 ： 李彥賢

中原大學/商學院/財務金融研究所/碩士(2019年)

https://doi.org/10.6840/cycu201900259

摘要

本研究探討2006至2016年分析師關注度、公司治理與過度投資的關係，並以中國企業為例。透過實證結果，本研究發現當分析師關注度越高時，會使得公司越容易過度投資。而當公司分析師關注較高而發生過度投資時，公司可以透過公司治理抑制分析師關注度增加過度投資的效果。除此之外，本研究也採納了分量的方法，發現在不同分量下，分析師皆會造成過度投資，但只有在較高的分量下，公司治理才會發揮抑制的效用。本研究使用了Yu(2008)工具變數法來解決內生性的問題，並發現上述同樣的現象。最後，本研究採用了差異中的差異法來探討治理面的改革是否有效，實證結果發現在配對前實驗組與控制組不存在顯著差異，在配對後實驗組與控制組存在顯著差異，而配對前的差異與配對後的差異呈現顯著差異，說明治理面的改革是有效的。

關鍵字

分析師關注度 ； 公司治理 ； 過度投資

並列摘要

In this thesis, we examine the relationship among analyst coverage, corporate governance and over-investment from 2006 to 2016 using samples of Chinese listed firms. The empirical findings demonstrate that higher analyst coverage increases over-investment. When the firms of higher analyst coverage over-invest, the firms can diminish the effect of analyst coverage by corporate governance. In addition, using quantile experiment ,we find that analyst coverage causes over-investment in different quantile, but corporate governance reduces the effect of analyst coverage only in higher quantile. We find the same evidences as above using the instrumental variable by Yu (2008). Finally, we use the approach of difference-in-difference to explore whether the reform of the governance is effective.

並列關鍵字

analyst coverage ； corporate governance ； overinvestment

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