Impact of equity pledges on analysts earnings forecasts

IF 7.4 2区 经济学 Q1 BUSINESS, FINANCE
Xiaoguang Gao , Juncheng Luo , Qiang Zhao
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引用次数: 0

Abstract

This study conducts an in-depth analysis of the relationship between the equity pledge phenomenon and analysts’ earnings forecast behavior using China's A-share listed companies from 2017 to 2022 as the research sample. Findings indicate that the existence of equity pledges increases the error range, optimism, and disagreement among analysts when making earnings forecasts. However, for non-state-owned enterprises, companies with a relatively high proportion of institutional shareholders, and those with better transparency, the impact of equity pledges on analysts’ forecasting behavior shows a weakening trend.
股权质押对分析师盈利预测的影响
本研究以2017年至2022年中国A股上市公司为研究样本,深入分析了股权质押现象与分析师盈利预测行为之间的关系。研究结果表明,股权质押的存在增加了分析师进行盈利预测时的误差范围、乐观程度和分歧程度。但是,对于非国有企业、机构股东占比较高的公司以及透明度较好的公司,股权质押对分析师预测行为的影响呈减弱趋势。
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来源期刊
Finance Research Letters
Finance Research Letters BUSINESS, FINANCE-
CiteScore
11.10
自引率
14.40%
发文量
863
期刊介绍: Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance
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