【摘要】 根据同花顺统计,2020年4月我国已有2 433家上市公司发生股权质押,占市场的63%,且其中约45%的企业股权质押比率在10%～30%之间。考察上市公司股权质押对分析师预测误差、分歧度和乐观度的影响,研究结果发现,相较于没有发生股权质押的企业,控股股东进行股权质押会降低分析师的预测精准度和乐观度,同时会提高分析师预测的分歧度。不仅丰富了有关分析师预测影响因素的研究,也对监管机构、上市企业和市场参与者有重要的现实意义。研究结果表明,股东发生股权质押行为更易降低分析师预测的精准度和乐观度,同时提高分析师的分歧度。更多还原

【Abstract】 According to Fong Shun statistics,in April 2020,2 433 listed companies have pledged equity,accounting for 63% of the market,and about 45% of them have equity pledge ratios between 10% and 30%. Investigating the impact of listed companies’ equity pledges on analysts’ forecast errors,divergence and optimism,the results of the study found that compared with companies that did not have equity pledges,controlling shareholders’ equity pledges would reduce analysts’ forecast accuracy and optimism. At the same time,it will increase the divergence of analyst forecasts. It not only enriches the research on the factors affecting analysts’ forecasts,but also has important practical significance for regulators,listed companies and market participants. The results of the study show that shareholder pledges of equity are more likely to reduce analysts’ forecast accuracy and optimism,and at the same time increase analysts’ divergence.更多还原