【摘要】 本文研究了A股上市公司设立私募股权基金与分析师预测行为之间的关系。结果发现，上市公司设立基金可以提高分析师预测准确度，降低预测分歧度。进一步研究发现设立基金是通过增加分析师关注、降低企业经营风险和盈余波动对分析师预测行为产生影响，且这一结果在多元化程度较低、可支配资源较少、信息透明度较低、处于衰退期的公司中更为显著。上述结果表明，上市公司参与设立私募股权基金为市场参与者提供了额外的有关公司的信息，向外界传递了积极的信号，降低了资本市场信息不对称程度。更多还原

【Abstract】 This paper researches the relationship between A-share listed company establishing private equity funds and the analysts’ forecasting behavior. The results show that listed company establishing funds can improve the accuracy of analysts’ forecasts and reduce the degree of forecast divergence. The further research shows that establishing funds impacts analysts’ forecasting behavior by attracting their attention, reducing business risk and earnings volatility. The results are more significant in companies with lower level of diversification, fewer disposable resources, lower information transparency, and in recessionary period. The above results show that listed company’s participation in establishing private equity funds provides market participants with additional information about the company, sends a positive signal to the outside,and reduces information asymmetry in the capital market.更多还原