Risk Information Disclosure in Annual Report and Analysts' Following

›› 2018, Vol. 34 ›› Issue (12): 65-73.

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Risk Information Disclosure in Annual Report and Analysts' Following

JIANG Hongyun¹,LI Yanqiong²,WANG Xiongyuan³

1.Research Center of Modern Enterprise Management,Guilin University of Technology,Guilin 541004,China;
2.Business School,Nankai University,Tianjin 300071,China;
3.School of Accounting,Zhongnan University of Economics and Law,Wuhan 430073,China

Received:2018-01-02 Online:2018-12-10 Published:2018-12-05

年报风险信息披露与分析师跟随

蒋红芸¹,李岩琼²,王雄元³

1.桂林理工大学现代企业管理研究中心,广西桂林 541004;
2.南开大学商学院,天津 300071;
3.中南财经政法大学会计学院,湖北武汉 430073

作者简介:蒋红芸(1973-),女,广西桂林人,桂林理工大学现代企业管理研究中心副教授;李岩琼(1994-),女,山西长治人,南开大学商学院博士生;王雄元(1972-),男,湖北襄阳人,中南财经政法大学会计学院教授。
基金资助:
广西高校人文社会科学重点研究基地基金(16ZD001);国家自然科学基金面上项目(71672191;71472188)

Abstract

Abstract: Texual risk information disclosure in annual reports is likely to improve the quality of information and has a positive impact on the behavior of analysts' earnings forecasts,besides,it may also increase analysts' risk perception and then have a negative impact on the behavior of analysts' earnings forecasts. This paper quantifies the risk information disclosure by the method of textual analysis and examines the effect of the risk disclosure on the behavior of sell-side financial analysts. The conclusions from firm-level empirical studies are as follows: increases in risk disclosures are associated with fewer analysts following and fewer analysts dispersion. The findings of this paper support the view that risk disclosure improves the information disclosure environment,and help to enrich the emerging risk disclosure literatures and analyst literatures.

Key words: Risk Information Disclosure, Analyst Following, Dispersion

摘要： 年度风险信息既可能提高信息质量进而对分析师跟随产生积极影响,又可能因增加分析师的风险感知进而对分析师跟随产生消极影响。本文通过文本分析法量化年报风险信息,探讨其对分析师跟随的影响。数据表明:风险信息披露频率越高,分析师跟随越少,预测分歧度更小,说明我国年报风险信息异质性较弱,有助于改善一般分析师的预测行为。本文研究结论支持了风险信息披露的信息观,有助于丰富信息披露文献以及分析师预测文献。

关键词: 风险信息披露, 分析师跟踪, 预测分歧度

CLC Number:

F275

JIANG Hongyun,LI Yanqiong,WANG Xiongyuan. Risk Information Disclosure in Annual Report and Analysts' Following[J]. , 2018, 34(12): 65-73.

蒋红芸,李岩琼,王雄元. 年报风险信息披露与分析师跟随[J]. 财经论丛, 2018, 34(12): 65-73.

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Risk Information Disclosure in Annual Report and Analysts' Following

年报风险信息披露与分析师跟随

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