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以2009—2013年A股非金融上市公司为研究对象,基于管理防御视角,研究了其他综合收益(OCI)对分析师预测的有用性。研究发现,分析师盈余预测时更充分反映了正值其他综合收益,对负值其他综合收益反映不足;其他综合收益为负值时,分析师会向下修正预测值,且会造成预测误差;而其他综合收益为正值时,却没有向上修正预测值,也没有导致预测误差。进一步研究发现,相对于管理防御程度高的情况,仅在管理防御程度低时,其他综合收益才对分析师预测有用。
Taking the A-share non-financial listed companies from 2009 to 2013 as the research object, this paper studies the usefulness of other comprehensive income (OCI) to the analyst forecasting from the perspective of management defense. The study found that analysts’ earnings forecasts more fully reflect the positive consolidation of other comprehensive income, negative other comprehensive income less than the other comprehensive income is negative, the analyst will correct the forecast downward, and will result in forecast error; When the other comprehensive income is positive, the forecast value is not revised upwards, nor does it lead to forecast error. Further research found that other comprehensive benefits were only useful to analysts’ forecasts when management defenses were low, relative to the high degree of defensive management.