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以美国存托凭证(ADR)存托银行官方网站及沃顿商学院开发的WRDS数据库为数据来源,对1996-2011年间通过ADR在美纳斯达克与纽约交易所上市的中国企业数据为样本,实证研究了美国市场分析师关注数量与分析师推荐对公司盈利能力的影响。结果发现,分析师关注数量对公司盈利无显著影响,分析师高推荐评级度与公司的盈利能力有正相关关系,内生性检验支持上述主要结论。稳健性检验表明,分析师高推荐评级对盈利能力的促进主要在萨班斯法案颁布后发生,该关系在用净资产收益率替代资产回报率表示的盈利能力时仍然是稳健的。
Based on the data from ADR Depository Bank’s official website and the WRDS database developed by Wharton, a sample of Chinese companies listed on the NASDAQ and NYSE from 1996 to 2011 , Empirical study of the impact of the number of analysts on the market in the United States and the analyst recommendation on the company’s profitability. The results showed that the number of analysts concerned about the company earnings did not have a significant impact, the analyst recommended a high degree of rating and the company’s profitability has a positive correlation, endogenous support for the above conclusions. Robustness tests show that the promotion of profitable ability by analysts’ highly recommended ratings occurs mainly after the Sarbanes-Oxley Act was enacted, and the relationship remains robust when the return on equity ratio is used instead of the profitability indicated by the return on assets.