PDF(Pubmed)
Abstract：
This study selects stock data of listed companies in China\'s A-share stock market from 2011 to 2020 as research samples. Using a fixed-effects model, it examines the impact of analyst optimism on stock price collapses and the moderating effect of information disclosure quality. Simultaneously, it conducts additional research to explore the potential transmission mechanisms involved. The main findings are as follows: Firstly, a positive correlation exists between analyst optimism and the risk of stock price collapse. Secondly, improving information disclosure quality of listed companies can enhance the positive impact of analyst optimism on the risk of stock price collapses and expedite the market\'s adjustment of overly optimistic valuations of listed companies. Additionally, analyst optimism can increase the risk of stock price collapses by affecting institutional ownership. These findings provide theoretical support for regulatory authorities to revise and improve the \"information disclosure evaluation\" system, regulate the analyst industry, guide analyst behavior, and encourage listed companies to enhance internal governance and improve information disclosure practices.
摘要：
本研究选取2011-2020年我国A股上市公司的股票数据作为研究样本。使用固定效果模型，它研究了分析师乐观情绪对股价暴跌的影响以及信息披露质量的调节作用。同时,它进行了额外的研究，以探索潜在的传播机制。主要研究结果如下:第一,分析师的乐观情绪与股价暴跌风险之间存在正相关关系。其次,提高上市公司的信息披露质量,可以增强分析师乐观情绪对股价崩盘风险的积极影响,加快市场对上市公司估值过于乐观的调整。此外,分析师的乐观情绪会通过影响机构所有权来增加股价暴跌的风险。这些发现为监管部门修订和完善“信息披露评价”制度提供了理论支持,规范分析师行业，指导分析师行为，鼓励上市公司加强内部治理，改进信息披露行为。
