汇总分析师预测乐观偏差与企业创新投资决策

被引:3
作者
于雪航
陈婧
方军雄
机构
[1] 复旦大学管理学院
关键词
证券分析师; 乐观偏差; 行业汇总; 创新投资;
D O I
暂无
中图分类号
F832.51 []; F273.1 [企业技术管理]; F275 [企业财务管理];
学科分类号
摘要
基于2002—2017年沪深A股上市公司数据,本文考察了行业层面汇总分析师预测的乐观程度对企业创新投资决策的影响。研究发现,行业层面汇总分析师预测乐观偏差显著增加了企业创新投资,这种正向影响主要通过缓解了企业融资约束、增加了管理层决策可用信息、激励管理层进行风险投资等机制发生作用。研究表明,行业层面汇总分析师预测显著影响着企业的实际投资,其乐观程度能够激发企业创新,促进企业的长期发展。
引用
收藏
页码:51 / 59
页数:9
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