| 摘要: |
| 本文以2006—2013年A股上市公司为研究样本，实证检验了文化异质性如何影响分析师盈余预测精度。研究结果表明，文化异质性与分析师盈余预测质量显著负相关，并且发现信息透明度对二者关系影响十分有限。进一步检验结果表明，所在地区交通便利度的改善会削弱文化异质性对分析师盈余预测精度的负面影响。本文研究不仅丰富了“文化与金融”的相关文献，也为投资者、监管者等利益相关方更好地理解分析师行为提供了新的经验证据。 |
| 关键词: 文化异质性 方言 分析师 盈余预测 交通便利度 投资分析 |
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| Cultural Heterogeneity and Analyst’s Earnings Forecasts：A Study Based on the Perspective of Dialects |
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XIONG Ting,CHENG BO
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| Abstract: |
| By analyzing the data of the A share listed companies in China from 2006 to 2013，this paper empirically examines the effect of cultural heterogeneity on analyst's earnings forecasts.The results show that there is significantly negative correlation between cultural heterogeneity and the analysts' earnings forecasts quality and that information transparency has very much limited effect on the correlation of the two.Further test results show that the improvements in traffic convenience in the region undermine the negative impact of cultural heterogeneity on analyst's earnings forecasts.This study not only enriches the relative literatures of “culture and finance”，but also provides new empirical evidence for investors，regulators and other stakeholders to better understand the behavior of analysts. |
| Key words: cultural heterogeneity dialect security analyst earning forecast traffic convenience investment analysis |
