Dissertation > Excellent graduate degree dissertation topics show

Research on the Corporate Governance Effect of Security Analysts in China

Author: YuTao
Tutor: WangSuSheng
School: Harbin Institute of Technology
Course: Management Science and Engineering
Keywords: analyst coverage analyst coverage residual corporate value earnings managements corporate governance effect
CLC:
Type: Master's thesis
Year: 2012
Downloads: 39
Quote: 0
Read: Download Dissertation

Abstract


With the continuous improvement of Chinese securities market，The theoryand practice circles pay more and more attention on the analysts’ function. InChina, the previous studies always paid attention on the market reaction afteranalysts gave a recommendation. There are some papers which study theinfluence on analysts from firms’ characteristic, and the decision-making processof analysts. What is the role of information intermediaries in corporategovernance? Do analysts serve as external monitors to managers, or do they putexcessive pressure on managers? This paper examines equity analysts’ influenceon corporates’ value and managers’ earnings management.We select953companies from A stock markets as our samples, and the studyperiod starts from2007to2010. We get rid of the effect of the size of companiesand industry, and we select the analyst’ residual coverage as the proxy of analysts’coverage on companies. We use multiple variables regression to research therelation among analysts’ coverage, corporate value and earns management.Firstly, we study the impact on the value of the company from analysts’residual coverage to verify the existence of the effect of corporate governance.Then, we research the mutual influence between earnings management andanalyst coverage to seek the most direct evidence from the companies’ financialdata. Last, to address the potential endogeneity between analyst coverage andearnings management, we use an instrumental variable based whether firms areincluded in the HUSHEN300index or not.The developments of analyst industry help investors find the valuable firmsand give excess monitoring effect on managements. The monitoring effect ofanalysts is very significant to protect investors and promote the security market’sdevelopment.

Related Dissertations

  1. Ultimate Control, Reduction of Major Shareholders, and Corporate Value,F276.6;F224
  2. Research on Effect of Internal Control Elements on Corporate Value of Listed Company,F275;F224
  3. Ownership Structure, Associated Guarantee and Corporate Value,F276.6
  4. Research on the Relationshipe between Disclosure Quality and the Corprorate Value of Listed Companies,F832.51;F224
  5. A Research in the Relationship between the Listed Companies’ Degree of Earnings Management and Availability of Credit Financing,F832.4;F224
  6. Empirical Study on the Influence of Private Companies’ Political Relationship on Bank Loans and Corporate Value,F276.5;F224
  7. Study on Relationship between Ownership Structure and Company Value in Our Country,F224
  8. Research on Corporate Value Assessment Based on Strategic Management,F272
  9. Changes in Capital Structure of State-owned Enterprises and Case Studies of the Impact on the Corporate Value,F275
  10. A Research of Relationship Between Executive Equity Incentive and Corporate Value,F275;F224
  11. The Relations between Affiliated Transaction and Corporate Value from the Perspective of Equity Division Reform,F276.6;F224
  12. The Study on Relationship between Ownership Structure and Corporate Value of Listed Companies in China,F275;F224
  13. The Research on the Optimization of Capital Structure of Chinese Listed Companies,F275
  14. Empirical Study of the Relationship between Corporate Value and the Ownership Structure in China,F275
  15. Determine the value of the intellectual capital and the relationship between the value of the company Model,F275
  16. Empirical Research on the Impact of Mergers and Acquisitions on Target Corporate Value in China,F271
  17. Empirical Research on the Relation between Agency Costs and Corporate Value Based on Ownership Structure,F276.6
  18. Capital Structure and Value Creation of Chinese Listing Companies--An Analysis Based on Shareholder Structure,F275
  19. Researches on Checks and Balances Impact on Listed Company’s Corporate Value,F271;F224
  20. Our IT industry valuation of listed companies,F224
  21. Economic Consequences of the quality of information disclosure of listed companies,F275

CLC: >
© 2012 www.DissertationTopic.Net  Mobile