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学者姓名：陈栋
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Abstract ：
The paper examines how central bank communication affects the macro information in analyst forecasts. Using quarterly data of Chinese-listed firms from 2007 to 2018, we find that richer and more frequent central bank communication increases the macro information contained in analyst forecasts. This effect is realized through the employment of in-house economists by security firms. In addition, we document that the effect of central bank communication on macroeconomic information in analyst forecasts is more salient under a contractionary monetary policy regime, during a bear market, or when the economic policy is more uncertain. We also show that analyst forecasts are more sensitive to central bank communication when firms that they follow are state-owned enterprises, have larger leverage ratios, or are located in more developed regions. In addition, analyst forecasts are more susceptible to central bank communication when the communication is in an informal oral format, when the public has more trust in the credibility of the central bank communication, and when the central bank pays more attention to expectation management after 2010. Finally, we show that richer and more frequent central bank communication also improves the accuracy of analyst forecasts.
Keyword ：
analyst forecasts analyst forecasts central bank communication central bank communication macro information macro information monetary policy monetary policy
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| GB/T 7714 | Chen, Dong , Liu, Kun , He, Lerong . Central bank communication and macro information in analyst forecasts: Evidence from Chinese listed firms [J]. | JOURNAL OF INTERNATIONAL FINANCIAL MANAGEMENT & ACCOUNTING , 2024 , 35 (2) : 501-533 . |
| MLA | Chen, Dong 等. "Central bank communication and macro information in analyst forecasts: Evidence from Chinese listed firms" . | JOURNAL OF INTERNATIONAL FINANCIAL MANAGEMENT & ACCOUNTING 35 . 2 (2024) : 501-533 . |
| APA | Chen, Dong , Liu, Kun , He, Lerong . Central bank communication and macro information in analyst forecasts: Evidence from Chinese listed firms . | JOURNAL OF INTERNATIONAL FINANCIAL MANAGEMENT & ACCOUNTING , 2024 , 35 (2) , 501-533 . |
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Abstract ：
作为董事会中最重要的两个专门委员会,审计委员会与薪酬委员会委员交叠任职是上市公司频繁发生却被学术界忽视的现象,本文检验了交叠任职这种董事内部兼任网络对盈余管理以及经理人机会主义薪酬的影响.结果发现:审计委员会与薪酬委员会的职位交叠程度越高,公司盈余管理越严重;在经理人薪酬水平较高或内部薪酬差距较高的公司中,两个专业委员会的交叠任职与盈余管理的正相关性更强,经理人“薪酬-操纵性盈余”敏感性也更高,结果表明经理人可能与交叉任职的董事合谋来操纵会计盈余质量,进而攫取更高的机会主义薪酬,而且当经理人对薪酬的辩护需求较强时合谋的动机更强.结论表明专门委员会的交叠任职所组成的董事内部网络可能是盈余质量降低和经理人机会薪酬的重要因素.
Keyword ：
审计委员会 审计委员会 盈余管理 盈余管理 薪酬委员会 薪酬委员会 高管薪酬 高管薪酬
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| GB/T 7714 | 邓晓岚 , 陈运森 , 陈栋 . 审计委员会与薪酬委员会委员交叠任职、盈余管理与经理人薪酬 [J]. | 审计研究 , 2014 , (6) : 83-91 . |
| MLA | 邓晓岚 等. "审计委员会与薪酬委员会委员交叠任职、盈余管理与经理人薪酬" . | 审计研究 6 (2014) : 83-91 . |
| APA | 邓晓岚 , 陈运森 , 陈栋 . 审计委员会与薪酬委员会委员交叠任职、盈余管理与经理人薪酬 . | 审计研究 , 2014 , (6) , 83-91 . |
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本文利用我国银行业改革的最新企业借款数据,从银行贷前筛选决策与贷后借款企业长期业绩表现两个角度检验了银行业改革对信贷资源配置效率的影响.实证结果发现:银行业经历了一系列的市场化改革后,贷前信贷决策与企业财务业绩、代理成本和商业信用等市场化指标的敏感度得到显著增强；从贷后借款企业的长期业绩表现来看,获得长期借款的企业样本未来两年的业绩表现要显著优于未获得长期借款的企业样本.本文的结果意味着商业银行在市场化改革过程中开始重视贷款企业的现状以及未来盈利能力,银行信贷配置效率随着银行业改革而得到了提高.
Keyword ：
信贷配置效率 信贷配置效率 筛选监督功能 筛选监督功能 银行业改革 银行业改革
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| GB/T 7714 | 孙会霞 , 陈栋 , 陈运森 . 银行业改革、信贷筛选与配置效率 [J]. | 投资研究 , 2013 , 32 (6) : 115-126 . |
| MLA | 孙会霞 等. "银行业改革、信贷筛选与配置效率" . | 投资研究 32 . 6 (2013) : 115-126 . |
| APA | 孙会霞 , 陈栋 , 陈运森 . 银行业改革、信贷筛选与配置效率 . | 投资研究 , 2013 , 32 (6) , 115-126 . |
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