实体企业金融化、分析师关注与企业盈余质量

Financialization of Physical Enterprises, Analyst Attention and the Quality of Corporate Earnings

摘要: 文章讨论了实体企业金融化对企业盈余质量的影响结果，并进一步分析了分析师关注对这一影响的调节作用。本文以2008~2020年所有A股上市公司为研究对象，实证检验实体企业金融化对企业盈余质量的影响。研究表明：企业金融化的投资对企业盈余质量的提高具有抑制作用，即企业金融化程度的增加会降低企业的盈余质量，并且分析师关注将会缓解企业金融化对盈余质量的抑制作用。本文进一步扩展了企业金融化相关研究，为发挥分析师监督作用提供了经验证据。

Abstract: This paper discusses the impact of financialization of entities on the quality of corporate earnings, and further analyzes the moderating effect of analysts’ attention on this impact. This paper takes all A-share listed companies from 2008 to 2020 as the research object to empirically test the impact of financialization of entity enterprises on the quality of corporate earnings. The results show that the investment in corporate financialization has a restraining effect on the improvement of corporate earnings quality, that is, the increase of corporate financialization will reduce the earnings quality of enterprises, and analysts’ attention will alleviate the inhibition effect of corporate financialization on earnings quality. This paper further expands the research on corporate financialization and pro-vides empirical evidence for the role of analyst supervision.