Industrial policy, uncertainty, and analysts' earnings forecast: Evidence from China

被引：7

作者：

Wang, Jiangyuan ^{[1
]}

Gan, Jiawu ^{[2
]}

Li, Zhen ^{[3
]}

机构：

[1] Cent China Normal Univ, Sch Econ & Business Adm, 152 Luoyu Rd, Wuhan 430079, Hubei, Peoples R China

[2] Yunnan Univ Finance & Econ, Int Business Sch, 237 Longquan Rd, Kunming 650221, Yunnan, Peoples R China

[3] Yunnan Univ Finance & Econ, Sch Int Languages & Cultures, 237 Longquan Rd, Kunming 650221, Yunnan, Peoples R China

来源：

ECONOMIC ANALYSIS AND POLICY | 2021年 / 70卷

关键词：

Industrial policy; Accuracy of analysts' earnings forecasts; Uncertainty; Industry competition; STOCK-MARKET; INFORMATION UNCERTAINTY; RISK; ANNOUNCEMENT; ADVANTAGE; FIRMS;

D O I：

10.1016/j.eap.2021.02.013

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

On the basis of the revitalization plans of 10 industries implemented by the Chinese government in 2009, this study analyzes the relationship between industrial policies and analysts' earnings forecasts. We find that industrial policies lead to a decline in the accuracy of analysts' earnings forecasts. Our mechanism analysis confirms that the uncertainties caused by these industrial policies have a mediating effect on this relationship. In view of the effects of industrial policies as a mechanism for the government to intervene in the market, the negative effects of these policies on the role of analysts and their increasing effects on uncertainties are both more significant in competitive industries. (C) 2021 Economic Society of Australia, Queensland. Published by Elsevier B.V. All rights reserved.

引用

页码：249 / 258

页数：10

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