分析师在传递公司，行业，市场信息中的成本和效益权衡

Financial analysts are important information intermediaries in the capital market. They collect, process and disseminate information. However, in emerging markets like China, the dissemination of firm-specific information to public investors is inadequate. This lack of firm-specific information in emerging markets can be attributed to a number of factors. First, the enforcement mechanism of information disclosure is very weak. Second, there is a low degree of voluntary disclosure and corporate transparency. Third, the ownership structure does not encourage public disclosure of information since many companies in emerging markets are group affiliated or family owned, in which private information sharing is more common. However, the informativeness of stock prices is important for the stock market efficiency and efficient capital allocation. In that sense, security analysts play a more important role in emerging markets like China. However, an important but unexplored issue is the nature of the information that is produced by security analysts. The role of security analysts in producing firm-specific information in emerging markets is unclear. It is important to know the factors affect analysts’ cost benefit trade-off in the incorporation of firm-specific (vs. industry/market) information into stock prices. Therefore, this project aims to find the impact of information sources (firm disclosures) and information users (investors) on analysts’ trade-off in incorporation of firm-specific (vs. industry or market) information into stock prices..We aim to establish a framework of the information incorporation process. The three important elements in the framework are firms, analysts and ivestors. We will identify the interplay of the three elements in the whole information process. We believe the framework will enhance our understanding of the incentives of analysts information incorporation, which is especially important to emerging markets like China.

分析师是资本市场上重要的信息中介。高效的分析师队伍对于提高资本市场的运行效率，使得资本市场更合理的配置资源有着重要的作用。 然而，在中国新兴的资本市场，分析师的作用和信息角色还存在着争议。本项目主要研究分析师在中国资本市场上的信息传递功能，具体表现为对于公司，行业，市场这三类信息的传递机制。分析师传递信息的意愿是由他们成本和效益函数决定的；信息的提供者，企业和信息的需求方，投资者对于分析师权衡成本和效益起着关键的作用。本项目将试图厘清企业，分析师，投资者这三者在整个信息传递过程中起到的作用，以及他们之间的相互关系，从而构建一个完整的信息传递框架。这样的框架有助于我们理解分析师的行为动机，更好的激励他们在资本市场上起到积极的作用。

项目负责人和成员在国际期刊发表三篇英文论文。项目负责人和成员手工搜集整理了两个重要数据库，政府研发补贴数据和专利申请和被引用情况数据库和招股说明书的pro forma调整数据库，为项目组目前的研究和展开后续研究提供了保障。本项目主要研究公司特质信息的传递机制。股价反映公司（特质）信息的能力是衡量一个国家证券市场运行效率的重要标志。相对于成熟的资本市场，在像中国这样的新兴资本市场里，股价不能很好的反映公司的基本面信息，这使得资源配置不能有效进行。本项目主要探究是什么因素影响/制约了中国市场里，股价反映公司的信息的能力。从信息披露的质量，传递的机制，投资者的信息需求等方面展开研究。本项目也衍生研究了非正式制度背景，政府在资本市场扮演的角色。