過往的文獻記載了證券分析師在公司治理中的潛在作用，特別是其對於公司盈餘管理的影響。然而這些研究的焦點集中在有著優良信息環境的已開發國家。本文以中國證券市場為例，實證分析了分析師對上市公司盈餘管理的影響。結果顯示分析師關注與整體公司盈餘管理的行為顯著負相關。此外本文還發現分析師對中國上市公司的正向盈餘管理的抑制效果顯著，而對其負向盈餘管理的抑制效果不顯著。本文為中國上市公司盈餘管理行為的影響因素提供了增量證據，並且有助於從外部監管者的角度加深對證券分析師職能的理解。

Previous studies have documented security analysts’ potential role in corporate governance, specifically their influences on earnings management activities. However, most studies focus on the developed markets which usually have better information environment than the developing markets. This study examines security analysts’ role in public firms’ earnings management behavior in China, the world’s largest developing market. Using unsigned measurement of earnings management, I find that the more analyst coverage exists, the less overall tendency of earnings management firms have. Moreover, splitting the sample by managed earnings’ directions, I document that analysts in China stock market have higher curbing effectiveness of positive earnings management than that of negative earnings management. These results provide incremental evidence to what affect earnings management behavior of China’s public firms, and it strengthen our understanding towards the external governance role of analyst coverage.

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