Can Analyst Tracking Enhance Corporate Real Innovation Output? Concurrently Discussing the Text Interpretation of Research Reports

QIU Yang-dong

Volume 37 Issue 3

May 2022

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Article Navigation > Journal of Guangdong University of Finance & Economics > 2022 > 37(3): 98-111

QIU Yang-dong. Can Analyst Tracking Enhance Corporate Real Innovation Output? Concurrently Discussing the Text Interpretation of Research Reports[J]. Journal of Guangdong University of Finance & Economics, 2022, 37(3): 98-111.

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QIU Yang-dong. Can Analyst Tracking Enhance Corporate Real Innovation Output? Concurrently Discussing the Text Interpretation of Research Reports[J]. Journal of Guangdong University of Finance & Economics, 2022, 37(3): 98-111.

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Can Analyst Tracking Enhance Corporate Real Innovation Output? Concurrently Discussing the Text Interpretation of Research Reports

QIU Yang-dong

Economics Teaching Section, Party School of the Guangdong Provincial Committee of CPC, Guangzhou 510053, China

Received Date: 2021-11-10
Publish Date: 2022-05-28

Abstract

Abstract

In the context of China's capital market, can analyst tracking alleviate information asymmetry and agency problems by mining fundamental information, and thereby improve the level of real innovation output of enterprises? This question still needs to be scientifically demonstrated and tested. Measuring the real innovation output level of enterprises from the dimensions of knowledge breadth and patent citations based on patent data, this paper aims to analyze the impact of analyst tracking on the real innovation output of enterprises, and further interpret the text of the analyst report to identify the fundamental information mined by the analyst, which helps to improve the innovation performance of enterprises. It is found that analyst tracking can improve the real innovation output level of enterprises, and realize the double improvement of innovation quantity and innovation quality of enterprises; information mechanism plays a dominant role in the process of analyst tracking affecting the real innovation output of enterprises; analyst tracking can help alleviate the information asymmetry and agency problems faced by enterprises, thereby reducing corporate financing constraints and enhancing management's motivation for R&D innovation. The interpretation of the analyst research report text indicted that in terms of research report information, the higher the information content of the analyst research report, the stronger the improvement effect on enterprise innovation, and the higher the proportion of financial information in the analyst research report, the stronger the improvement effect on enterprise innovation. In terms of research report themes, the more reports on innovation topics, performance and market performance topics in analysts' research reports, the stronger the improvement effect on corporate innovation, and the innovation incentive effect of innovation topic reports is higher than that of performance and market performance topics.
- analyst tracking,
- corporate innovation,
- patent quality,
- research report information,
- text analysis,
- analyst,
- innovative quality

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References

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