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提升企业全要素生产率不仅是发展新质生产力、推动高质量发展的微观基础，也是建设金融强国的重要目标之一。本文将研究视角转向资本市场分析师，揭示分析师跟踪赋能企业全要素生产率的具体作用及其机制。实证结果显示分析师跟踪显著提升企业全要素生产率，其通过信息发现、缓解融资约束两条机制推动企业全要素生产率提升。此外，研究还发现分析师能力越强，越有利于提升其跟踪对企业全要素生产率的促进作用。异质性分析表明，对处于低市场竞争环境和低法治环境的公司而言，分析师对全要素生产率的促进作用更明显。总之，分析师在促进中国实体经济健康发展中发挥重要作用，本文为资本市场助力实体经济注入了新的理论视角和经验证据。
Abstract：Improving the enterprise total factor productivity(TFP) is not only the micro foundation for developing new quality productive forces and promoting high-quality development, but also a significant goal of building a country with strong finance. With the capital market analyst as the research perspective, this study reveals the specific role that the analyst following empowers the enterprise TFP and its mechanism. Empirical results show that the analyst following significantly improves the enterprise TFP through discovering information and alleviating financing restraints. Furthermore, the stronger the analyst's capabilities, the more conducive it is to enhancing the role of his following in promoting the enterprise total factor productivity. Heterogeneity analyses show that the promoting effect of the analyst on TFP tends to be more significant for the firms in the lower competitive market environment and weaker legal environments. All in all, the analyst plays a significant role in prompting the healthy development of the real economy in China. This study offers a new theoretical perspective and empirical evidence for the capital market to facilitate the real economy.
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(1)参考宋敏等（2021）的建议，由于上市公司投资额数据严重，使用中间投入替代公司投资作为代理变量。
(1)限于篇幅，表3完整结果详见增强出版附件附录1。
(2)限于篇幅，内生性检验和稳健性检验完整结果没有在正文中完整呈现出来，详见增强出版附件附录2和附录3。
(1)若同一分析师在一年内对某个公司发布多份预测报告，仅保留该分析师在当年最后一次对该公司的预测报告样本。
(2)在分析师预测准确度计算中，考虑到了中国股票市场特殊的开盘前集合竞价会造成股票信息噪音含量较多且价格波动较大，相比之下股票的年收盘价更加平稳，噪音较小。因此，这里分母使用股票上一年收盘价进行平滑更为合理。
(3)中国分省份市场化指数数据库可访问https：//cmissap.com.cn。
基本信息:
DOI：10.15886/j.cnki.hnus.202405.0111
中图分类号:F124;F832.51
引用信息:
[1]符蕾,黄仪,朱宸.分析师跟踪赋能企业全要素生产率的效应与机制[J].海南大学学报(社会科学版),2026,44(02):109-117.DOI:10.15886/j.cnki.hnus.202405.0111.
基金信息:
国家自然科学基金（71963010）; 海南省研究生创新科研课题（Qhys2023-14）
2024-08-09
2024-08-09
2024-08-09