Intellectual Capital, Regional Innovation Capability of China, and Analysts' Forecast Behavior

• Main Authors: Kao, Yu Ting, 高郁婷
• Other Authors: 詹凌菁
• Format: Others
• Language: en_US
• Online Access: http://ndltd.ncl.edu.tw/handle/24153726120179594501

碩士 === 國立政治大學 === 會計研究所 === 101 === Regional innovation capability is an important competitive ability to improve the economic development in China. Using a sample of Chinese listed companies, this study investigates the extent to which innovation disclosure at the company level and regional innovation capabilities affect analysts’ forecast characteristics in terms of forecast error, and forecast dispersion, and the number of analysts’ following. The indicators of regional innovation capabilities are the growth rate of R&;D full-time equivalent personnel (REGTH), regional government's investment in R&;D per GDP (GIGDP), and average of innovation patent authorized per millions of people in one region (AVPAT). The results indicate that firms with more innovation disclosures improve analysts’ forecast error, and regions with higher GIGDP and AVPAT also improve analysts’ forecast error. For firms with more innovation disclosures increase analysts’ forecast dispersion, and for regions with lower GIGDP and AVPAT increase analysts’ forecast dispersion. I also find firms with more innovation disclosures attract more analysts’ following, and regions with higher REGTH and GIGDP have less analysts’ following, while regions with higher AVPAT attract more analysts’ following.