近年來國內外許多企業層出不窮的發生管理階層舞弊案，使得投資人以及債權人對於企業公開發佈財務資訊之信心大受影響，公司若能開誠佈公告知利害關係人其相關之資訊，不僅能提升公司之資訊透明度，亦能重拾投資人的信心，故公司資訊透明度為廣受重視之議題。分析師擁有專業知識分析公司的財務報表且能提供額外的資訊給投資大眾，並扮演了公司重要的外部監督機制。 本研究旨在探討公司資訊透明度、分析師跟隨與公司績效之關聯性。採用台灣證券暨期貨發展基金會所公布的資訊揭露評鑑系統結果作為資訊透明度的替代變數，來探討當公司資訊透明度揭露程度較低時，分析師跟隨人數愈多是否愈能增加公司之績效。此外，本研究採用標準普爾之評等分數作為穩健性測試，來驗證結果是否相ㄧ致。研究結果顯示：公司資訊透明度較佳的公司相較於揭露程度較差之公司，其績效愈高。公司績效愈好，分析師跟隨人數愈多。資訊透明度揭露程度較差的公司，分析師的跟隨人數會愈少。無論公司資訊透明度好或壞時，分析師跟隨人數愈多，均能增加公司之績效，且資訊透明度揭露程度較差的公司相較於資訊透明度揭露程度較好的公司，分析師跟隨人數愈多，愈能增加公司之績效。穩健性測試之結果亦有相ㄧ致的發現。 / In recent years there were lots of frauds by managers in domestic and international enterprises, causing investors and creditors lose confidence on financial reporting. It is believed that if the company management can frankly and earnestly disclose related information to the stakeholders, the company’s transparency and thus the investors’ trust will be promoted. Corporate information transparency has become an important issue. Analysts have professional skills to analysis financial statements and disclose additional information to investors and also play an important role in supervising corporation’s operating condition. The purpose of this study is to discuss the association among corporate information transparency, analysts following and firms performance. The research uses the evaluated result of The Information Disclosure and Transparency Ranking System as the disclosure transparency proxy variable to examine whether the companies with lower disclosure level have higher firms performance if more analysts follow these enterprises. In addition, this paper uses Standard and Poor’s rating scores to do robust check. The empirical results indicate follows: 1.The higher information disclosure level companies have higher firms performance than the lower information disclosure level companies. 2.Enterprises with better firm performance have a larger analyst following. 3.Analysts are less likely to follow firms with lower corporate information transparency. 4.Corporate information transparency plays an important role in analysts’ willingness to follow firms and that increased analyst following is associated with higher firm performance, particularly for firms with lower corporate information transparency. 5.The result of robust check reaches a consistent conclusion.

本研究以中國2007年至2012年的A股上市公司為研究對象，探討管理當局能力與分析師盈餘預測行為的關係，預測行為迴歸模型以分析師追蹤人數、分析師盈餘預測準確性及預測離散程度三種特性進行分析。 研究結果發現，管理當局能力與分析師追蹤人數、盈餘預測精確度皆呈現顯著正相關，與預測離散程度則為負相關，但并不顯著。這表示經理人能力較好，則分析師對該公司之追蹤意願較高，且盈餘預測誤差與預測離散度較低。本研究藉此結果推論，管理當局能力愈佳之企業，經理人愈會提供品質良好、具可靠性的財務報導，故分析師將愈信賴該公司所提供之資訊，並可幫助分析師做出更精確之盈餘預測，並降低彼此間之預測誤差。 / This study examines the relation between managerial ability and financial analysts’ earnings forecast behaviors in China from 2007 to 2012. We use several analysts’ attributes: number of analysts following, forecasts error, and forecasts dispersion. According to the empirical results, in general, analysts tend to follow firms with more ability of managers, and managers with superior ability might decrease analysts’ forecast errors and the dispersion of analysts’ earnings forecasts.

本研究檢測會計師事務所總所審計與分析師盈餘預測行為的相關性。以中國大陸2010年至2015年A股上市公司為研究對象，構造分析師盈餘預測行為的回歸模型，並以分析師追蹤人數、分析師盈餘預測準確度及預測分歧度三種特性進行分析。 研究結果顯示，會計師事務所總所審計與分析師追蹤人數、盈餘預測準確度皆呈顯著正相關，與預測分歧度呈顯著負相關。進一步檢測發現：總所的審計公費更高，經會計師事務所總所審計的企業，分析師更願意對其股票給予較高的投資評級。這也顯示會計師事務所總所付出的努力更多，審計品質更好，因而分析師對其會計資訊信賴程度更高，對該公司之追蹤意願更高，盈餘預測誤差與預測分歧度更低，分析師也更願意推薦其股票。 / The primary objective of this thesis is to explore the association between headquarter office auditors and analysts’ earnings behaviors. I use a sample of firm observations from China during 2010-2015. The main findings can be summarized as follows. I find that firms audited by headquarter office auditors have more analysts following compared to those audited by branch office auditors. Secondly, I find that analysts’ earnings forecasts are more accurate and less dispersed for firms audited by headquarter office auditors than firms audited by branch office auditors. Further analysis indicates that the reason for the above results is that headquarter office auditors exert more effort, measured as audit fees, than branch office auditors. Finally, the empirical results indicate that analysts make more favorable recommendations for firms audited by headquarter office auditors than for those audited by branch office auditors. Overall, the findings suggest that headquarter office auditors have better audit quality and in turn result in more analysts following and issuing higher-quality forecasts and favorable recommendations.