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본 연구는 애널리스트의 정보공급활동(analyst coverage)에 영향을 미치는 결정요인을 분석하고, 애널리스트의 정보공급동기와 자본시장에서의 역할을 추론하는 것을 목적으로 한다. 애널리스트는 주어진 정보환경에서 정보공급으로부터 발생하는 경제적 이익과 원가 간의 상대적 크기에 따라 정보생산여부를 결정할 수 있기 때문에, 본 연구에서는 정보환경요인과 애널리스트의 정보생산량 간의 관계를 분석하여 애널리스트의 정보공급동기를 추론하였다. 특히 애널리스트의 정보공급동기가 무엇인지에 따라 시장에서 그들의 역할에 차이가 존재할 수 있다. 애널리스트는 기업의 공개되지 않은 정보를 시장참여자에게 제공하여 정보비대칭수준을 축소하고 주식가격의 효율성을 증진시키는 정보제공자(information provider)의 역할을 수행할 수 있다. 대조적으로 경영자 대신에 기업의 공시정보를 시장참여자에게 확산시키는 정보중계자(information intermediary)의 역할을 수행할 수도 있다. 한국주식시장은 소유구조의 집중도가 높고 개인투자자의 거래비중이 높은 특성을 갖고 있어 애널리스트에 대한 시장의 감시효과가 선진자본시장보다 낮을 수 있고, 이러한 환경의 차이는 애널리스트의 정보공급동기에도 차이를 발생시킬 수 있다. 특히 애널리스트의 시장에서 역할의 차이는 그들이 제공하는 보고서의 주가관련성에도 영향을 미칠 수 있기 때문에 본 연구에서는 정보공급자측면에서 애널리스트의 정보공급동기를 분석하고 이를 통해 애널리스트의 역할을 추론하였다. 분석을 위해 2005년 부터 2010년까지 6년 동안 유가증권에 상장된 기업 중 적어도 연간 1회 이상의 애널리스트보고서가 발표된 1907개의 기업-연도 표본을 선정하여 애널리스트의 정보공급활동(analyst coverage)에 대한 결정요인을 분석하였다. 본 연구에서는 정보공급 활동에 대한 두 가지 대리변수(애널리스트보고서 수, 발표일의 수)를 종속변수로 선정하고, 네 가지 관점(기업특성요인, 회계정보의 공시품질, 정보비대칭수준, 투자자 거래행태)으로 구분한 설명변수에 대한 효과를 Fama-MacBeth 회귀분석으로 조사한다. 분석결과 시장참여자의 정보수요가 증가할수록, 정보공급비용이 감소할수록, 회계정보의 공시품질이 높을수록, 정보제공으로 인한 역선택비용이 축소될수록, 비합리적 투자자의 거래가 많을수록 애널리스트의 정보공급활동이 증가하였다. 전체적으로 한국주식시장에서 애널리스트는 정보제공자로 행동하기 보다는 정보중계자의 성향이 더 강한 것으로 추론된다. 본 연구는 최근 변화된 정보환경에서 애널리스트의 정보공급활동에 대한 결정요인을 포괄적으로 조사하여 시장에서 애널리스트의 역할을 추론하였다는 점에서 의의가 있다.


Analysts can determine whether to produce information on the firm according to the relative degree of economic benefits and cost stemming from infor- mation provided in a given information environment. Thus, the interrelationship between the factors of information environment and information production could be a useful measure to infer the information providing motive of analysts. The purposes of this study are to analyse the determinants of analyst coverage and examine the roles and information providing motive of analysts in the capital market. In Korean Stock Market with a concentrated ownership structure and high trading ratio of individual investors, the surveillance effect of the market to analysts could be lower than advanced capital market. This could make a difference on the roles of analysts in the market by influencing on their information providing motive. In general, the roles of analysts in the market could be divided into an information provider and an information intermediary. Analyst could play a role of information provider by reducing information asymmetry through providing non-public information and increasing the efficiency of the stock price. In contrast, analyst, instead of the management, could perform a role of information intermediary to spread firm’s public information into the market. In particular, the analyst’s motive of providing information may make a difference on their’ roles, and the difference can play a important role of increasing the market efficiency. For the reasons, this study focus on analysing the determinants of the analyst coverage and inferring the role of analysts in the Korean market in order to analyse analyst’s motive of providing information, in terms of information suppliers. For an empirical analysis, the study analyses the determinant of analyst coverage with the sample of 1,907 companies having at least one analyst report published per year among the listed companies in Korean Exchange Market for 6 years, from 2005 to 2010. In this study, the number of reports and revision date, as a proxy of analyst coverage, are measured and established to dependent variables. And firm factors, the quality of accounting information, the degree of information asymmetry, investors trading form are chosen as explanatory variables. In the study, Fama- MacBeth regression analysis method is used to analyse how diverse information environment has an effect on the analyst coverage. To sum up the results, they are as follows. Firstly, it is shown that analyst coverage has a positive relationship with the firm factors, such as firm size, trading volume, expense relating to intangible assets, and return on asset(ROA). In other words, the economic benefits from information providing is larger, the information providing activities increase. In addition, the analyst coverage has a positive relationship with book to market value, debt ration, the number of firms in the industry, and has a negative relationship with the volatility of return. This imply that analyst coverage is determined to the cost of information providing more sensitively, rather than market demand. Generally, it is implied that the supply of analyst reports is increased in the firm, which analysts have a less cost of collecting information and have more benefits of information providing. Secondly, it is found that there are a positive relationship between value relevance and financial transparency and a negative relationship between discretionary accruals and profit variability. This imply that the more firm has high-quality public information, the more analysts’ information providing activities increases. Thirdly, information providing activities in analysts increase in the firm, with a low insider stake and dispersion of analysts’ earning forecast, and high trading ratio of institutional shareholders. That is, analysts would focus on providing information to the firm with less asymmetric information because they has a high motive to reduce the cost of information acquisition and adverse-selection by information providing. Finally, it is shown that information providing activities increase in the firm with low variance ratio and high turnover rate. This has an implication that analysts would provide more information to the firm with a great deal of irrational investors with the purpose of contributing to the profit-making of securities firm. Generally, it is shown that analyst reports are increased in the firm, which has a great economic benefits from information providing, less cost for information gathering, the high quality of public information, less cost for adverse selection, and high volume of irrational investors. This results imply that analyst could act as a information intermediary, rather than information provider in Korean Stock Market. The study has a great significance in inferring the analyst’ role by examining the determinants to information coverage in recent information environment changed. Along with, the study could help in understanding the usefulness of accounting information, the tendency of overestimation in analyst, analyst’ informativeness, information environment, and the market efficiency.