The Impact Of Analysts’ Attention And Earnings Forecast On Stock Transfer Dividend Payment

In the capital market,analysts play an important role as information intermediaries and external supervisors.They use their own professional ability to conduct in-depth investigation and research on listed companies,and make their own judgment on the performance and future development of listed companies on the basis of the research.The domestic analyst system started late,but it has already existed for nearly 30 years,and the analyst has already had a pivotal position and influence in the domestic financial market.Both investors and managers of listed companies gradually pay attention to the research and analysis of analysts,and adjust their investment or management methods on this basis.Some studies have found that earnings analysis of analysts has influenced share repurchase,earnings management and R&D investment of listed companies to some extent.However,there are few studies on whether earnings analysis of analysts will affect the formulation of stock transfer policies of listed companies.Dividend policy is the strategy developed by listed companies to distribute or retain and reinvest their earnings.Dividend policy includes cash dividend policy and stock dividend policy.In general,stock delivery and conversion are one of stock dividends.The company’s internal operation and external financial market development have an impact on the dividend policy of listed companies.Will the attention of analysts who play a significant role in the capital market to listed companies and the earnings forecast analysis made by their own professional ability affect the dividend policy formulation of corporate managers? How does this effect exist?In order to study the attention of analysts and how earnings forecast affects stock dividend policy,this paper selects the research subjects of A-share listed companies from 2012 to 2021,uses the method of empirical research and analysis to study how the behavior of analysts’ attention and earnings forecast affects the company’s stock transfer behavior decision based on the two perspectives of analyst attention and earnings forecast.From the empirical research results,this paper draws the following conclusions: First,the attention of analysts has a promoting effect on corporate stock transfer.The greater the attention of analysts,the higher the willingness of corporate managers to pay stock dividends;Second,the more analysts pay attention to the enterprise,the larger the scale of the stock transfer;Third,the divergence degree of analysts’ earnings forecasts has a restraining effect on the stock transfer intention;Fourth,the higher the degree of divergence of analysts’ earnings forecasts,the lower the scale of corporate stock transfer.Finally,based on the empirical analysis,the paper puts forward some corresponding suggestions.