关键词: 分析师关注 , 成本黏性 , 股权结构 , 市场化水平

Abstract: Based on a data of Chinese listed companies during 2002—2014, this paper empirically tests the effect of security analysts coverage on cost stickiness The empirical results show as follows First, the more is analysts coverage, the lower is cost stickiness This relation is influenced by internal equity structure and external marketization level Second, the relation is stronger when degree of marketization is lower, firms is stateowned, largest shareholders shareholding is lower Third, star and group analysts can better inhibit cost stickiness than nonstar and individual analysts This paper is not only helpful in uncovering the factors which affect cost stickiness in China, but also useful in understanding the government mechanism of analyst, having enlightenment significance to improve the efficiency of resource allocation.

Key words: security analyst coverage , cost stickiness , equity structure , marketization level