Related transaction of internal capital market reduces the demand for high-quality public information and the intricate related transaction increases analyst’s cost in their efforts to understand the trade behaviors through public market in-formation. So, the bigger the internal capital market of enterprise groups is, the less information is disclosed by the stock prices of their member companies, which is reflected in a smaller number of analysts who would like to concern themselves with the performance of the companies and more errors in their forecast. With an analysis of the data of listed enterprises groups in 2004-2011, we provide empirical evidence to prove the above assumption. Our work not only expands the research scope of the influencing factors of analyst’ forecast, but also enhances the understanding of the internal capital market.%企业集团内部资本市场错综复杂的关联交易降低了内部交易各方对高质量公开信息的需求,也提高了证券分析师通过市场信息对交易行为进行类比解读的成本。因此,企业集团内部资本市场规模越大,其成员公司的股价中包含的特有信息越少,体现为更少的证券分析师关注度和更低的盈余预测准确度。通过对我国2004-2011年企业集团成员公司内部资本市场关联交易和分析师预测的考察,本文提供了支持上述推测的经验证据,拓宽了分析师盈余预测影响因素的研究范围,同时增进了实务界对企业集团内部资本市场的理解。
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