基于2007~2021年沪深A股上市公司数据，实证分析同行技术竞争压力对分析师盈余预测偏差的影响机理。研究发现，同行技术竞争压力显著增加分析师盈余预测偏差，该作用在企业创新意愿较高和避税行为较多时显著，且在分析师跟踪公司数量较少和分析师学历较低时的表现较为明显。机制检验发现，同行技术竞争压力通过风险机制和信息机制增加分析师盈余预测偏差。进一步研究发现，同行技术竞争压力还显著增加了分析师盈余预测的乐观偏差与分歧度。经济后果检验发现，同行技术竞争压力在加剧分析师盈余预测偏差后，还进一步降低了企业的投资股价敏感性。

Based on data from Shanghai and Shenzhen A-share listed companies from 2007 to 2021, this empirical study examines the impact and mechanism of peer technological competition pressure on analysts’ earnings forecast bias. The findings reveal that peer technological competition pressure significantly increases analysts’ earnings forecast bias. This effect is more pronounced when firms exhibit stronger innovation willingness and engage in more tax avoidance behaviors, and becomes more evident when analysts follow fewer companies or possess lower educational attainment. Mechanism tests reveal that peer technological competition pressure amplifies analysts’ earnings forecast bias through the risk and information mechanisms. Further analysis indicates that such pressure also significantly increases both the optimism bias and the divergence in analysts’ earnings forecasts. Economic consequence tests show that after exacerbating analysts’ earnings forecast bias, peer technological competition pressure further reduces firms’ investment stock price sensitivity.