我国券商研究报告投资价值分析

发布时间：2018-02-26 16:04

本文关键词： 证券分析师研究报告投资评级投资价值　出处：《华东理工大学》2012年硕士论文　论文类型：学位论文

【摘要】：券商研究所及其证券分析师发布的研究报告一直以来都是投资者重要的投资参考依据,但2011年以来被媒体曝光的多起券商研究报告“乌龙”事件使得券商研究报告遭到市场各方前所未有的质疑,那券商研究报告还有投资价值吗?基于这样的背景,本文选取2010年“新财富本土最佳研究团队”获奖名单的十家券商研究所为主要研究对象,其在牛市、熊市、震荡市三种不同的市场情况下发布的个股研究报告作为样本数据,并对研究报告的发布日、目标价、作者等进行必要的调整或处理,减少可能导致结论误差的因素。基于处理后的样本数据,从研究报告投资评级准确性、有目标价个股研究报告目标价达成度、研究报告个股组合超额收益率、研究报告发布前后超额收益率及波动性、2010新财富与非新财富最佳证券分析师研究报告差异性等方面进行深入研究,以期得出一些有价值的研究结论,为投资者在使用券商研究报告做投资决策时提供有价值的研究数据支持。通过深入分析和研究,本文得出如下结论：券商发布的个股研究报告不同投资评级的准确率差异很明显；券商发布个股研究报告后的一个半月左右可以达到其设定的目标价,但市场环境对个股研究报告目标价的实现影响非常大;市场环境越差券商研究报告越能取得比较好的超额收益,在熊市环境下,券商研究报告获得的超额收益最明显；2010年新财富证券分析师发布的研究报告在投资评级的准确率、目标价达成度、超额收益率方面均要优于非新财富证券分析师,说明新财富最佳证券分析师的评选结果是比较可信的；2010年新财富各行业第一名最佳证券分析师与新财富其他最佳证券分析师发布的研究报告在投资评级的准确率、目标价达成度、超额收益率方面有一定差异,但差异并不非常明显。
[Abstract]:The research report released by the Institute of Securities Research and its securities analysts has always been an important reference for investors. But since 2011 by the media exposure of a number of brokerage research report "Oolong" incident, the securities research report by the market has never been questioned by all parties, and the brokerage research report investment value? Based on this background, this paper selects ten research institutes of New Fortune Local Best Research team in 2010 as the main research objects, which are in bull market and bear market. The stock research report published under three different market conditions in the shock market is taken as sample data, and necessary adjustments or treatment are made to the date of release of the study report, the target price, the author, etc. Based on the processed sample data, based on the accuracy of the investment rating of the research report, the degree of achievement of the target price of the research report, the excess return rate of the study stock portfolio, the degree of achievement of the target price of the research report, Before and after the release of the research report, the excess return and volatility are studied in depth in order to draw some valuable conclusions from the differences between the best analysts' reports of New Wealth and Non-New Wealth in 2010. Provide investors with valuable research data support when making investment decisions using brokerage research reports. Through in-depth analysis and research, This paper draws the following conclusions: the accuracy of individual stock research report issued by securities firms is very different from that of different investment ratings; the stock research report issued by securities firms can reach its target price about one and a half months after the release of the individual stock research report. However, the market environment has a great impact on the realization of the target price of the individual stock research report. The worse the market environment, the more good the excess returns can be. In the bear market environment, In 2010, New Fortune Securities analysts released a research report on the accuracy of investment rating, target rate of achievement, excess yield better than non-new wealth securities analysts. This shows that the results of New Fortune's best securities analysts are quite credible. In 2010, the research report published by New Wealth's top securities analysts in various industries and other best securities analysts of New Wealth was accurate in investment rating. There are some differences in target price achievement and excess yield, but the difference is not very obvious.
【学位授予单位】：华东理工大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

【相似文献】