分析师对创业板公司股票评级的信息含量及影响因素

发布时间：2018-04-20 01:11

本文选题：创业板上市公司 + 证券分析师　；参考：《华中科技大学》2012年硕士论文

【摘要】：在资本市场中，证券分析师是一个特殊的群体，发挥着关键的作用。从1996年起，我国证券公司才开始派专业人士从事行业研究部门和公司调研，逐渐形成了以公司研究为核心的基本面研究体系。在分析师报告中，股票评级是分析师分析报告的最后结论，是分析师对上市公司股票价格是否过高过低的基本判断。在我国创业板这样的新兴市场上，分析师对上市公司的研究报告是否可以提高市场效率，具有信息含量，还需要进一步的研究。本文主要是以分析师对股票评级为出发点，论证在创业板市场上，分析师的评级是否具有信息含量。得到的结果是发现随着分析师关于创业板上市公司的评级报告发布，股票价格具有同向的超额收益率。分析师对上市公司的研究具有价值，提供了新的信息，并且影响了股价。这说明，，在我国创业板上，分析师评级报告具有信息含量。本文还对影响分析师评级的因素进行了分析，从证券分析师的声誉、评级强度、是否是主承销商的分析师等多个关于分析师特性的方面进行研究，试图寻找影响着分析师报告的信息含量的因素。本文以2010年6月至2012年6月的创业板上市公司的经验数据为样本，采用事件研究方法，实证分析了根据我国分析师对创业板的评级所形成的股票组合的信息含量。然后进一步对影响分析师评级报告的因素进行研究，最后的得到的结论是：分析师对创业板股票评级具有信息含量，并且股票评级强度，分析师声誉以及分析师所在券商的规模对评级的信息含量有影响。本文的意义在于对中国创业板上市公司的股票评级的信息含量及影响因素进行了初步研究，分析了分析师股票评级的市场效率。
[Abstract]:In the capital market, securities analysts are a special group, playing a key role. Since 1996, China's securities companies have started to send professionals to engage in industry research departments and company research, and gradually formed a basic research system based on corporate research. In the analyst's report, the stock rating is an analyst report. The final conclusion of the report is an analyst's basic judgment on whether the stock price of the listed company is too high. In the emerging market such as China's gem, the analyst's Research Report on the listed company can improve the market efficiency, have information content and need further research.
This paper, based on analysts' stock rating, demonstrates the information content of analysts' ratings in the GEM market. The result is that as analysts report on the rating of the GEM listed companies, stock prices have the same excess rate of return. Value, providing new information and affecting the stock price. This shows that the analyst rating report has information content on China's gem. This article also analyzes factors affecting analysts' ratings, from the reputation of the securities analyst, the rating intensity, or not the analysts of the main underwriter, and other aspects of the analyst's characteristics. The purpose of the study is to find the factors that affect the information content of analyst reports.
This paper, taking the empirical data of the GEM listed companies from June 2010 to June 2012 as the sample, uses the event research method to analyze the information content of the stock portfolio based on the rating of the gem, and further studies the factors affecting the analyst rating report, and the final conclusion is that An analyst has an information content on the stock rating of the gem, and the strength of the stock rating, the analyst reputation and the size of the analyst's broker have an impact on the information content of the rating. The significance of this paper is to make a preliminary study on the information content and influencing factors of the stock rating of the Chinese GEM listed companies and analyze the analysis. The market efficiency of the teacher's stock rating.

【学位授予单位】：华中科技大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F275

【参考文献】