券商附属基金与关联分析师行为研究

发布时间：2019-03-20 14:27

【摘要】：随着全球金融业混业经营大趋势的不断发展和我国金融业逐步放开，在这种内在的竞争和驱动之下，我国金融集团（Financial Conglomerate）的数量和规模发展迅猛，我国已有如平安集团、招商集团、中信集团等大型金融集团成立，金融混业的模式初见端倪。金融混业经营下的利益冲突问题备受投资者、监管机构的关注。所以本论文以金融混业为背景，基于证券公司控制与存在隶属关系的基金管理公司和证券公司自身资产管理部门的证券分析师行为影响关系作为研究对象，揭示其中存在的利益冲突可能对分析师研究报告的质量存在冲击，进一步地，考察声誉机制是否能缓解这种影响。文章分为理论与实证两部分，形成逻辑框架，首先从理论上分析了券商旗下分析师、证券公司以及基金管理公司之间相互的关系；其次运用实证研究方法，探讨了关联分析师对券商附属基金所持股票盈余预测乐观性方面的行为研究。此外，，还研究了声誉机制对当选为明星分析师的这类人群盈余预测乐观程度的行为影响。通过研究分析，本文得到以下结论，相较于非关联券商旗下分析师，关联分析师对附属基金持有的股票倾向于乐观的盈余预测；更进一步地发现，附属基金所持股票比重越高，尤其对基金重仓股时，关联分析师提供的盈余预测越乐观。最后我们还研究表明明星分析师会考虑自身声誉因素，相较于关联分析师中的非明星分析师，对附属基金所持的股票盈余的预测更精准。我国每年花大量物力财力去评选各个行业的最佳分析师是有必要的。最后，本文指出完善金融监管等政策建议和肯定了每年评选明星分析师这一举措的必要性。
[Abstract]:With the continuous development of the mixed operation of global financial industry and the gradual liberalization of China's financial industry, under this internal competition and drive, the number and scale of China's financial group (Financial Conglomerate) has developed rapidly, such as Ping an Group in our country. China Merchants Group, CITIC Group and other large financial groups established, financial mixed industry model first appeared. The conflict of interest under the mixed operation of financial industry has been paid close attention to by investors and regulators. Therefore, this paper is based on the background of financial mixed industry, based on the relationship between securities companies' control and the existence of subordinate relationship between fund management companies and their own asset management departments of securities analysts' behavior impact relationship as the research object. To reveal that the conflicts of interest may have an impact on the quality of analysts' research reports, and further to examine whether the reputation mechanism can mitigate this impact. The paper is divided into two parts: theoretical and empirical, forming a logical framework. Firstly, it analyzes the relationship among the analysts, securities companies and fund management companies of securities companies from the theoretical point of view. Secondly, by using the empirical research method, this paper discusses the behavior of related analysts in predicting the earnings of stock held by securities affiliated funds. In addition, the influence of reputation mechanism on the degree of optimism in earnings prediction of such a group of people elected as star analysts was also studied. Through the research and analysis, this paper draws the following conclusions: compared with the analysts of non-affiliated securities firms, the affiliated analysts tend to forecast earnings optimistically on the stocks held by subsidiary funds; Further, it was found that the higher the share of shares held by affiliated funds, the more optimistic the earnings forecasts provided by associated analysts, especially when it came to heavy positions in funds. Finally, our research shows that star analysts take their reputation into account and predict earnings from equity held by affiliated funds more accurately than non-star analysts among related analysts. It is necessary for China to spend a great deal of material and financial resources each year to select the best analysts in various industries. Finally, this paper points out some policy suggestions such as perfecting financial supervision and affirms the necessity of selecting star analysts every year.
【学位授予单位】：安徽工业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.39;F830.42

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