行为金融视域下承销业务与分析师荐股评级研究——来自分析师异质效应的经验证据

发布时间：2018-07-12 20:51

本文选题：行为金融 + 分析师评级　；参考：《海南大学学报(人文社会科学版)》2017年04期

【摘要】：新兴资本市场问题一直是我国学界研究的重点,随着分析师职业队伍扩大及行为金融分析师的逐步产生,分析师行为研究成为热点。通过对2007—2016年10年数据分析师异质特征下承销业务与荐股评级进行研究发现:(1)承销业务利益带来的分析师高评级倾向更多来源于承销分析师本身而不是承销股票;(2)男性、高学历及低跟进量分析师具有更为明显的高评级倾向,且在承销关系中前两者起促进作用而高跟进量反而促进了承销关系对评级的影响;(3)IPO融资较再融资方式承销具有更明显的分析师高评级效应。据此提出相关建议,为我国新兴资本市场分析师理论研究、投资者决策及分析师行为监管提供一定借鉴与方向。
[Abstract]:The issue of emerging capital markets has always been the focus of academic research in China. With the expansion of the professional ranks of analysts and the gradual emergence of behavioral financial analysts, the research on the behavior of analysts has become a hot spot. Through the study of underwriting business and recommended stock rating under the heterogeneous characteristics of data analysts in the decade 2007-2016, it is found that: (1) the high rating tendency of analysts brought about by the benefits of underwriting business comes more from the underwriters themselves than from underwriting stocks; (2) men, Highly educated and low-tracking analysts have a more pronounced tendency to high ratings. And in the underwriting relationship, the first two play a promoting role, while the high follow-up amount promotes the impact of the underwriting relationship on the rating. (3) IPO financing has a more obvious analyst high-rating effect than refinancing. Based on this, some suggestions are put forward to provide some reference and direction for the theoretical research of China's emerging capital market analysts, investors' decision making and analyst's behavior supervision.
【作者单位】：中南财经政法大学会计学院;
【基金】：国家社会科学基金(13BJY014)
【分类号】：F832.51

【相似文献】