我国证券分析师可信度研究

发布时间：2018-06-27 01:08

本文选题：证券分析师 + 可信度　；参考：《武汉工程大学》2013年硕士论文

【摘要】：作为证券市场重要组成部分之一，证券分析师群体在证券市场运行中的各种表现，为证券市场信息沟通起到了重要作用。中国证券市场是新兴加转轨的市场，与国外成熟市场相比，证券分析师的行为约束、素质提升以及行业制度改革，均需要理论指导和实践参考。论文坚持理论联系实际，系统研究了证券分析师可信度的理论问题与实践问题。在理论上，论文通过对证券分析师可信度的理论分析和实证检验，提出了证券分析师荐股动机与机构投资者持股和跟踪密切相关的观点；同时也指出了个人投资者对证券分析师的信任程度主要取决于其研究报告的独立性和可靠性。在对策上，围绕证券分析师的成长环境，提出了“以引导资本市场走向理性投资和价值投资为目标导向的职能定位”、“研究部门要重视证券分析师的定期培训、为其搭建扎实的研究平台、发挥对分析师正言正行的监督作用”以及“证券公司内部要建立合理的薪酬体系和激励机制”三方面的建议。围绕证券分析师的持续发展，提出了“个人投资者要理性、客观评价证券分析师研究成果”、“证券分析师个人要坚持职业操守、保护声誉、维护公众信任”以及“要重新审视机构投资者对证券分析师的影响力，要发挥机构投资者的外部监督作用”三方面的建议。在方法上，，运用面板GLS估计、Order Probit模型，验证了机构投资者对证券分析师股票推荐的影响；和运用平均赋权法、专家赋权法及因子分析赋权法，评估了个人投资者对证券分析师的信任程度。
[Abstract]:As one of the important components of the securities market, the performance of the securities analysts in the operation of the securities market plays an important role in the information communication of the securities market. China's securities market is a new and transitional market. Compared with foreign mature markets, securities analysts' behavior constraints, quality improvement and industry system reform need theoretical guidance and practical reference. In this paper, the theoretical and practical problems of the reliability of securities analysts are systematically studied by combining theory with practice. In theory, through the theoretical analysis and empirical test of the credibility of securities analysts, the paper puts forward the view that the stock recommendation motivation of securities analysts is closely related to institutional investors' shareholding and tracking. It also points out that the degree of trust of individual investors in securities analysts depends mainly on the independence and reliability of their research reports. With regard to the development environment of securities analysts, this paper puts forward the function orientation of guiding the capital market towards rational investment and value investment, and the research departments should attach importance to the regular training of securities analysts. To build a solid research platform, to play a positive role in the supervision of analysts "and" securities companies to establish a reasonable compensation system and incentive mechanism "three aspects of the proposal." Focusing on the sustained development of securities analysts, the paper puts forward that "individual investors should be rational and objectively evaluate the research results of securities analysts." Securities analysts should adhere to their professional integrity and protect their reputation. " The recommendations include maintaining public trust and "re-examining the influence of institutional investors on securities analysts and playing an external oversight role for institutional investors." In terms of methods, we use the panel GLS estimation order probit model to verify the impact of institutional investors on the stock recommendation of securities analysts, and apply the average weighting method, expert weighting method and factor analysis weighting method. The trust of individual investors in securities analysts was assessed.
【学位授予单位】：武汉工程大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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