卖方分析师发布业绩预告点评相关驱动因素研究
发布时间：2019-04-25 13:56
【摘要】：本文以2011年新财富本土最佳研究团队排名前10名的卖方研究机构对2011年上市公司业绩预告所发布的点评报告为样本，从卖方分析师行为角度探寻市场有效性。通过logit模型回归检验本文发现，，卖方分析师发布业绩预告点评的倾向与上市公司业绩超预期程度以及卖方分析师对上市公司的相对关注程度存在较为显著的正相关性，但是与业绩预告发布日距离卖方分析师发布上一份点评报告的时间间隔以及与业绩预告发布日距离对应定期报告发布日的时间间隔相关性并不显著。上述结果表明卖方分析师能够对上市公司所发布的超预期信息做出及时反应，从而从侧面论证了当前我国资本市场存在一定的半有效市场特征。
[Abstract]:Taking the top 10 best local research team of New Wealth in 2011 as a sample, this paper explores the market efficiency from the perspective of the behavior of the seller analysts, based on the evaluation report issued by the seller's research institution on the 2011 listed companies' performance forecast. Through the regression test of logit model, this paper finds that the tendency of seller analysts to issue a forecast of performance has a significant positive correlation with the degree of performance exceeding expectations of listed companies and the relative attention of seller analysts to listed companies. However, there was no significant correlation with the time interval between the release date of the report and the time interval between the date of release of the report and the date on which the report was issued according to the date on which the report was issued by the seller's analyst and the time interval between the date of publication of the report. The above results show that the seller analysts can respond to the information released by listed companies in a timely manner, thus demonstrating that there are some semi-efficient market characteristics in the current capital market of our country.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51;F224
本文编号：2465171
[Abstract]:Taking the top 10 best local research team of New Wealth in 2011 as a sample, this paper explores the market efficiency from the perspective of the behavior of the seller analysts, based on the evaluation report issued by the seller's research institution on the 2011 listed companies' performance forecast. Through the regression test of logit model, this paper finds that the tendency of seller analysts to issue a forecast of performance has a significant positive correlation with the degree of performance exceeding expectations of listed companies and the relative attention of seller analysts to listed companies. However, there was no significant correlation with the time interval between the release date of the report and the time interval between the date of release of the report and the date on which the report was issued according to the date on which the report was issued by the seller's analyst and the time interval between the date of publication of the report. The above results show that the seller analysts can respond to the information released by listed companies in a timely manner, thus demonstrating that there are some semi-efficient market characteristics in the current capital market of our country.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51;F224
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