本文選題：證券分析師 + 薦股評(píng)級(jí)　； 參考：《合肥工業(yè)大學(xué)》2013年碩士論文

【摘要】：證券分析師主要工作是通過(guò)自己的專(zhuān)業(yè)分析能力以及與公司管理層建立較為親密的聯(lián)系，參加公司內(nèi)部工作會(huì)議等方式獲得優(yōu)于二級(jí)市場(chǎng)投資者的一手信息，對(duì)整個(gè)證券市場(chǎng)或者某行業(yè)、某公司的價(jià)值及變化趨勢(shì)進(jìn)行研究及預(yù)測(cè)，并將研究結(jié)果形成報(bào)告，向投資者提供客觀、真實(shí)、可靠，并且有價(jià)值的投資策略或建議。證券分析師報(bào)告主要有盈余預(yù)測(cè)和薦股評(píng)級(jí)二大部分組成，而薦股評(píng)級(jí)是投資者作為投資參考的重要依據(jù)。但是，證券分析師專(zhuān)業(yè)的選股評(píng)級(jí)是否有一定的預(yù)測(cè)能力？投資者以此確定投資標(biāo)的或重點(diǎn)研究跟蹤對(duì)象是否具有良好的可操作性？分析師評(píng)級(jí)是否存在不同程度的偏差？哪些因素造成了評(píng)級(jí)偏差？這些問(wèn)題的探究，直接關(guān)系到中小或機(jī)構(gòu)投資者的切身利益。本文以Wind評(píng)級(jí)報(bào)告數(shù)據(jù)，對(duì)這些問(wèn)題進(jìn)行實(shí)證研究。 文章首先回顧了國(guó)內(nèi)外證券分析師的相關(guān)文獻(xiàn)與理論基礎(chǔ)，然后用描述性統(tǒng)計(jì)的方法，詳細(xì)描述了證券分析師薦股評(píng)級(jí)報(bào)告的現(xiàn)狀，接著通過(guò)事件研究方法以Wind和國(guó)泰安數(shù)據(jù)庫(kù)中薦股評(píng)級(jí)報(bào)告作為研究對(duì)象，實(shí)證研究了分析師薦股評(píng)級(jí)轉(zhuǎn)化為超額收益的偏差大小，以此來(lái)衡量分析師評(píng)級(jí)的準(zhǔn)確性，最后在此基礎(chǔ)上，選取上市公司規(guī)模、最佳分析師、相對(duì)上次評(píng)級(jí)的評(píng)級(jí)變動(dòng)、對(duì)某支股票的分析師評(píng)級(jí)總次數(shù)等影響因素，通過(guò)相關(guān)分析、多元回歸分析等統(tǒng)計(jì)方法，進(jìn)一步分析了可能對(duì)薦股評(píng)級(jí)準(zhǔn)確性造成影響的因素。 最后文章從投資者和監(jiān)管者的角度給出了關(guān)于證券分析師行業(yè)的建議，提出進(jìn)行證券市場(chǎng)分析師行業(yè)專(zhuān)項(xiàng)立法，健全配套法律法規(guī)，完善信息披露制度,積極培育投資主體，，提升證券分析師從業(yè)人員自身素質(zhì)等建議。
[Abstract]:The main job of securities analysts is to obtain first-hand information that is superior to that of secondary market investors through their own professional analytical skills, establishing close contacts with the company's management, attending internal working meetings, etc. This paper studies and forecasts the value and changing trend of a company in the whole stock market or an industry, and reports the results of the research to provide investors with objective, true, reliable and valuable investment strategies or suggestions. The securities analysts' report mainly consists of two parts: earnings forecast and recommendation rating, which is an important basis for investors to use as investment reference. However, is the professional stock rating of securities analysts have a certain predictive ability? Do investors have good maneuverability to determine the investment target or focus on the tracking object? Is there a degree of bias in analyst ratings? What factors cause ratings bias? The inquiry of these problems is directly related to the vital interests of small and medium-sized or institutional investors. Based on the data of Wind rating report, this paper makes an empirical study on these problems. This paper first reviews the relevant literature and theoretical basis of securities analysts at home and abroad, and then describes in detail the status quo of stock recommendation rating reports by using descriptive statistical methods. Then through the event research method, this paper takes the recommended stock rating report in Wind and Cathay Taian database as the research object, and empirically studies the deviation between the analyst recommendation stock rating and the excess return, so as to measure the accuracy of the analyst rating. Finally, on this basis, select the scale of listed companies, the best analyst, relative to the last rating changes, the total number of analyst ratings on a certain stock and other factors, through correlation analysis, multiple regression analysis and other statistical methods. The factors that may affect the accuracy of recommendation stock rating are further analyzed. Finally, from the angle of investors and regulators, the paper gives some suggestions on the securities analyst industry, and puts forward the special legislation for the securities market analyst industry, the perfect supporting laws and regulations, the perfection of the information disclosure system, and the active cultivation of the investment subject. Securities analysts to improve their own quality and other suggestions.
【學(xué)位授予單位】：合肥工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F830.91

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