本文選題：證券分析師 + 可信度　； 參考：《武漢工程大學(xué)》2013年碩士論文

【摘要】：作為證券市場(chǎng)重要組成部分之一，證券分析師群體在證券市場(chǎng)運(yùn)行中的各種表現(xiàn)，為證券市場(chǎng)信息溝通起到了重要作用。中國(guó)證券市場(chǎng)是新興加轉(zhuǎn)軌的市場(chǎng)，與國(guó)外成熟市場(chǎng)相比，證券分析師的行為約束、素質(zhì)提升以及行業(yè)制度改革，均需要理論指導(dǎo)和實(shí)踐參考。論文堅(jiān)持理論聯(lián)系實(shí)際，系統(tǒng)研究了證券分析師可信度的理論問(wèn)題與實(shí)踐問(wèn)題。 在理論上，論文通過(guò)對(duì)證券分析師可信度的理論分析和實(shí)證檢驗(yàn)，提出了證券分析師薦股動(dòng)機(jī)與機(jī)構(gòu)投資者持股和跟蹤密切相關(guān)的觀點(diǎn)；同時(shí)也指出了個(gè)人投資者對(duì)證券分析師的信任程度主要取決于其研究報(bào)告的獨(dú)立性和可靠性。 在對(duì)策上，圍繞證券分析師的成長(zhǎng)環(huán)境，提出了“以引導(dǎo)資本市場(chǎng)走向理性投資和價(jià)值投資為目標(biāo)導(dǎo)向的職能定位”、“研究部門(mén)要重視證券分析師的定期培訓(xùn)、為其搭建扎實(shí)的研究平臺(tái)、發(fā)揮對(duì)分析師正言正行的監(jiān)督作用”以及“證券公司內(nèi)部要建立合理的薪酬體系和激勵(lì)機(jī)制”三方面的建議。圍繞證券分析師的持續(xù)發(fā)展，提出了“個(gè)人投資者要理性、客觀評(píng)價(jià)證券分析師研究成果”、“證券分析師個(gè)人要堅(jiān)持職業(yè)操守、保護(hù)聲譽(yù)、維護(hù)公眾信任”以及“要重新審視機(jī)構(gòu)投資者對(duì)證券分析師的影響力，要發(fā)揮機(jī)構(gòu)投資者的外部監(jiān)督作用”三方面的建議。 在方法上，，運(yùn)用面板GLS估計(jì)、Order Probit模型，驗(yàn)證了機(jī)構(gòu)投資者對(duì)證券分析師股票推薦的影響；和運(yùn)用平均賦權(quán)法、專(zhuān)家賦權(quán)法及因子分析賦權(quán)法，評(píng)估了個(gè)人投資者對(duì)證券分析師的信任程度。
[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.
【學(xué)位授予單位】：武漢工程大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F832.51

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