中国证券市场分析师推荐投资价值研究被引量：14

Valuation of Stock Ratings in China Securities Market

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摘要本文采用中国A股市场中四个主要的证券分析机构在2006年1月1日到2007年4月1日间所发布的股票评级调整事件作为样本,用事件研究法证明了中国A股市场中证券分析机构提供的评级调整推荐报告对股票价格具有显著的影响,而且这种影响还持续了相当长的一段时间。不同研究机构影响力的差异能够在短时间内产生显著的异常收益,但在长的时间段内则效应不显著。不同分析师连续多次调整评级不是主要的影响因素,并没有产生异常收益的显著差异。 This paper takes as sample the stock rating adjustments by four big securities rating agencies during 1 January 2006-1 April 2007 to prove that stock rating reports impose a significant and lasting impact on stock prices. The strengths of different agencies vary in short term in generating abnormal profits, but the gap tends to narrow in longer term. Rating adjustments are not a key influence and do not reflect a big difference in generating abnormal profits.

作者李雪

机构地区北京大学光华管理学院

出处《证券市场导报》 CSSCI 北大核心 2007年第11期72-77,共6页 Securities Market Herald

关键词证券分析师投资推荐投资价值研究报告 stock analyst stock rating investment value research report

分类号 F830.91 [经济管理—金融学]

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