论文部分内容阅读
基于证券分析师首次发表的关于2006~2008年A股市场IPO股票的研究报告数据,运用非参数检验与多元回归分析方法,对我国证券分析师利益冲突行为进行实证分析。研究结果表明,承销商分析师与非承销商分析师均存在乐观倾向,而且承销商分析师的投资评级更为乐观;市场对于承销商分析师与非承销商分析师关注股票的反应并无显著差异,表明我国证券市场投资者并没有认识到分析师的利益冲突行为。
Based on the research report data of securities analysts for the first time on the IPO stocks of A-share market from 2006 to 2008, this paper uses the non-parametric test and multiple regression analysis methods to make an empirical analysis of the conflict of interest of securities analysts in China. The results show that both underwriters and non-underwriters are optimistic, and the underwriters’ investment ratings are more optimistic. The market response to underwriter analysts and non-underwriters concerned about stocks is not significant The difference shows that investors in China’s securities market do not recognize the analyst’s conflict of interest.