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	证券分析师的股票评级与内部人交易——我国证券分析师是否存在道德风险?; Securities Analysts' Rating on the Stock and Insider Trading:is There any Moral Hazard Among Securities Analysts?
	陈维 ; 陈伟 ; 吴世农
	2014-03-10
关键词	内部人交易 分析师评级 道德风险 insider trades analysts' ratings moral hazard
英文摘要	证券分析师的独立性是近年来资本市场的研究热点。本文将“曾参与上市公司的IPO或身为上市公司大股东“的券商旗下分析师界定为上市公司的利益相关者,并收集有关样本数据探讨证券分析师是否存在道德风险。实证研究后发现:利益相关的分析师存在道德风险,其通过发布有利于利益相关公司的分析报告,使得内部人特别是高管在股份减持时获得更高的超额收益;同时,内部人减持的超额收益率在财务状况差的公司且市场态势好的情况下更高。基于此,本文建议,投资者要谨防利益相关的分析师为内部人减持做出的过度乐观评级;要完善制度,打击利益相关分析师与相关公司高管和大股东可能的串谋行为,加强分析师声誉机制建设。; The securities analyst independence is a research hotspot of capital market in recent years.We define those security analysts,employed by brokerage firms or investment banks that participated in the firm's IPO or being one of the firm's large shareholders,to be benefit related with the listed firm,and collect relative data to analyze whether there is moral hazard.We find that there is moral hazard for the benefit related analysts,who make the internal people,especially executives higher excess returns by publishing favorable analysis reports.Under the same time,the excess returns were even bigger when the companies in a poor financial condition while the market was good.In order to avoid this abnormality,we should encourage reputation mechanism for the analysts,and expedite the development of legal system to prevent the conspiracy between analysts and insiders.Lastly,investors should be cautious about the over-optimistic analyst's ratings.
语种	zh_CN
内容类型	期刊论文
源URL	[http://dspace.xmu.edu.cn/handle/2288/103228]
专题	管理学院－已发表论文
推荐引用方式 GB/T 7714	陈维,陈伟,吴世农. 证券分析师的股票评级与内部人交易——我国证券分析师是否存在道德风险?, Securities Analysts' Rating on the Stock and Insider Trading:is There any Moral Hazard Among Securities Analysts?[J],2014.
APA	陈维,陈伟,&吴世农.(2014).证券分析师的股票评级与内部人交易——我国证券分析师是否存在道德风险?..
MLA	陈维,et al."证券分析师的股票评级与内部人交易——我国证券分析师是否存在道德风险?".(2014).

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