证券分析师关注自己的声誉吗?  

Do Security Analysts Care about Their Reputation?

作　　者：胡奕明[1] 金洪飞[2] 

机构地区：[1]上海交通大学安泰管理学院,上海华法镇路535号200052 [2]上海财经大学金融学院

出　　处：《世界经济》2006年第2期71-81,共11页The Journal of World Economy

基　　金：财政部2003年重点会计科研课题(批准号2003KJB006)"金融市场的约束功效与会计信息披露适合度研究";教育部人文社科重点研究基地重大项目课题(批准号02JAZJD630004)的阶段性成果。

摘　　要：本文通过对分析师信息收集方式、分析技术和手段、选股动机等几方面的 Probit 分析,发现他们已有一定的声誉构建意识,但关注的层面有别。在建立公司内部声誉和机构投资者客户层面的声誉时会更多地通过私人信息的收集、分析手段的运用来积累,但面对社会大众的市场声誉却未发现这种主动性。分析师非常看重信息资源的优势,私人信息是分析师获得声誉的基础。分析师在积累自身声誉时,对技术面甚至形象面考虑较多,而对投资者利益保护一类的道德面重视不够。这一结论也表明,中国缺乏分析师声誉回报机制,无论是证券公司内部还是在整个市场,都没有将分析师声誉与其回报联系起来。由此我们建议,尽快建立分析师声誉回报机制。With the Probit Models analysis we find that the analysts have different sense of“reputation”for different levels.Analysts would search more private information and use more analytic methods to build up their reputa- tion within their companies and within the custom institutional investors,but not do so for the reputation in the market.The advance in information sources is very important for the analysts to get their reputation and overtake their rivals.They take more consideration in technical aspect or even in public appearance,but less in ethical aspect such as protecting the benefits for the investors.This study also reveals that the reputation-return mecha- nism,which connects the return for analysts with their reputation,is absent not only in the securities companies but also in the market.

关 键 词：证券分析师 声誉 信息来源 分析手段 

分 类 号：F832.51[经济管理—金融学]