券商研究报告偏差的原因分析与改善途径  

Reasons Analysis of the Inaccuracy of Stock Merchants' Research Report and the Improvement Approaches

作　　者：沈军[1] 卢达钿[2] 

机构地区：[1]暨南大学金融研究所,广东广州510632 [2]暨南大学金融系,广东广州510632

出　　处：《上海金融》2009年第4期80-83,共4页Shanghai Finance

基　　金：国家社科基金重点项目(编号:07AJY014);广东省哲学社会科学规划项目(07E12);暨南大学人文社科项目(006jsyj004)的资助

摘　　要：长期以来国内券商发布的市场预测研究报告都存在严重偏差,究其根源,一是券商研究机构与基金、券商本身以及上市公司等市场主体之间存在利益关联;二是券商研究机构的羊群效应。本文提出,立法、推动独立第三方研究机构发展与开启民间智慧是改善券商研究报告偏差问题的可循之径。Research reports on market forecast published by stock merchants have been inaccurate for a long period of time. The reasons, as the article finds out, include： First, the interest correlation between research institutes and market participants such as stock merchant, fund, and public company. Second, the herd effect of research insti- tutes of stock merchants. The improvement approaches would be legislature, the development of independent third part research institutes, and the folk wisdom.

关 键 词：研究报告 偏差 利益关联 羊群效应 

分 类 号：F830[经济管理—金融学]