承销商分析师与非承销商分析师利益冲突比较研究  

The Comparative Study of Conflict of Interest for Affiliated Analyst and Unaffiliated Analyst

作　　者：周佰成[1] 李晓冬[2] 宋琴[1] 

机构地区：[1]吉林大学经济学院,吉林长春130012 [2]长春税务学院金融学院,吉林长春130117

出　　处：《税务与经济》2010年第1期27-31,共5页Taxation and Economy

摘　　要：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。Using nonparametric test and multiple regression, this paper examine research reports China＇s securities analysts initialed in the year after going public for IPOs from 2006 to 2008 to provides an empirical analysis on conflicts of interests securities analysts faced. The result shows that affiliated analysts and unaffiliated analysts are both optimistic, and affiliated analysts are inclined to issue more favorable recommendations. We also find that market reactions are not statistical different which suggest that investors don＇t discount affiliated analysts＇ recommendations.

关 键 词：证券分析师 利益冲突 投资评级 

分 类 号：F830.91[经济管理—金融学]