管理评论 ›› 2021, Vol. 33 ›› Issue (2): 3-14.

• 经济与金融管理 •    

我国证券分析师股票评级、评级修正与市场反应

王玉涛1, 王菊仙2, 赵迎旭3   

  1. 1. 中国人民大学商学院, 北京 100872;
    2. 宁夏大学经济管理学院, 银川 750021;
    3. 中信证券股份有限公司, 北京 100026
  • 收稿日期:2017-11-10 发布日期:2021-03-08
  • 通讯作者: 王菊仙(通讯作者),宁夏大学经济管理学院副教授,博士
  • 作者简介:王玉涛,中国人民大学商学院教授,博士生导师;赵迎旭,中信证券股份有限公司高级经理,硕士。
  • 基金资助:
    国家自然科学基金项目(71972179,71962029);北京市自然科学基金项目(9202008)。

Stock Recommendations and Recommendations Change of Analysts and Market Response in China

Wang Yutao1, Wang Juxian2, Zhao Yingxu3   

  1. 1. School of Business, Renmin University of China, Beijing 100872;
    2. School of Economics and Management, Ningxia University, Yinchuan 750021;
    3. CITIC Securities Company Limited, Beijing 100026
  • Received:2017-11-10 Published:2021-03-08

摘要: 本文系统性地研究了我国证券分析师股票评级、评级修正的历史趋势,以及带来的投资者市场反应。基于2001—2013年证券分析师股票评级数据,实证结果发现:我国证券分析师发布乐观评级(买入和增持)的比例逐年上升,而在乐观评级中,增持评级所占比例更高;同时,分析师更倾向于对股票评级向上修正;从投资者反应来看,投资者对分析师发布的乐观评级、向上修正的评级做出了正的市场反应。这些结果意味着,在我国资本市场表现为“单边市”的背景下,分析师倾向于出具乐观评级,也更倾向于做出正的评级修正;而投资者也非常认可这些乐观评级和正向修正行为,做出了正的市场反应。

关键词: 股票评级, 评级修正, 市场反应

Abstract: This paper investigates the historical trend of stock recommendations and recommendations change issued by analysts in China and market response to them. It is found that in 2001-2013 there is an increasing proportion of optimistic ratings (i.e. “buy” and “strong buy”), with “buy” ratings accounting for a larger portion than “strong buy” ratings, analysts tend to change recommendations by upgrading them, and investors respond positively to optimistic ratings and upgrades. The findings imply that in the special situation of China's capital market, financial analysts are more likely to give optimistic ratings and upgrade them, and investors are also more likely to respond positively to optimistic ratings and upgrades.

Key words: stock recommendations, recommendations change, market response