我国证券分析师选股效益的实证研究

An Empirical Study on the Performance of Analysts’ Recommendation

考察了我国有关《中国证券报》各期的股评栏目,从中挑选了2660只股票作为样本来分析股评的投资价值。结果表明:这些股票按照股评家的建议,四种投资形式和五种持有期下都能赢利或获得超常收益,并具有一定的投资价值。

This paper analyzes the invest value of analysts＇ recommendations with the sample of 2 660 stocks recommended in Chinese Security Daily from 1999-07 to 2000-12. Results indicate that the recommendations of some analysts are useful to investors. According to the recommendations, four investing style and five holding term will make people win. So, analysts＇ recommendations embody investing value.