分析师跟进决策的影响因素

The Determinants of Analyst Coverage

证券分析师是资本市场不可缺少的组成部分。他们通过收集及传递各种对投资者决策有用的信息在投资者与公司间架起重要的信息桥梁。鉴于其在资本市场发挥的重要作用,学术界对分析师影响的研究由来已久,研究也较为系统和深入。相对而言,分析师跟进决策方面的研究较为欠缺且文献较为零散。与此同时,在我国,随着资本市场的不断发展以及机构投资者的不断壮大,分析师在资本市场中的影响日益增长,但分析师相关的研究却相当欠缺,弥补这一领域的空缺成为当务之急。本文的目的在于对国外这一领域的相关研究进行系统的梳理。文章在对分析师跟进活动的各流派的理论解释基础上,结合投资者法律保护等前沿研究结果,分别从宏观、中观、微观三个层面对分析师跟进决策的影响因素进行阐述,通过全面系统的文献梳理,为分析师行为在我国的研究开展提供一些参考。

Financial analysts play an essential role in capital market. They build up an important information bridge between investors and companies by collecting and transmit all sorts of information useful to decision-makers. With its important role in capital market, its economic influence has always been the interest of researches, and related studies are also systematic and thorough. On the other side, studies on determinants of analyst coverage are relatively deficient and scattered. Meanwhile, in China, with the continuing growing of capital market and of institutional investors, the influence of analysts on capital market is increasing day by day. Yet analysts related research are relatively scarce. It is in great need to meet this gap. The purpose of this paper is to provide a systematic review on the studies abroad in this area. Begin with theoretic explanation of the analysts activities and combined with the latest research results in legal protection of investors etc, the paper addressed the issues from the macro, middle and micro perspectives respectively and hopefully could provide valuable reference for future studies in China.