证券分析师可信度与胜任能力:一个文献述评

The Credibility and Competence of Securities Analysts: A Literature Review

本文以"公众投资者"为全新研究视角,构建证券分析师可信度指标评价体系,通过问卷调查对证券分析师可信度进行综合评价。利用平均赋权、专家赋权以及因子分析三种方法,计算出证券分析师可信度分别为2.82、2.87及2.9,语义都为"部分可信"。该研究结果说明:公众投资者认为证券分析师的投资建议只有40%～59%的可信水平。由于证券分析师的工作性质使他们常常陷入各种"利益漩涡"当中,他们所预测的股票并非都是"信得过产品",这些都影响了他们的"客观性"、"独立性"以及"准确性",使他们在公众投资者心中的可信度"大打折扣"。

From the new perspective of 'public investor',the article constructs an indicators system for evaluating the credibility of securitiesanalysts,and conducts questionnaire survey to give out comprehensive evaluations.It uses mean value method,Delphi method and factor analysismethod to compute the credibility of securities analysts,and the scores is 2.82,2.87 and 2.9 respectively,all meaning 'partly credible'.The resultsshow that public investors only have 40%-59% confidence in the advice of securities analysts.Due to the working nature of securities analysts,they often get into various 'interests vortex'.Not all analysts' researches are trustworthy,which influences the objectivity,independence andaccuracy of their work,and make their credibility 'significantly discounted'.