信息中介与投资者满意度——基于证券分析师的实证研究

Information Intermediary and Investor satisfaction:An Empirical Research from the Perspective of Securities Analyst

从证券分析师的信息中介服务角度出发,以公众投资者为研究对象,通过问卷调查和构建结构方程模型来探讨我国公众投资者对证券分析师信息服务的满意度,得出如下结论:(1)对投资者满意度影响最大的因素是分析师服务质量,它对满意度有直接的正向影响;其次是分析师形象和投资者预期,二者通过分析师服务质量对投资者满意度产生间接的正向影响。(2)对投资者忠诚度影响最大的因素是投资者满意度。这说明分析师服务质量的提高,能够直接提升投资者满意度,从而进一步减少抱怨情绪和提升忠诚度。

From the perspective of information intermediary service of securities analyst, this paper takes the public investors as the study subjects to discuss the satisfaction of public investors upon the information service offered by securities analysts through questionnaire survey and structure equation model. The results show that, firstly, the factor having the greatest effect on investor satisfaction is the service quality of the analysts, which has a direct positive effect on the satisfaction; followed by analyst＇ s image and investors＇ expectation, which have indirect positive effects on investor satisfac- tion through analysts＇ service quality. Secondly, the factor having the greatest effect on investor＇ s loyalty is the investor＇ s satisfaction. This indicates that the improvement of the service quality of the analysts can directly enhance the investor＇ s satisfaction, then it is possible to further reduce their complaints and promote their loyalty.