分析师评级的机构持股效应研究被引量：4

Institutional Holdings and Analysts' Stock Recommendations

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摘要以深圳A股上市公司为研究样本,对分析师评级与机构持股季度变动之间的关系进行了实证检验,并研究了分析师评级意见对不同类型机构持股季度变化的影响。研究结果表明:分析师的正向评级对机构持股的季度变动有显著的正向影响,机构投资者会增持分析师做出正向评级的公司股票;分析师的中性评级与机构持股的季度变动负相关;分析师的负向评级对机构持股的季度变动有负向影响,机构投资者会减持分析师做出负向评级的公司股票;分析师的评级意见对不同类型机构投资者持股比例的季度变化具有不同影响。 Based on Chinese Shenzhen A -share listed firms data, we empirically analyze the relationship between analysts＇ stock recommendations and quarterly changes in institutional holdings, and investigate the influence that analysts＇ stock recommendations have on quarterly changes in share holdings between different institutional investors. The results indicate that there is a significant positive correlation between the analysts＇ favorable stock recommendations and quarterly changes in institutional holdings, institutional investors increase holdings of firms with favorable recommendations. Analysts＇ neutral stock recommendations have a negative correlation with quarterly changes in institutional holdings. There is a negative correlation between the analysts＇ unfavorable stock recommendations and quarterly changes in institutional holdings, institutional investors decrease holdings of firms with unfavorable recommendations. In heterogeneous institutional holdings, the analysts＇ stock recommendations have different impact on quarterly changes in share holdings between different institutional investors.

作者黄顺武雷磊

机构地区合肥工业大学经济学院

出处《贵州财经大学学报》 CSSCI 北大核心 2015年第2期12-20,共9页 Journal of Guizhou University of Finance and Economics

基金国家社科基金项目"机构投资者报价与创业板新股审慎定价研究"(14BJY181)阶段性成果

关键词金融分析师机构持股股票评级 financial analysts institutional holdings stock recommendations

分类号 F832.5 [经济管理—金融学]

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