财务业绩、投资评级与股票收益

Financial Performance,Investment Grade and Stock Returns

以Z证券公司2014年5月至7月间发布的208份投资评级报告为研究样本,实证检验了上市公司财务业绩、投资评级与股票收益之间的关系。结果表明:证券分析师更倾向于给予上市公司积极的投资评级,且随着证券分析师对上市公司投资评级积极程度的增强,目标价在其未来约定的期间内越发难以实现;若投资者严格遵循证券分析师的投资评级进行投资,总体上可以获得超过市场平均收益水平的超额收益;相对于单纯考虑财务业绩或事件的投资评级,综合财务业绩与事件共同影响的投资评级会带来更高的收益。

Regard the 208 copies investment rating reports as the research sample which released by Z securities company from May to July in 2014, this paper examined the relationship between the financial performance of listed companies, the in- vestment rating and stock returns. Results showed that： Firstly, securities analysts are more inchned to give a positive rating for hsted companies, and with the more actively enhanced level of investment rating, the more difficulty to achieve the target price in the period of conventional future. Secondly, investors can get more income than the average level of market excess return, if investors follow the investment grade securities analyst for investment strictly. Thirdly, with respect to simply considering the fi- nancial performance or event during the investment grating, higher returns will be brought if both the financial results and the impact of the event have been considered.