分析师利益冲突会影响投资者收益吗?

Analyst Conflicts of Interest will Affect Investor Interests？

本文通过2004~2012年分析师盈利预测数据对中国证券分析师利益冲突与投资者收益的关系进行了实证研究,注意到机构投资者和中小投资者会对分析师带有偏见的研究报告做出不同的反应,因此本文通过构建机构持股较小的样本进一步研究了中小投资者对分析师研究报告的市场反应。结果表明具有利益关联的分析师发布带有偏差的盈利预测意见,这虽然可以维系与机构投资者和客户公司的良好合作关系,但却会伤害中小投资者的利益,相关监管机构切实需要保护中小投资者利益。

Choosing the analyst＇ forecast data in China during 2004-2012 as a study sample, we empirically studied the relationship conflicts of interest and investor interest. Noting institutional inVestors and small investors react differently for research reports, we study the small investors＇ market reaction. The results： analysts that have associated interests issue earnings forecasts with bias. Although it is possible to maintain a good working relationship with institutional investors and client companies, it will hurt the interests of small investors. Regulatory agencies need to effectively protect the interests of small investors.