最佳分析师推荐评级及其评级变动更具有投资价值吗?——来自中国证券市场的经验证据

Do the Best Analysts' Recommendation Ratings and Changes Have More Investment Value?:Empirical Evidence from China's Securities Market

以2013-2014年6 724个证券分析师对A股及创业板上市公司作出的推荐评级及变动数据为样本,对最佳分析师推荐评级及其评级变动的投资价值与一般分析师进行了比较研究。研究发现:总体来说,我国证券分析师很少作出消极的推荐评级,而且其作出的推荐评级具有投资价值;短期内,最佳分析师推荐评级比一般分析师更具有投资价值,长期反而略逊于一般分析师;我国证券分析师作出推荐评级变动具有一定的投资价值,而且最佳分析师作出推荐评级"买入"和"增持"的评级变动比一般分析师更具投资价值,推荐评级为"中性"的评级变动并没有明显优势。

A comparative analysis of the investment values of recommendation ratings and changes done by the best analysts and other securities analysts is made based on 6 724 sample data in 2013-2014 from A-share stock market and GEM in China. The results show that in general, securities analysts in China rarely make negative recommendation ratings, and the recommendation ratings done by securi- ties analysts have investment values; the recommendation ratings done by the best analysts are more valuable than those by the others in the short period but slightly inferior in the long period; the rec- ommendation rating changes done by securities analysts have investment values and the changes of recommendation ratings of ＂buy＂ and ＂overweight＂ done by the best analysts are more valuable than those by the others, but there is no obvious advantage in the changes of recommendation ratings of ＂neutral＂.