行为金融视域下承销业务与分析师荐股评级研究——来自分析师异质效应的经验证据

A Study of Underwriting Business and Rating of Analyst Stock Recommendation from the Perspective of Behavioral Finance:With empirical Evidence from Heterogeneous Effects of Analysts

新兴资本市场问题一直是我国学界研究的重点,随着分析师职业队伍扩大及行为金融分析师的逐步产生,分析师行为研究成为热点。通过对2007—2016年10年数据分析师异质特征下承销业务与荐股评级进行研究发现:(1)承销业务利益带来的分析师高评级倾向更多来源于承销分析师本身而不是承销股票;(2)男性、高学历及低跟进量分析师具有更为明显的高评级倾向,且在承销关系中前两者起促进作用而高跟进量反而促进了承销关系对评级的影响;(3)IPO融资较再融资方式承销具有更明显的分析师高评级效应。据此提出相关建议,为我国新兴资本市场分析师理论研究、投资者决策及分析师行为监管提供一定借鉴与方向。

The issue of emerging capital market has been the focus of study among the Chinese academic cir- cles. With the expansion of the analysts＇ professional team and the gradual generation of behavioral financial an- alysts, the research on the behaviors of analysts has become a hot topic. Focusing on 10 years＇ data from 2007 to 2016 about underwriting business and rating of stock recommendation from the analyst heterogeneity, this stud- y shows that （ 1 ） the high rating of analysts from the benefits of underwriting business is more likely to result from underwriting analysts themselves rather than underwriting stocks. （2） Male, high-degree and low amount of follow-up analysts have a more obvious tendency to obtain high rating, and the first two in the underwriting rela- tionship have the function of acceleration while the high follow-up amount increases the influence of underwriting relationship on their ratings. （3） The underwriting of IPO financing shows more obvious high-rating effects of an- alysts than that of re-financing. Accordingly, some suggestions are put forward to provide some reference and di- rection for the theoretical study of analysts, policy-making of investors and supervision of analyst behaviors in China＇ s emerging capital market.