分析师关注度与股票收益——基于上证A股市场

Analyst Focus and Stock Returns——Based on Shanghai A-share Market

信息不对称,是广泛存在于各项市场经济活动中的问题,在证券市场中尤为显著,证券分析师作为其中的信息媒介,在缓解证券市场中信息不对称问题、提高市场运作效率、改善市场信息环境等方面发挥着重要作用,是我国证券市场发展进程中必不可少的一部分。本文在进行理论分析研究其影响机制的基础上,通过实证模型进行量化分析,直观地表现了作为证券市场重要组成部分的分析师的关注度对股票收益的正向促进效用,为投资者投资决策有效性的提升和市场运作效率的提升、证券市场进一步的发展提供一定的经验依据。

Information asymmetry is widely existing in the problems of the market economic activities,especially in the securities market.The securities analysts as part of the information media,in the ease of the securities market information asymmetry problem,play an important role in improving the efficiency of market operation and the market information environment,as well as an essential part of in the process of development of China’s securities market.Based on theory analysis to study the effect mechanism on the basis of a quantitative analysis by empirical model,it visually shows that the analysts as an important part of the securities market’s focus are to promote the utility of stock returns,improve the effectiveness of the investment decision-making for the investors,boost the efficiency of market operation,and provide certain experience for the further development of securities market.