证券分析师与股票市场稳定——基于企业股价韧性的经验证据

Security Analysts and Stock Market Stability:Empirical Evidence Based on Corporate Stock Price Resilience

本文基于企业股价韧性视角,研究了证券分析师在危机期间的价值。研究发现,分析师关注增加了企业股价在危机期间的韧性,表现为危机期间更高的股票收益率、更低的股价损失程度、更快的股价恢复速度。在企业股价的恢复阶段以及被更多明星分析师关注时,分析师对企业股价韧性的提升作用更为明显。机制分析表明,分析师通过信息传递效应和外部监督效应提升危机期间的市场信息传递效率和公司治理水平,从而增强了企业股价韧性。未来应不断加强对分析师等信息中介的队伍建设和培养,发挥证券分析师在维护股票市场稳定中的积极作用。

This paper explores the value of security analysts during crises from the perspective of corporate stock price resilience.The results show that analyst coverage increases the resilience of corporate stock prices during crises,which is manifested by higher stock returns,lower degree of stock price loss,and quicker recovery of stock prices.The positive impact of analysts on corporate stock price resilience is more pronounced during the recovery phase of stock prices and when the corporate is followed by more star analysts.The mechanism analysis shows that analysts improve the efficiency of market information transmission and corporate governance during crises through the information transmission effect and external supervision effect,thus enhancing corporate stock price resilience.Future efforts should focus on continuously strengthening the development and training of information intermediaries such as analysts,to leverage the positive role of security analysts in maintaining stock market stability.