我国证券分析师股票评级的投资价值分析

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1、AbstractAfterabouttwentyyears’developmentofChina’sstockmarket．institutionalinvestorshavealreadyestablishedthemselvesasdominantplayersofthemarketAtthesametimeitisalsoagoldenagefortheboomingofsecurityanalysts，whomainlyseivetheinstitutionalinvestorsbypreachingtheiri

2、nvestmentadviceWehavenodoubtthattheyhavedugdeepinthemarketthroughstudyingthemacroeconomics．theindustriesandthepubliccorporationsActingasthecrucialinformationmakersandbearersofthemarket,theyhaveplayedavSaJroleinthe-marketThroughtheirresearch．securitiesanalystsgive

3、investmentratingstolistedcompanies．suchas“Buy“，“Outperform”，”neutrallor。underperform“Thereforewewonderifinvestorscanachieveabsolutereturnorexcessearnings，whentheyconduststockoperationaccordingtotheinvestmentadviceofsecudSesanalystsWhatrotedothesesecuritiesanalyst

4、playinthestockmarket，diggingintothelong-terminvestmentvalueofcompanies．capturingshort-tarmhotspotofthemarket．orJustmisleadinginvestors?TheanswertothisquestiondirectlyrelatestothebenefilsofinvestorsaswellasthevalueofsecuritiesanalystsThisthesisadoptseventstudy,and

5、conductsresearchbasedondatumprovidedby"Wind“Tobeginwith，thisthesisdescdbestheoreticalbasisofinvestmentratinggivenbysecuritiesanalysts．thehistory,statusquoanddevetopmenttrendofsecudtiesanatystsindustry．Thenthisthesismakesadeepandsystematicresearchofftheadjustmenta

6、mongdifferentinvestmentratingsgivenbysecudtiesanalysts，withsampledatumof‘’investmentratingsin2007and2008。from”Wind“onthebackgroundofthe。。bullmarket”andthe”bearmarket”，andempiricallytestsinvestmentreferencevalueofstockratingOurresearchshowsthat’。holdingunchangedra

7、ting。takesupthemajorityofalltheratings，whileupgrading．downgradingandnewratingsholdsaclosepercentageAnalystsarepronetodeliverarelativelymoreoptimisticrating，andthestockstheyrecommendcanprovideexcessearnings，buttheexcessearningratewilllowerby40％’60％thanexpectedInco

8、nclusionstockratinghassomeinvestmentreferencevalue协acertainextent，andonalargescaleitisquiteprobabletogainexcessearningsdependingonthelnvestmentadviceofsecuriti