CAJ | 학술논문

以国金证券分析师评级报告数据实证检验了分析师荐股评级的投资价值，并计算了评级偏差导致的收益率偏差，以此来衡量分析师荐股评级的准确性。研究发现，证券分析师荐股具有一定的投资价值，但普遍存在着乐观倾苘。证券分析师的复杂利益冲突使得评级报告产生了不同程度的偏差。除此之外，文章进一步深入思考并分析了分析师评级偏差对投资者利益带来的影响，是对分析师利益冲突与荐股评级关系等问题的多角度研究。
이국금증권분석사평급보고수거실증검험료분석사천고평급적투자개치，병계산료평급편차도치적수익솔편차，이차래형량분석사천고평급적준학성。연구발현，증권분석사천고구유일정적투자개치，단보편존재착악관경경。증권분석사적복잡이익충돌사득평급보고산생료불동정도적편차。제차지외，문장진일보심입사고병분석료분석사평급편차대투자자이익대래적영향，시대분석사이익충돌여천고평급관계등문제적다각도연구。
Based on the Golden State securities analysts rating report data, the investment value of the analysts recommendation is examined and the yield bias resulting from the rating deviation is calculated, so as to measure the accuracy of analysts recommendation. The results show that the securities analysts recommendation has certain investment value as well as a tendency towards optimism. The complex interest conflicts of securities analysts may cause the bias of rating report to some extent. The impact of analysts rating bias on the interests of investors is also discussed, which is a new angle of view on the issues about the relation between the interest conflicts of analysts and their recommendation and so on.