CAJ | 학술논문

证券分析师的独立性是近年来资本市场的研究热点。本文将“曾参与上市公司的IPO或身为上市公司大股东”的券商旗下分析师界定为上市公司的利益相关者，并收集有关样本数据探讨证券分析师是否存在道德风险。实证研究后发现：利益相关的分析师存在道德风险，其通过发布有利于利益相关公司的分析报告，使得内部人特别是高管在股份减持时获得更高的超额收益；同时，内部人减持的超额收益率在财务状况差的公司且市场态势好的情况下更高。基于此，本文建议，投资者要谨防利益相关的分析师为内部人减持做出的过度乐观评级；要完善制度，打击利益相关分析师与相关公司高管和大股东可能的串谋行为，加强分析师声誉机制建设。
증권분석사적독립성시근년래자본시장적연구열점。본문장“증삼여상시공사적IPO혹신위상시공사대고동”적권상기하분석사계정위상시공사적이익상관자，병수집유관양본수거탐토증권분석사시부존재도덕풍험。실증연구후발현：이익상관적분석사존재도덕풍험，기통과발포유리우이익상관공사적분석보고，사득내부인특별시고관재고빈감지시획득경고적초액수익；동시，내부인감지적초액수익솔재재무상황차적공사차시장태세호적정황하경고。기우차，본문건의，투자자요근방이익상관적분석사위내부인감지주출적과도악관평급；요완선제도，타격이익상관분석사여상관공사고관화대고동가능적천모행위，가강분석사성예궤제건설。
The securities analyst independence is a research hotspot of capital market in recent years. We define those security analysts, employed by brokerage firms or investment banks that participated in the firm＇s IPO or being one of the firm＇s large shareholders, to be benefit related with the listed finn, and collect relative data to analyze whether there is moral hazard. We find that there is moral hazard for the benefit related analysts, who make the internal people, especially executives higher excess returns by publishing favorable analysis reports. Under the same time, the excess returns were even bigger when the companies in a poor financial condition while the market was good. In order to avoid this abnormality, we should encourage reputation mechanism for the analysts, and expedite the development of legal system to prevent the conspiracy between analysts and insiders. Lastly, investors should be cautious about the over-optimistic analyst＇s ratings.