The candidates of security analyst must past a series of strict exams , then they had been chartered to deal with invest conducts . of course they need to be enforced compliance with the code of ethics and standards of professional conduct 并且用资本资产定价模型度量投资组合的风险,再采用ff三因子模型来检验推荐与提醒警惕股票的小公司效应和账面市值比效应。
Currently have mechanisms in place for preventing securities analysts from expressing in the media views that may mislead investors ; if they have , of the details of such mechanisms ; if not , whether the government will consider establishing the relevant mechanisms ; and 现时有否机制防止证券分析员在传媒发表误导投资者的言论若有，有关机制的详情若否，政府会否考虑订立有关机制及
In each newspaper , magazine , broadcast and tv program , the various security recommendations can be seen anywhere . in china there are large numbers of security investors do not know how to invest and the security analyst recommendations act an important part in the security market 研究对象为2003年《中国证券报》 “潜力推荐票”和“须警惕个股”两个栏目刊登的股票,推荐分析师都是来自于各个证券公司。
Company founder is the outstanding youth , senior securities analysts , investment finance expert and successful life consultants liuxinghui in portfolio investment , real estate investment , other industries project management , business consulting experience and a good reputation 公司创办人是全国优秀青年、资深证券分析师、投资理财专家、成功人生咨询顾问刘星辉,在证券投资、房地产投资、其他产业项目管理、创业咨询等多方面拥有丰富的经验和良好的口碑。
First , i did an empirical research of chinese security analysts ’ predicting ability . the sample data is a 72 weeks ( 2003 . 11 . 30 - 2005 . 6 . 17 ) stock recommendation data from the “ chinese stock newspaper ” . the results reveal that there is an remarkable positive abnormal return of the chinese analysts ’ stock recommendations before these recommendation went into public , but the abnormal return after those recommendation went into public is unremarkable or even negative 研究结果显示,中国证券分析师推荐的股票在公开推荐以前就存在显著的正的异常收益,反而在推荐公开以后无显著的异常收益甚至出现负值;牛市气氛下证券分析师推荐股票的盈利能力明显高于熊市气氛;券商类机构证券分析师推荐股票的异常收益明显高于独立咨询机构。
On the one hand , we find that security analysts " recommendations can neither lead to abnormal returns nor influence price fluctuation . on the other hand , we use risk - adjusted profit to test the funds " performance persistence and find that funds can not beat the market without favorite treatment , such as subscribing ipo shares . their performance is affected by market 第六章通过对证券分析师荐股行为的研究，一方面发现证券分析师的荐股并非是从个股的基本面理性分析，而是主要根据个股的前期走势，结合证券分析师的羊群效应，说明分析师行为不理性。
With continual development and improvement of security market in every country , the industry of security analyst was came forth , and get great development . security analyst is the professional market researcher . compared with the other common investors , security analyst needs the excellent professional knowledge , and they can acquaint themselves with the security market 用每天推荐股票及提醒警惕股票,分别作投资组合,并分别计算这些投资组合的一天、三天、五天、十天、十五天、二十天、三十天、四十天的收益率,分析分析师推荐股票的收益率情况。
Then i analyzed the affecting factors of chinese analysts ’ predicting ’ ability through analyzing security analysts ’ research papers and their regulation . firstly , i compared the research papers of the analysts from chinese companies to that of analysts from foreign companies . and i found out that there exist some problems such as lack of some important target data , lack of the instructions of the method use in the research papers , special instruction of the objectivity and legal responsibility of the research papers is insufficiency 通过对中外资机构证券分析师研究报告内容的对比发现中国证券分析师研究报告中还缺乏一些重要数据指标、一般未能说明预测数据的计算方法和数据资料的来源、在研究报告的客观性和法律责任的特殊声明方面还存在严重不足,这些不足反映出我国证券分析师执业素质离成熟市场水平的差距,中国证券分析师执业素质的增强是提高证券分析师预测能力的必要条件。
The predicting ability of security analysts is one of their most important abilities , the study of it has important theoretical and practical significance in guaranteeing security analysts ’ independency , impartiality and efficiency , preventing the manipulation of stock prices and helping the security analysts in maintaining the efficiency of the markets 证券分析师预测能力是其执业能力的体现,通过对证券分析师预测能力的研究,对于保证中国证券分析师独立、公正、有效地进行分析,防范股价操纵,发挥证券分析师在维护市场效率中的作用有着重要的理论意义和现实意义。
