分析师对创业板公司股票评级的信息含量及影响因素-企业管理专业论文.docx

华 华 中 科 技 大 学 硕 士 学 位 论 文 II II Abstract In capital markets, security analyst is a special group, played a key role. Since 1996, Chinese securities companies began to set up research department to research the listed companies and formed the research system whose core fundamentals is the company research. In analyst reports, stock rating is the direct expression of the basic judgment of the analyst on stock investment value. In the emerging market, like China, we need further study on whether the analyst research reports can improve market efficiency. The paper investigates the rating reports of security analysts information content of the ChiNext stock and finds that the information of the analysts’ reports associated with the same direction of CAR value. The analysts’ reports provided new information to the security market and caused the stock price changes. And the new information was reflected into the new stock price. It included that the analysts’ rating reports had information content. The paper tries to find out the factors which affect the reports’ information content in follow aspects: analyst reputation, rating strength and so on. Based on the data of the Chinese listed companies of ChiNext from June 2010 to June 2012, using the event study method, this paper conducts a thorough empirical study on the CAR of the stock price rated by the analysts. Then the paper further conducts an empirical study on the factors which affect the reports’ information content. This paper analyzes the information content of rating report of ChiNext, and study on the factors which affect the reports’ information content of ChiNext. Key words: Companies listed on ChiNext, Security analysts, Rating stock, Information content, CAR PAGE IV PAGE IV 目 录 摘 要 I HYPERLINK \l _bookmark0 Abstract II HYPERLINK \l _bookmark1 目 录III HYPERLINK \l _bookmark2 1 绪论1 HYPERLINK \l _bookmark3 1.1 研究背景 1 HYPERLINK \l _bookmark4 1.2 研究目的和意义 2 HYPERLINK \l _bookmark5 1.3 相关概念界定 3 HYPERL