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本文研究了分析师荐股评级修正市场效应的内在机理,并进行了多层次的实证检验。研究结果显示:分析师评级修正具有一定的市场效应,但交易量效应大于股价效应,因而其评级修正报告对投资者决策具有一定的参考价值;分析师评级修正市场效应的影响因素是多样的,而评级修正结果、分析师特征、公司特征与投资者关注等因素对股价效应与交易量效应的影响既有共同之处,也存在差异。
This paper studies the internal mechanism of the analyst rating system to correct the market effect, and conducted a multi-level empirical test. The results show that analyst rating correction has a certain market effect, but the trading volume effect is greater than the stock price effect, therefore, the rating revision report has some reference value for the investors’ decision making. The factors influencing the analyst rating correction market effect are various, Factors such as rating correction, analyst characteristics, company characteristics and investors’ concerns have some similarities and differences to the stock price effect and trading volume effect.