证券分析师荐股评级投资价值及准确性研究

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。

Research on Securities Analysts Recommendation＇s Investment Value and Accuracy

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.