市場模糊與分析師報告對投資者的影響

The impact of market ambiguity and analyst reports on the investors

趙雯亭(Wen-Ting Chao)

指導教授 ： 邱臙珍

國立臺中科技大學/商學院/財務金融研究所碩士班/碩士(2022年)

摘要

分析師可以透過研究報告中的投資建議、目標價預測和盈餘預測對投資者傳遞資訊，本文以2007年至2020年分析師對上市上櫃公司發布報告為樣本，旨在探討當市場處於模糊的情況下，投資者對於分析師報告修正的反應是否有增強或減弱的現象，並進一步區分模糊程度高低作比較。實證結果顯示，未區分樣本時，模糊會使分析師的投資建議降低對投資者之影響。但進一步區分模糊程度高低時，在模糊程度低的樣本中，沒有證據顯示模糊會造成分析師預測對投資者之影響有改變，但在模糊高的樣本中，模糊會減弱分析師的投資建議和盈餘預測對投資者之影響，以及模糊會增強目標價對投資者之影響。

關鍵字

市場模糊 ； 投資建議 ； 目標價 ； 盈餘預測

並列摘要

Analysts can convey information to investors through stock recommendations, target price forecasts, and earnings forecasts in research reports. This study uses reports released by analysts on listed companies from 2007 to 2020 as samples and aims to explore whether investors' reactions to analysts' reports revisions have strengthened or weakened when the market is in an ambiguous situation, and further distinguish the level of ambiguity for comparison. The empirical results show that ambiguity reduces the impact of analysts' stock recommendations on investors when the samples are not distinguished. However, when further distinguishing between high and low levels of ambiguity, there is no evidence that ambiguity causes a change in the impact of analysts' forecasts on investors in the low ambiguity sample, but in the high ambiguity sample, ambiguity weakens the impact of analysts' stock recommendations and earnings forecasts on investors, and ambiguity enhances the impact of target prices on investors.

並列關鍵字

Market Ambiguity ； Stock Recommendations ； Target Prices ； Earnings Forecasts

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