台灣的證券市場中,個別投資者(即散戶)即佔了七成的比例。一般而言,散戶少有能力對大量投資訊息進行整理,因此只能倚仗外部的投顧機構。分析師的股票推薦提供了投資人有用的資訊,明確指出是否應買入,持有或賣出某支股票。本研究旨在分析專業分析師在向大眾公布股票推薦報告後,其本身買賣行為是否與其推薦建議相符,亦即檢視分析師所言(股票推薦)是否與其所行(買賣行為)相符,並進一步檢視推薦股票後續的累積異常報酬。研究發現,一般而言分析師股票推薦可帶給投資人顯著為正的異常報酬。言行高度一致的券商,不僅值得信任且其推薦的股票異常報酬也顯著為正。其他言行較不一型的券商,獲利不一定較差,也有部份券商可帶給投資人可觀的獲利。本研究另以對應分析針對推薦等級、產業、市值與交易值進行市場定位並予以具體化圖表呈現,以更加明瞭各家券商的特徵。投資人除了選擇較為可信的券商外,也要衡量其股票推薦的分析及獲利能力,以作為投資決策時更謹慎之參考。
In Taiwan’s stock market, approximately 70% of equity investments are traded directly by individual investors. General speaking, few investors are capable of dealing with lots of investment information, they can only rely on brokerage firm. This research aims to investigate the consistency between the recommendations and trading behaviors after the professional financial analysts announce the recommendation to the public, and then examine the cumulative abnormal returns. In our experiment, the stocks that analysts recommended can bring significant positive abnormal returns to the investors. Besides, we also operate market targeting based on recommended levels, market capitalization and trading value by using Correspondence Analysis and show the figures and tables specifically in order to figure out the traits of each of the financial institutions. Individual investors not only have to select more reliable financial institutions, but evaluate the potentiality of recommendations for analysis and getting revenue. Finally, take them as the resource to refer to while making the decisions for the investment.
為了持續優化網站功能與使用者體驗,本網站將Cookies分析技術用於網站營運、分析和個人化服務之目的。
若您繼續瀏覽本網站,即表示您同意本網站使用Cookies。