股吧投資專家對分析師股票推薦影響之探究

Abstract

分析師為資訊中介者，提供資訊給投資人進行投資決策。隨著中國網路普及率逐年攀升，網路投資平台成為投資人蒐集資訊的管道，對分析師產生外部競爭壓力。本研究以2017年至2019年在中國深圳交易所與上海交易所發行A股之上市公司為樣本，檢視有影響力股吧投資專家於股吧對某公司發表看法後，追蹤該公司分析師股票推薦偏頗是否下降．實證結果顯示，股吧專家於當季在股吧對某公司發表看法後，對當季及前季均追蹤該公司分析師的股票推薦偏頗並無顯著影響。額外分析部分，實證結果顯示，股吧專家於當季在股吧對某公司發表看法後，對當季、前季及下一季均追蹤該公司分析師的股票推薦偏頗並無顯著影響。

Analysts are information intermediaries who provide information to investors to make investment decisions. As the Internet penetration rate in China has been increasing year by year, online investment platforms have become a channel for investors to collect information. Online investment platforms create external competitive pressures on analysts. This study uses listed companies on the Shenzhen and Shanghai Stock Exchange of China as a sample. This study investigates whether the stock recommendation bias will decline after influential Gub’s experts expressed their opinions on a company on Gub.The empirical results indicate that after Gub’s experts expressed their opinions on a company on Gub in the current quarter, the stock recommendation biases issued by analysts following the same company in both the current and previous quarters do not significantly reduce. In the additional tests, the empirical results indicate that after Gub’s experts expressed their opinions on a company on Gub in the current quarter, the stock recommendation biases issued by analysts following the same company in previous, current and next quarters do not significantly reduce.