Research On The Impact Of Analyst Research On The Stock Price Effect Of Securities Research Report

With the rapid development of the securities analysis industry,the professionalism of research reports issued by various securities companies has continued to increase,and their influence has expanded.Among them,various research reports have received the highest attention.Investors believe that analysts are investigating on the spot.During the process,the company can obtain “first-hand information” on the company’s operations,and the research reports issued on this basis have high investment reference value.Therefore,non-institutional investors often refer to research reports issued by institutions in the process of formulating investment strategies.However,in recent years,many reports about "Oolong" research reports have been continuously exposed,making all sectors of society full of doubts about the validity of research reports.Do research reports have greater investment value than non-research reports? This article selects 2014-The securities analysis report for 2019,with three types of research reports: dynamic reports,general research reports,and in-depth research reports as the research objects.Starting from the difference in excess returns of the underlying stocks after the release of various research reports,the research reports and non-research reports are carried out.Comparative analysis,study the difference in stock price effect.Aiming at the stock price effect of various research reports,this article first uses the event research method to obtain the excess return rates of each window period after the occurrence of the stock events of different research reports,and then conducts the existence test of the stock price effect of each research report by means of statistical testing.,It turns out that no matter whether the report involves research or not,the underlying stocks after the report is released have certain excess returns.Secondly,using the method of multiple regression to further analyze the sources of differences in the excess returns of various research reports,the results found that: under the control of other influencing factors,compared with general research and in-depth research and dynamic research,research behavior can be significantly improved The research report’s stock price effect,but the comparison of general research and in-depth research shows that the corresponding research report’s stock price effect did not increase with the increase in the depth of the research.On the contrary,the general research report has a greater stock price effect.This may be due to Analysts tend to be more optimistic when issuing in-depth research reports,which reduces the information quality of the information obtained in the research.Finally,in the further analysis of the impact of research behavior on the stock price effect,it is found that with the increase of research behavior,the excess income that can be brought by the standardized rating of research reports has increased,but the research behavior of star analysts may not necessarily be able to Increase the stock price effect of research reports.Based on the above research results,the following suggestions are put forward:First,when investors invest in stocks based on research reports,they should give priority to research reports,which should focus on general research reports;second,compared with dynamic reports,each research report The "buy" rating has higher information content,and investors can rely more on the "buy" rating indicator in the research report;third,the research report issued by the star brokerage does not necessarily have a higher stock price effect,and individual investors are developing In the process of investment strategy,the reputation of the institution cannot be equated with the effectiveness of the report.