证券市场导报Issue(5)：59-70,12.
证券分析师与股票市场稳定
摘要
Abstract
This paper explores the value of security analysts during crises from the perspective of corporate stock price resilience.The results show that analyst coverage increases the resilience of corporate stock prices during crises,which is manifested by higher stock returns,lower degree of stock price loss,and quicker recovery of stock prices.The positive impact of analysts on corporate stock price resilience is more pronounced during the recovery phase of stock prices and when the corporate is followed by more star analysts.The mechanism analysis shows that analysts improve the efficiency of market information transmission and corporate governance during crises through the information transmission effect and external supervision effect,thus enhancing corporate stock price resilience.Future efforts should focus on continuously strengthening the development and training of information intermediaries such as analysts,to leverage the positive role of security analysts in maintaining stock market stability.关键词
分析师关注/股票市场稳定/股价韧性/信息传递效应/外部监督效应Key words
analyst coverage/stock market stability/stock price resilience/information transmission effect/external supervision effect分类
管理科学引用本文复制引用
宋肖肖,张超,胡海峰..证券分析师与股票市场稳定[J].证券市场导报,2024,(5):59-70,12.基金项目
中央高校基本科研业务费项目"'双碳'目标下ESG战略驱动企业韧性的作用机制及政策优化研究"(BLX202223)、国家社会科学基金重点项目"中国资本市场韧性的影响因素、测度与提升路径研究"(21AJL012)] （BLX202223）
