本文選題：分析師推薦理由 + 分析師聲譽(yù)��； 參考：《南開大學(xué)》2013年博士論文

【摘要】：本文運用社會心理學(xué)領(lǐng)域的說服理論,研究證券分析師推薦理由的充分性和分析師聲譽(yù)兩個因素對個體投資者判斷和決策的影響,并采用實驗研究方法,檢驗了證券分析師推薦理由與聲譽(yù)如何影響個體投資者的投資者判斷和決策。 本文共分為六章。第一章為引言,主要內(nèi)容為研究動因、研究問題,研究意義、研究框架、研究方法和研究創(chuàng)新；第二章為文獻(xiàn)綜述,總結(jié)了國內(nèi)外目前關(guān)于證券分析師推薦理由和聲譽(yù)等文獻(xiàn)的研究結(jié)論和局限性；第三章為證券分析師推薦理由、聲譽(yù)對投資者判斷影響的理論分析,在相關(guān)理論分析的基礎(chǔ)上,提出了本文的研究假設(shè)；第四章為實驗設(shè)計,詳細(xì)的介紹了本文自變量和因變量的操控及設(shè)計,以及實驗被試的選擇和實驗過程；第五章為證券分析師推薦理由與聲譽(yù)對投資者判斷和決策影響的實驗結(jié)果分析和評價；第六章為本文的研究結(jié)論及未來研究方向。 本文的主要結(jié)論： 1.理論分析表明,資本市場上的個體投資者在投資決策時,證券分析師推薦購買股票理由的充分性會影響個體投資者購買股票的投資判斷和決策。證券分析師的推薦理由越充分,個體投資者感知的說服力越強(qiáng),也就更容易投資；同時,證券分析師聲譽(yù)影響個體投資者對推薦信息可靠性和信任度的感知,進(jìn)而影響了個體投資者的判斷和決策。此外,證券分析師的推薦理由對個體投資者判斷和決策的影響依賴于分析師的聲譽(yù)。 2.實驗結(jié)果表明,證券分析師推薦理由影響了個體投資者的投資判斷。與證券分析師推薦理由較弱相比,在證券分析師推薦理由較強(qiáng)的情況下,個體投資者對公司股票價格上漲潛力和投資吸引力的判斷會更高。 3.實驗結(jié)果表明,證券分析師聲譽(yù)影響了個體投資者的投資判斷。與證券分析師聲譽(yù)一般的相比,當(dāng)證券分析師聲譽(yù)較高時,投資者對公司股價上漲潛力和投資吸引力的判斷會更高。 4.實驗結(jié)果表明,證券分析師推薦理由和聲譽(yù)會共同影響投資者判斷,即證券分析師聲譽(yù)調(diào)節(jié)了分析師推薦理由充分性對投資者投資判斷和決策的影響。證券分析師聲譽(yù)較高時,投資者會更多的關(guān)注分析師推薦理由的差異,在推薦理由較強(qiáng)的情況下,投資者判斷的股價上漲潛力和投資吸引力更高；而當(dāng)證券分析師聲譽(yù)一般時,推薦理由的充分性對投資者判斷的股價上漲潛力和投資吸引力沒有產(chǎn)生顯著的影響。 5.實驗結(jié)果表明,投資者對分析師信任度的感知部分中介了證券分析師聲譽(yù)對投資者判斷和決策的影響；投資者對該公司未來盈利潛力的感知部分中介了分析師信任度對未來盈利潛力判斷的影響；投資者對該公司未來股價上漲潛力的感知部分中介了公司盈利潛力對投資吸引力判斷的影響。
[Abstract]:Based on the theory of persuasion in the field of social psychology, this paper studies the influence of two factors, the adequacy of recommended reasons and the reputation of analysts, on the judgment and decision of individual investors, and adopts the experimental research method. This paper examines how the recommended reasons and reputation of securities analysts affect individual investors' judgment and decision. This paper is divided into six chapters. The first chapter is the introduction, the main content is the research motivation, the research question, the research significance, the research frame, the research method and the research innovation, the second chapter is the literature review. The conclusions and limitations of the domestic and foreign literatures on securities analysts' recommendation reasons and reputation are summarized. The third chapter is the theoretical analysis of the influence of reputation on investors' judgment, based on the relevant theoretical analysis, the third chapter is the theoretical analysis of the influence of reputation on investors' judgment. The fourth chapter is the experimental design, including the control and design of the independent variables and dependent variables, and the selection and process of the experiment subjects. The fifth chapter is the analysis and evaluation of the influence of the reasons and reputation of securities analysts on investors' judgment and decision, and the sixth chapter is the conclusion of this paper and the direction of future research. The main conclusions of this paper are as follows: 1. Theoretical analysis shows that when individual investors in capital market make investment decisions, the adequacy of stock analysts' reasons for recommending to buy stocks will affect the investment judgment and decision of individual investors. The stronger the recommendation reason of the securities analyst, the more persuasive the individual investor perceives, and the easier it is to invest. At the same time, the reputation of the securities analyst affects the individual investor's perception of the reliability and trust of the recommendation information. In turn, it affects the judgment and decision of individual investors. In addition, the impact of securities analysts' recommendations on individual investors' judgments and decisions depends on analysts' reputation. 2. The experimental results show that the recommended reasons of securities analysts affect the investment judgment of individual investors. Individual investors are more likely to judge the potential and attractiveness of a company's stock price rise than in the case of a stronger recommendation by securities analysts. 3. The experimental results show that the reputation of securities analysts affects the investment judgment of individual investors. When the reputation of securities analysts is relatively high, investors are more likely to judge the company's stock price upside potential and investment attractiveness than is generally the case with securities analysts. 4. The results show that both the recommendation and reputation of securities analysts affect investors' judgment, that is, the reputation of securities analysts adjusts the influence of the adequacy of recommendations on investors' investment judgment and decision. When the reputation of a securities analyst is high, investors will pay more attention to the difference of the reasons of recommendation. When the reason of recommendation is stronger, the investors will judge the stock price rising potential and investment attraction more; and when the reputation of the securities analyst is normal, The adequacy of the recommended reasons has no significant impact on the stock price appreciation potential and investment attractiveness judged by investors. 5. The experimental results show that investors' perception of analyst trust partly mediates the influence of securities analyst reputation on investors' judgment and decision. Investors' perception of the company's future earnings potential partly mediates the influence of the analyst's confidence on the future earnings potential judgment; Investors' perception of the company's future stock price growth potential partly mediates the impact of the company's earnings potential on investment attractiveness judgment.
【學(xué)位授予單位】：南開大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2013
【分類號】：F831.5

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