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本文使用2010-2014年中国大陆A股证券市场的上市公司作为样本,研究了分析师跟踪与机构投资者持股间的相互关系。本文发现,分析师对上市公司的跟踪程度与机构投资者的持股比例显著正相关,表明分析师会重点关注机构投资者重仓的股票;分析师对上市公司的跟踪程度也与机构投资者持股比例的变化量显著正相关,表明机构投资者会根据分析师的建议进行投资;分类型来看,公募基金、券商资管部门、境外合格机构投资者、保险公司、社保基金等五类机构投资者都是分析师的重点服务对象,并且会参考分析师的推荐进行投资;券商自营部门不是分析师的重点服务对象,而且其投资决策受分析师的影响也较小。
This paper uses the listed companies of A-share market in mainland China from 2010 to 2014 as a sample to study the relationship between analyst tracking and institutional investor ownership. This article finds that the degree of follow-up by analysts to listed companies is significantly and positively related to the institutional investors ’shareholdings, indicating that analysts will focus on institutional investors’ heavy positions in stocks. Analysts ’tracking of listed companies is also consistent with institutional investors’ There was a significant positive correlation between the changes in the proportion of shares, indicating that institutional investors will invest according to the analyst’s recommendations. In terms of classification, public funds, brokerage departments, overseas qualified institutional investors, insurance companies and social security funds Investors are analysts of key clients, and will refer to the recommendations of analysts to invest; brokerage self-employed analysts are not the focus of service targets, and its investment decisions by the impact of analysts is also small.