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2016年1月1日,熔断机制的提出引起股市股价波动频繁,数次引发熔断高点。证券分析师作为资本市场的理性信息传播者对于指导投资者健康投资资本市场有至关重要的作用。本文从分析师提前信息披露行为与知情者交易两方面研究了股价波动性的原因,分析师的提前披露行为会导致机构投资者的知情交易更为明显,加之股市交易羊群效应的催化,股价中信息融入有泡沫,股价波动剧烈。因此,对于我国正新兴转轨的证券市场,要增加机构投资者、证券分析师、流动性交易者及噪音交易者之间的互动,加强信息传递,促进信息融入股价,平衡股价波动性,逐步提高证券市场理性的力量。
On January 1, 2016, the proposed fusing mechanism caused frequent stock price volatility and caused several blown highs. As a rational information disseminator of capital market, securities analyst plays an important role in guiding investors to invest healthily in capital market. This paper studies the reason of the stock price volatility from two aspects: the analyst’s early information disclosure and the insider’s transaction. The analyst’s early disclosure behavior will lead to the more obvious the institutional investor’s informed trading. Coupled with the herd effect of the stock market trading, the stock price The information into the bubble, the stock price volatility. Therefore, for China’s securities market that is emerging as a new transition, it is necessary to increase the interaction among institutional investors, securities analysts, liquidity traders and noise traders, enhance information transmission, promote information integration into stock prices, balance stock price volatility and gradually increase The rational force of the securities market.