券商研究報告之價值–以台灣為例

Abstract

券商發布之個股研究報告是導引台灣證券市場資金流動的重要推手。本論文探討本土與外國券商，對於40檔台灣上市公司所發布研究報告之價值。本研究發現美系券商在買進建議上有優於歐系、亞系及本土券商的表現；各系在賣出建議上並無特別優勢。在產業別上，美系在電子、金融及傳產業皆有較佳的表現。另外，美系券商並未利用上市公司發布獲利資訊時調整買賣建議，以取得較佳表現。

Equity research has been an important driver of capital flows in Taiwanese stock market. This paper examines the value of analyst recommendations issued by local and foreign brokerage houses for 40 stocks traded in Taiwanese stock market. I find that the stock rating upgrades issued by American brokerage houses have superior performance over European, Asian, and Taiwanese competitors; no advantage is seen regarding downgrades. The outperformance of American brokerage houses is seen in technological, financial, and traditional industries studied. Also, I find no support that American brokerage houses time their issuance of recommendation revisions around earnings announcements to achieve better performance.