摘要
国内生产总值等宏观经济指标,对政府、企业、个人的投资融资决策具有重大的指导意义。近日来,首席经济学家的宏观分析能力备受市场追逐。"见贤思齐""择善而从",在同一家券商工作的宏观分析师可能会帮助个股分析师建立宏观分析意识,增强对宏观政策的分析能力。本文从宏观与微观的影响出发,围绕宏观分析对个股分析师的影响进行分析,研究发现个股分析师对负面消息反应不足,但当个股分析师所在券商雇佣了宏观分析师时,个股分析师对负面经济形势的反应不足得到了缓解,市场认可宏观分析师的帮助作用。本文从宏观政策对微观经济的影响出发,为宏微观领域的研究提供实证证据,为投资者进行投资决策以及监管机构制定政策提供依据,研究结果具有参考价值与研究意义。
Macroeconomic indicators have important guiding significance for investment decisions of governments,enterprises and individuals.Nowadays,the chief analyst\s macro analysis capabilities have been chased by the market."Choose and follow what is right,"The macro analysts working in the same brokerage may help individual security analysts to establish a macro analysis and enhance their ability to analyze macroeconomic policies.Based on the macro and micro impacts,this paper analyzes the impact of macro analysis on individual stock analysts.The research finds that individual security analysts have insufficient reaction to negative news,but when the analysts of individual security analysts hire macro analysts,the lack of response from individual security analysts to the negative economic situation was alleviated.The market recognizes the help of macro analysts.Based on the impact of macroeconomic policies on microeconomics,this paper provides empirical evidence for macroscopic and microscopic research.Research will provide evidence for investors to make investment decisions and regulators to formulate policies.The research results have reference value and research significance.
作者
薛健
袁满
Jian Xue;Man Yuan(School of Economics and Management,Tsinghua University)
出处
《经济学报》
CSSCI
2019年第3期59-82,共24页
China Journal of Economics
基金
国家自然科学基金项目（项目批准号：71272025）的阶段性成果
