证券分析师的盈余预测信息是投资者决策函数的重要参数。投资者利用盈余预测信息做出投资决策，有利于个股回归真实价值，进而促进资本市场稳定和顺利运行。因此，分析师盈余预测信息的准确性至关重要但分析师独立性、决策信息源以及启发式会对分析师所做的盈余预测的准确性造成不同程度的影响。针对以上三个方面展开分析，试图为进一步了解分析师盈余预测信息形成机理提供启示，从而为股票市场参与方以及政策制定机构提供有益参考。%Securities analysts’ earnings forecast is an important parameter of investors’ decision function and an important part to guarantee the healthy operation of the capital market. While the independence of analysts, information the sources the analysts depend on, and the heuristic each has different impact on the accuracy of the earnings forecast. This study provides a detailed analysis from the three perspectives above to get an inspiration of the formation mechanism of earning forecast results to provide helpful references for the market participants and policy makers.
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