Securities Analyst's Forecasting Ability and ITS Influential Factors: Based on Decision-Making Theory

Based on decision-making theory, applied cognitive psychology and other researches, this paper focuses on Chinese securities analyst' decision-making behavior and its influential factors by applying the methods of questionnaire, factor analysis and logistic regression model. Empirical result shows that clear differences exist among the impact on securities analyst' decision-making performance in terms of their personal characteristics, information channels and stock recommendation motive, especially, there is an inverted U type relationship between work stress and decision-making performance. Besides, internal resources, better understanding of the listed companies and a good relationship with the management are among the factors which enhance securities analyst' forecasting ability.