一、抄袭的定义
未经适当承认，使用他人的作品、研究、投资模型、分析框架或观点，并将其呈现为自己的成果。
包含但不限于： - 逐字复制 → 最明显的抄袭 - 改写（Paraphrase）但不注明出处 → 隐形抄袭 - 使用他人的分析框架/投资模型 → 知识产权侵权 - 引用第三方研报的内容但标注为自己分析 - 使用下属或前同事的工作成果但未注明
二、引用规则
2.1 什么需要引用
| 需要引用 | 不需要引用 |
|---|---|
| 他人的研究报告/观点 | 公认的常识（如"通胀走高对债券不利"） |
| 统计数据和表格 | 你自己收集和计算的一手数据 |
| 他人创建的模型/框架 | 行业标准公式（如 CAPM 公式） |
| 图表和插图 | 你自己创建的原创图表 |
| 直接引用的文字（用引号） | 你独立得出的结论 |
| 改写他人的观点 | 政府公布的公开经济数据 |
2.2 引用的方式
✅ 正确引用范例：
"根据 Goldman Sachs 2025 年 12 月发布的《全球科技展望》报告，
半导体行业预计在 2026 年增长 15%。"
❌ 错误做法：
"半导体行业预计在 2026 年增长 15%。"
（未注明来源，读者以为是你的分析）
2.3 引用的格式
不需要学术论文格式（不用 APA/MLA），但必须包含： 1. 来源 — 谁/哪个机构 2. 时间 — 什么时候发布 3. 内容 — 引用了什么
三、常见抄袭陷阱
陷阱 1：内部使用 ≠ 可以不引用
分析师用同事的内部报告做基础写自己的研报，未提同事贡献。
❌ 违规。CFA 准则下，内部引用同样需要——不引用 = 剽窃同事成果。
陷阱 2：改写 ≠ 原创
把高盛的研报用自己的话重写一遍，不出处。
❌ 违规。改写他人观点不注明来源 = 抄袭。
陷阱 3：离职带走资料
分析师辞职时带走了团队共同开发的投资模型，并在新公司使用。
❌ 违规。既违反 IV(A) 雇主忠诚（带走雇主资产），又违反 I(C)（将团队成果据为己有）。
陷阱 4：引用链断裂
你引用了某家机构的研报数据，但该数据实际上来自第三方（你未核实）。
⚠️ 风险：如果原始数据被证明有误，你要承担责任。最佳实践：追溯到原始来源。
四、抄袭的后果
| 层次 | 后果 |
|---|---|
| CFA 协会 | 可能撤销会员资格、吊销持证人资格 |
| 雇主 | 解雇、赔偿、声誉受损 |
| 法律 | 版权侵权诉讼（尤其是未经授权大量引用） |
| 市场 | 信用破产，再无人信任你的研究 |
五、最佳实践清单
- [ ] 所有引用内容标明出处（来源 + 时间）
- [ ] 直接引用用引号，改写也注明来源
- [ ] 使用团队成果前获得许可 + 给予信用
- [ ] 离职前与雇主签署知识产权归属协议
- [ ] 第三方数据追溯原始来源
- [ ] 建立团队的引用核查流程
六、测试题
1. 分析师在研报中用自己的话复述了高盛的观点，未注明出处。这：
A) 合规——用自己的话改写不算抄袭
B) 违规——改写他人观点仍需引用来源
C) 合规——只要不是逐字复制
D) 仅违反 IV(A)
2. 以下哪项不需要在研报中注明引用来源？
A) 某家机构对 GDP 增长的预测
B) CAPM 公式
C) 竞争对手研报中的行业分析框架
D) 从 Bloomberg 直接引用的估值数据
3. 分析师辞职带走团队开发的投资模型。这违反了：
A) 仅 I(C)
B) 仅 IV(A)
C) I(C) + IV(A)
D) 不违反——模型是分析师参与开发的
4. 正确的引用应该包括：
A) 仅被引用机构的名称
B) 来源、时间和引用内容
C) 仅引用内容
D) 仅引用时间
5. 同事的内部备忘录如果想用于你的外部研报，你应该：
A) 可以直接用，因为是同一家公司
B) 获得同事许可，并在研报中给予信用
C) 不能引用任何内部材料
D) 把同事的名字加到作者栏即可
答案
- B — 改写不改变观点的归属。观点的所有者仍然是高盛，不引用 = 抄袭。
- B — CAPM 是行业标准知识，不需要引用。其他三项都来自特定来源。
- C — 带走雇主资产 = IV(A)；将团队成果据为己有 = I(C)。
- B — 来源（谁）+ 时间（何时）+ 内容（什么）= 完整引用三要素。
- B — 内部引用同样需要：许可 + 给予信用。
上一课 L033：I(C) 虚假陈述 · 下一课 L035：I(C) 业绩展示与模拟业绩
1. Definition of Plagiarism
Using another person's work, research, investment models, analytical frameworks, or ideas without proper acknowledgment, and presenting them as your own.
Includes but is not limited to: - Verbatim copying → the most obvious form of plagiarism - Paraphrasing without citing → invisible plagiarism - Using others' analytical frameworks/investment models → intellectual property infringement - Citing third-party research content but labeling it as your own analysis - Using the work of subordinates or former colleagues without credit
2. Citation Rules
2.1 What Needs Citation
| Requires Citation | Does NOT Require Citation |
|---|---|
| Others' research reports/opinions | Widely accepted common knowledge (e.g., "higher inflation is negative for bonds") |
| Statistical data and tables | Primary data you collected and calculated yourself |
| Models/frameworks created by others | Industry standard formulas (e.g., the CAPM formula) |
| Charts and illustrations | Original charts you created yourself |
| Direct quotations (with quotation marks) | Conclusions you reached independently |
| Paraphrased ideas of others | Government-published public economic data |
2.2 How to Cite
✅ Proper Citation Example:
"According to Goldman Sachs' Global Tech Outlook report published in
December 2025, the semiconductor industry is projected to grow 15% in 2026."
❌ Improper:
"The semiconductor industry is projected to grow 15% in 2026."
(Source not cited; readers assume it is your own analysis)
2.3 Citation Format
Academic formatting (APA/MLA) is not required, but must include: 1. Source — Who / which institution 2. Date — When it was published 3. Content — What was cited
3. Common Plagiarism Traps
Trap 1: Internal Use ≠ No Citation Needed
An analyst builds a research report on a colleague's internal memo without crediting the colleague.
❌ Violation. Under the CFA Code, internal citation is also required — failing to cite = plagiarizing a colleague's work.
Trap 2: Paraphrase ≠ Original
Rewriting a Goldman Sachs research report in your own words without citing the source.
❌ Violation. Paraphrasing others' ideas without citing the source = plagiarism.
Trap 3: Taking Materials Upon Departure
An analyst resigns and takes an investment model co-developed by the team, using it at the new firm.
❌ Violation. Violates both IV(A) (taking employer property) and I(C) (claiming team output as one's own).
Trap 4: Broken Citation Chain
You cite data from an institution's report, but that data actually came from a third party (you did not verify).
⚠️ Risk: If the original data turns out to be wrong, you bear responsibility. Best practice: trace back to the original source.
4. Consequences of Plagiarism
| Level | Consequence |
|---|---|
| CFA Institute | Possible revocation of membership/charter |
| Employer | Dismissal, damages, reputational harm |
| Legal | Copyright infringement litigation (especially for unauthorized bulk reproduction) |
| Market | Loss of credibility — no one will trust your research again |
5. Best Practice Checklist
- [ ] Cite all referenced content (source + date)
- [ ] Use quotation marks for direct quotes; also cite for paraphrases
- [ ] Obtain permission before using team output + give credit
- [ ] Sign an IP ownership agreement with the employer before departure
- [ ] Trace third-party data back to the original source
- [ ] Establish a team citation verification process
6. Practice Questions
1. An analyst paraphrases Goldman Sachs' view in a research report without citing the source. This:
A) Is compliant — paraphrasing in your own words is not plagiarism
B) Is a violation — paraphrasing others' ideas still requires citing the source
C) Is compliant — as long as it is not verbatim
D) Violates only IV(A)
2. Which of the following does NOT require a citation in a research report?
A) An institution's GDP growth forecast
B) The CAPM formula
C) An industry analytical framework from a competitor's report
D) Valuation data directly sourced from Bloomberg
3. An analyst resigns and takes away a team-developed investment model. This violates:
A) Only I(C)
B) Only IV(A)
C) I(C) + IV(A)
D) No violation — the analyst participated in developing the model
4. A proper citation should include:
A) Only the name of the cited institution
B) The source, date, and content cited
C) Only the content cited
D) Only the date
5. If you want to use a colleague's internal memo for your external research report, you should:
A) Use it directly — same firm, no issue
B) Obtain the colleague's permission and credit them in the report
C) Never cite any internal materials
D) Just add the colleague's name to the author list
Answer Key
- B — Paraphrasing does not change the ownership of an idea. The idea still belongs to Goldman Sachs; not citing = plagiarism.
- B — CAPM is standard industry knowledge and does not require citation. The other three come from specific sources.
- C — Taking employer property = IV(A); claiming team output as one's own = I(C).
- B — Source (who) + Date (when) + Content (what) = the three essential elements of a complete citation.
- B — Internal citation requires the same: permission + credit.
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