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1、AbstractAfterabouttwentyyears’developmentofChina’sstockmarket.institutionalinvestorshavealreadyestablishedthemselvesasdominantplayersofthemarketAtthesametimeitisalsoagoldenagefortheboomingofsecurityanalysts,whomainlyseivetheinstitutionalinvestorsbypreachingtheiri
2、nvestmentadviceWehavenodoubtthattheyhavedugdeepinthemarketthroughstudyingthemacroeconomics.theindustriesandthepubliccorporationsActingasthecrucialinformationmakersandbearersofthemarket,theyhaveplayedavSaJroleinthe-marketThroughtheirresearch.securitiesanalystsgive
3、investmentratingstolistedcompanies.suchas“Buy“,“Outperform”,”neutrallor。underperform“Thereforewewonderifinvestorscanachieveabsolutereturnorexcessearnings,whentheyconduststockoperationaccordingtotheinvestmentadviceofsecudSesanalystsWhatrotedothesesecuritiesanalyst
4、playinthestockmarket,diggingintothelong-terminvestmentvalueofcompanies.capturingshort-tarmhotspotofthemarket.orJustmisleadinginvestors?TheanswertothisquestiondirectlyrelatestothebenefilsofinvestorsaswellasthevalueofsecuritiesanalystsThisthesisadoptseventstudy,and
5、conductsresearchbasedondatumprovidedby"Wind“Tobeginwith,thisthesisdescdbestheoreticalbasisofinvestmentratinggivenbysecuritiesanalysts.thehistory,statusquoanddevetopmenttrendofsecudtiesanatystsindustry.Thenthisthesismakesadeepandsystematicresearchofftheadjustmenta
6、mongdifferentinvestmentratingsgivenbysecudtiesanalysts,withsampledatumof‘’investmentratingsin2007and2008。from”Wind“onthebackgroundofthe。。bullmarket”andthe”bearmarket”,andempiricallytestsinvestmentreferencevalueofstockratingOurresearchshowsthat’。holdingunchangedra
7、ting。takesupthemajorityofalltheratings,whileupgrading.downgradingandnewratingsholdsaclosepercentageAnalystsarepronetodeliverarelativelymoreoptimisticrating,andthestockstheyrecommendcanprovideexcessearnings,buttheexcessearningratewilllowerby40%’60%thanexpectedInco
8、nclusionstockratinghassomeinvestmentreferencevalue協(xié)acertainextent,andonalargescaleitisquiteprobabletogainexcessearningsdependingonthelnvestmentadviceofsecuriti