Under Different Market Situation Securities Analyst Stock Recommendation Rating Comparative Study

Security Analysts are a special group in capital market. Their duty is collecting and analyzing all sorts of information and data related to listed companies, and thus making judgments on their decisions. Sell-side analysts serve in securities companies, and act as information suppliers, whose earnings forecasts and value estimations are widely diffused within investors. As important information processors and disseminators in capital market, sell-side analysts'forecasts and judgments are of great reference values for the research on the fields of capital market efficiency, corporate valuation, and cost of capital. For these reasons, sell-side analysts attracted great notion of both academic and industrial world, and so do this thesis.Security Analysts are new born things in China capital market. They become mature to be a main information Processing entity only in the Past 10 years. Now analysts'forecasts and stock recommendations have been the main reference of decision making of different level of investors. Security analysts are serving as a key role for information transmission in China security market. However the study on security analysts in China is still at the initial Phrase, and no systematic in-depth studies have been conducted. Therefore, launching systematic theoretical and empirical study on China security analysts are of great significance, not only for enhancing Public's understanding of security analyst, the new thing in China capital market, but also for filling in the gaps of systematic research in the field.This paper includes four Parts. Part 1 introduces a research background, contents and significance, the framework of this paper. Part 2 introduces literature reviews, includes the efficiency of information supply of analysts. And then discusses the main behaviors of security analysts in securities market. Part 3 is about the research design, which describes details of the data sources, sample selection, the definition and calculation of research variables, theoretical analysis and research supposition, and analysis of the empirical results. Part 6 is the conclusion of the study and enlightenment of this paper, and puts forward the limitations of this study, makes recommendations on the improvement direction of follow-up studies.As a result, this paper finds out that the quotation of stock market has great influence on the accuracy of analysts' recommendations.