| China's capital market system is not perfect, the environment of protecting ordinary investors' interest is poor, and security regulation is relatively weak. Financial groups in the development of financial mixed operation come into being.The inside information flows possibly, greatly improves the overall operational efficiency and achieves maximum benefit.Faced with pressure from the security companies and the groups, the analysts also challenge the stress in analysis process by research firms. On the one hand, the capital market financial groups as the main competitors, the goals are to maximize the interest of the groups. Affiliated security companies in order to maintain long-term customer relationships, they may put pressure on the security analysts and their research report results; on the other hand, security analysts are acted as a bridge between investors and listed companies. They must consider the interest of investors, their own reputation,and they may evaluate the firms objectively. Affiliated analysts are faced with such conflict of interest concerning exactly how to respond.In this paper, 2010--2012 data listed companies as samples to investigate the credit relationship of commercial banks affiliated to financial Groups affecting affiliated analysts' reports and the market reaction. The study found: the commercial banks affiliated to financial Groups lending to corporate borrowers happen, the earnings forecast accuracy and the degree of investment grade by affiliated analysts higher than the non-associated analysts; financial advantage by means of the flow of information within the group, the investment rating of corporate borrowers by affiliated analysts can make short-term excess returns for investors. This article that investors using brokerage analyst research reports to make investment decisions provides a theoretical reference for promoting the pilot sector operation and improves financial market supervision importantly. |
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