| As an important part of contemporary capital market, securities analysts have more professional analysis ability and play a very important role in collecting, analyzing and spreading the information of the listed companies compared with the majority of ordinary investors. After American "institutional investors" magazine first put forward the "best analyst" selection activities, China’s "new fortune" magazine learns from its practice and releases "best analyst" voted by institutional investors every year in China since 2003. In our country, the influence of the best analysts increased year by year, and the best analysts are not only favored by all securities companies and institutional investors, but also have aroused wide concern of the general investors. It is worth noting that the best analyst selection rules are they are voted by institutional investors, rely too much on the subjective judgment of institutional investors, lack of practical and objective evaluation index. So it is particularly necessary to study whether the best analysts’recommendation ratings can bring excess return, whether the best analysts’ are better than the ordinary analysts’, whether the best analysts’ recommendation rating changes are more valuable than the others and so on.By using event study, this paper makes a comparative analysis of the investment values of the best analysts and the ordinary analysts’ recommendation ratings and changes based on 6724 sample data in 2013-2014 from A-share stock market and GEM in China. The study found that securities analysts in China rarely making negative recommendation ratings, and the securities analysts’recommendation ratings having investment values, but some private information has been revealed before the publication of recommendation ratings; the best analysts’recommendation ratings are more valuable than the ordinary analysts’in the short period but slightly inferior in the long period, and the situation that private information has been revealed is more serious; the securities analysts’ recommendation rating changes have investment values and the changes of "buy" and "overweight" recommendation ratings done by the best analysts are more valuable than the ordinary analysts’, but there is no obvious advantage in the changes of "neutral" recommendation ratings. |
