中文摘要：

《新财富》杂志评选出的最佳分析师在我国证券市场的影响力越来越大。以沪深A股2005年-2008年的数据为样本，对比分析了最佳分析师投资评级和一般分析师投资评级的投资价值。研究发现：相比一般分析师，最佳分析师的买入／卖出评级对市场的短期影响程度更高，这种优势在牛市和熊市中有差异，牛市中最佳分析师投资评级的优势更加显著；从长期看，两者的买入／卖出评级的投资价值没有明显区别。这表明分析师的声誉和投资评级表现之间存在一定的正相关关系，从短期来看，最佳分析师的投资评级更有投资价值。

英文摘要：

This paper makes a contrastive analysis of the investment values of investment ratings done by star analysts and other analysts based on the 2005 - 2008 data from A stock market in China. The paper finds that star-analysts＇ ＂buy＂ and ＂sell＂ ratings have a more significant effect on stock price than other analysts＇ ＂buy＂ and ＂sell＂ ratings in the short period, and this advantage is more significant in the ＂bull＂ market. But in the long period, there is no significant difference between them. The result indicates that star analysts＇ investment ratings are worth more than other analysts＇ investment ratings in the short period.