中文摘要：

本文从券商利益和信息优势视角对分析师评级修正的信息含量及市场反应进行了研究。结果显示：分析师评级修正具有信息含量，市场能识别并做出反应；机构重仓股、明星分析师的评级修正具有信息含量，市场认为其“上调”和“维持”评级值得信赖；因规模、地理接近、承销关系而具有的信息优势并未增加评级修正的信息含量；本文的研究丰富了分析师相关理论，研究结论有利于对不同券商属性下分析师评级修正进行甄别，从而保护投资者利益。

英文摘要：

This paper examines the information content and market reaction to analysts＇ recommendation revision from the perspective of brokers＇ conflicts of interest and information advantage. The results show that：analysts＇ recommendation revisions do have information contents and the market react. Revision to institutional investors＇ holdings and revision made by star analysts have information contents, and their ＂up＂ and ＂maintain＂ revisions can bring positive return. Information advantages coming from scale, geography adjacent and affiliation relationship can＇t bring more information contents. It enriches researches on analysts and can protect investors＇ interest by discerning analysts＇ recommendation revision under different brokers＇ characteristics.