中文摘要：

本文以券商为研究对象，实证检验了券商利益和信息优势对分析师预测和评级的影响。研究表明，分析师总体预测质量较差，市场对评级做出反应；因规模、承销关系具有的信息优势提高了预测质量，但市场能识别其中的利益冲突；市场也能识别分析师对券商自营重仓股、机构重仓股评级中的利益冲突；明星分析师的预测偏差较小；券商总部邻近京沪深三地之一所带来的信息优势可降低预测偏差，为投资者带来超额正回报；该结论有利于对分析师预测及评级进行甄别，从而保护投资者利益。

英文摘要：

We provide an empirical analysis of the influence of the brokerages＇ information advantage and their interest on ana- lyst＇ s forecasts and recommendations. Our results show that the overall forecast quality is poor while the market does react to the recommendations. As expected, economic scale and underwriting relationship produce information advantage for the ana- lysts, but the market can discern the conflicts of interest for brokers＇ self-trading stocks and the institutional investors＇ heavy-holding stocks. Forecasts of star analyst are more accurate. Brokers with headquarter in economic centers have informa- tion advantage.