中文摘要：

证券分析师作为重要的市场中介，已经引发了学界高度关注。本文选取2003-2009年A股分析师预测数据，从市场信息的角度，通过考察在盈余公告当日信息含量以及前后5周内分析师预测的信息含量之间的交互影响，探索了信息竞争和信息补充这两种角色的相互关系。结果发现：（1）分析师的这两类角色并不矛盾，在盈余公告前，分析师更倾向于披露年报中尚未披露的信息，存在着与年报相互竞争的关系，扮演信息竞争的角色；而在盈余公告后，分析师更倾向于解读年报中的相关信息，进而对年报信息补充，从而扮演信息补充的角色；（2）进一步，我们考察了信息风险对于分析师市场功能的影响，研究发现，企业的信息风险越高，分析师进行信息补充的动机就会降低。

英文摘要：

Securities analysts, as an important market intermediary, have led to academic attention. Based on the analyst＇s forecast data of A-share from 2003 to 2009, the paper discusses the relationship between the information content of earning announcement and the information content of analyst research. Using the market reaction as the information content, the paper finds out： （ 1 ） Information competition dominates in the week before earning announcement, and information complement dominates in the week after earning announcement. （2） In addition, we examine the relationship between the information risk and market function of securities analyst. The result suggests that when the enterprise＇s information risk is higher, the analyst will reduce the motivation to the information complement.