中文摘要：

证券分析师旨在担当投资者和上市公司之间的信息中介,但由于缺乏有效的监督治理机制,导致其在声誉机制与市场环境交互效应下的角色异化。具体表现为：当处于牛市时,明星分析师和非明星分析师无显著差异,均迎合了投资者情绪,未能反映公司特质信息;而当处于盘整市和熊市时,明星分析师和非明星分析师均能反映公司特质信息,且明星分析师的作用更为显著。检验结果证实,分析师存在＂明星效应＂,但因市场环境不同而存在差异。因此,为规范中国证券分析师行业的发展,应从多层面加强、规范分析师的信息解读能力,发挥声誉机制的治理作用。

英文摘要：

Securities analysts act as information intermediaries between investors and listed compa- nies, however, due to the lack of effective supervision and governance mechanisms, their roles are led to be alienated under the interactive effects between reputation mechanism and market environment. The specific expressions are as follows： when the market is bull, there is no significant difference be- tween the star analysts and non-star analysts, both appeal to the emotions of the investors and neither would tell them the specific business information. When the market is in consolidation and bear, both star and non-star analysts can tell the specific business information, and the function of the star ana- lysts is more significant. The results confirmed that the ＂star effect＂ of the analysts does exist, but it varies in different market environment. Therefore, in order to standardize the trade development of China＇ s security analysts, the information interpretation ability of the analysts should be strengthened and standardized at different levels, so as to give the reputation mechanism a full play in the gover- nance.