关键词: 分析师, 事件分析, 新财富, 双重差分

Abstract: Based on the suspension and restart of 'New Fortune Best Analysts', this paper studies the impact of star analyst appraisal on the financial analysis industry by using the difference-in-difference (DID) framework and other methods. It is found that rating becomes more effective after the suspension. while optimistic bias is larger, and the degree of diligence is lower among analysts. Due to the reform and restart of 'New Fortune', rating becomes even more effective after the restart, the optimistic bias of analysts decreases, but the degree of diligence increases. These results indicate that even though there are some drawbacks, the appraisal of star analyst generally improves the industry. The correct way to deal with the problems caused by analyst selection should be to improve the selection system and strengthen the self-discipline of the industry rather than suspend the selection mechanism.

Key words: analyst, event study, new fortune, difference-in-difference （DID）