证券分析师的利益冲突及防范对策

The analyst's conflict of interest and the way to address it

证券分析师在现代资本市场上担当着“信息传递”的角色,在增进市场有效性方面发挥着重要的作用。但是,证券分析师对投资者的投资决策进而对证券市场价格的影响能力,使他们在工作中会面临各种可能损害其独立性和客观性的潜在的利益冲突。文章试图在阐述证券分析师利益冲突问题的基础上,提出在我国建立起有效的利益冲突防范机制的一些想法和建议。

Information is the lifeblood of modern capital market. Analysts fulfill an important function by keeping investors informed and enhancing the market efficiency in price. However, due to the great influence, analysts often face conflicts of interest that can interfere with the independence and objectivity of their analysis. Based on the analysis of conflicts of interest, I want to give some ideas and suggestions on how to solve this problem in China.