基于中国股票市场的数据,根据股价对评级修正的反应,本文实证研究了证券分析师荐股评级修正的羊群行为及其影响因素。研究发现:分析师荐股评级修正存在明显的羊群行为,并且下调评级较上调评级更易发生羊群行为;除了分析师经验,分析师所属咨询机构的声誉、信息透明度和分析师跟踪上市公司的数量也显著地影响其羊群行为。 Based on the data of Chinese stock market, according to the response of stock price to rating correction, this paper empirically studies herding behavior and its influencing factors of stock analysts’ rating recommendation. The study found that there was a significant herd behavior in the analyst rating recommendation and the herd behavior was more likely to occur when the downgrade rating was raised. In addition to the analyst’s experience, the reputation of the consulting firm to which the analyst belongs, the transparency of information, and the analyst’s follow- The number also significantly affects herd behavior.