在股票价值不确定的条件下，投资者对它的评估是一个在证券分析师影响下的社会认可过程。本文利用中国A股上市公司的数据，从社会认可视角研究了证券分析师预测与上市公司股票溢价之间的关系。研究发现，在控制了其他因素之后，证券分析师预测对上市公司股票的溢价存在三种作用机制：关注度机制、权威度机制和一致性机制，证券分析师预测主要通过机构投资者来影响股票溢价。本文为认识股票价格对基本价值的偏离及证券分析师预测在其中的作用提供了一种可能的解释。

Under conditions of stock value uncertainty, investors’assessment of stock value is a process of social recognition under the influence of securities analysts. Using data from Chinese A-share listed companies, this article investigates the relationship between securities analysts’forecasts and listed companies’stock premiums from a social recognition perspective. It is found that after controlling for other factors, there are three mechanisms of securities analysts’forecasts acting on the stock premiums of listed companies: attention mechanism, authority mechanism and consistency mechanism, and securities analysts’forecasts mainly influence stock premiums through institutional investors. This article provides a possible explanation for understanding the deviation of stock prices from fundamental values and the role of securities analyst forecasts in it.

本文是国家社科基金项目“金融从业人员劳动过程研究”(一般项目：19BSH108)的阶段性成果。本文受到中央财经大学一流学科建设项目“推动共同富裕背景下金融社会学的理论创新与实务发展”（项目号021451622002）的资助。

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