【作者简介】陆益龙，中国人民大学社会学理论与方法研究中心；李光达，中国人民大学社会与人口学院

【文章来源】《社会学研究》2023年第5期

【内容提要】在金融市场上，券商分析师角色特殊，他们收集、整理和分析上市公司信息，研判证券市场走势，制作研究报告，为投资者提供专业化投资建议和服务。由于研报使用价值减弱，分析师“做研报”演变为符号生产，“卖研报”嵌入券商与机构投资者、分析师和基金经理的社会关系网络。研报生产经营行动映射出金融与社会关系的结构变迁，表明金融化社会在悄悄兴起，金融嵌入与脱嵌问题再现了金融化社会形成的轨迹，也预示着金融化潜在风险及其根源。

【关键词】证券研报；券商分析师；符号生产；关系嵌入；金融化社会

【项目基金】本文为教育部哲学社会科学研究专项“党的二十大精神研究”成果。

【全文链接】http://shxyj.ajcass.org/Magazine/?Year=2023&Issue=5

Symbol Production, Relation Embeddedness, and the Operation of Research Reports——The Actions of Brokerage Analysts and Their Social Embeddedness

Abstract：In the financial market, analysts of brokerage firms play a special role in collecting, collating and analyzing information on listed companies, researching and judging the trend of the securities market, producing research reports, and providing professional investment advice and services to investors. As the value of research reports diminishes, analysts' 'research report production” has evolved into symbol production, and 'research report selling' is embedded in the social network of brokerage firms with institutional investors, analysts and fund managers. The production and operation of research reports maps out the structural changes in the relationship between finance and society, and signals the quiet emergence of a financialized society, and the issue of 'financial embeddedness and de-embeddedness” not only reproduces the trajectory of the formation of a financialized society, but also implies the potential risks of financialization and its root causes.