This paper constructs a two-period model of stock recommendations to investigate how the interaction between analysts’incentive conflicts，analyst type uncertainty and market asymmetric information influence the stock price responsiveness． The results show that due to non-neutral incentive and reputation concerns regarding“status identification”，strategic reporting behavior will arise for both affiliated and independent analysts respectively． Analysts’strategic reporting，which is driven by incentive conflicts and reputation concerns，together with investors’strategic interpretation，will lead to decreasing information quality and increasing stock price volatility． Our results are independent of the non-strategic player assumption，and we also find that categorical ranking systems will help to reduce stock market volatility． These results provide theoretical supports for policies such as improving analyst’compensation schedule，strengthening information disclosure，cultivating analyst’reputation market，establishing long-term tracking system and appropriating accountability system．