证券分析师在上市公司和投资者间起到了重要的信息中介作用。然而，在现实生活中，证券分析师的行为不可避免会受到一些主观和客观因素的影响。因此，他们所做出的盈余预测通常是不准确的，这势必会导致资本市场的低效率。本文以中国资本市场为背景，研究公司特征与证券分析师关注度之间的关系。公司特征主要包括以下三个方面，即基本特征、治理特征和财务特征。不同的公司特征会影响到对分析师服务的需求或供给或同时影响供求两个方面，并最终影响证券分析师对公司的关注程度。接下来，本文使用LOGISTIC多元回归模型实证研究了公司特征与证券分析师关注间的关系。最后，本文建立了一个证券分析师关注度识别模型，用来发现什么样的公司更容易受到证券分析师的关注。虽然有大量的文献研究分析师行为，但绝大多数研究都集中在对发达国家的分析师行为的研究上。本文以中国上市公司为样本，通过借鉴发达国家的经验，试图深化我们对发展中国家证券分析师在资本市场中作用的理解。

Financial analysts play an important role as intermediaries between firms and investors. In the marketplace it is inevitable that analysts’ behavior is influenced by both subjective and objective factors. As a result their earnings forecasts, more often than not, are inaccurate, which leads to a low efficiency in the capital market. In this thesis, I investigate the relations between firm characteristics and analysts’ behavior in the Chinese setting. Firm characteristics mainly include three aspects, namely basic characteristics, governance characteristics and financial characteristics. Diverse firm characteristics are expected to influence the demand and/or supply sides of analysts’ services, and subsequently affect analyst following. Next, I employ a logistic regression model to empirically test the relationship between firm characteristics and analyst following. Finally, an identifying model is established to find out which kinds of companies are more easily followed by analysts. Despite the existence of a large number of related studies, most of them focus on the analysts’ behavior in developed markets and fail to take into account the specificities of emerging financial markets. This thesis takes Chinese companies as an example and by using the experience of developed countries for reference, aims at deepening the current understanding of analysts’s influence on capital markets in economically less developed countries.