中文摘要：

本文在深入剖析企业R＆D活动特性的基础上，指出R＆D活动的内在不确定性、资产专用性和财务报表对R＆D信息承载的不足，导致了企业R＆D信息不对称的产生。因此，市场需要相应的替代机制来解决R＆D信息不对称，打开R＆D信息的“黑匣子”，促进资本市场合理配置资源。本文研究表明，财务分析师正是这一替代机制的重要组成部分，我国的财务分析师会跟踪企业R＆D活动提供深层次信息，并且对R＆D活动具备相当的分析甄别能力，此外，分析师的跟踪有利于资本市场对企业R＆D活动价值的认同。本文的结论对完善我闰资本市场R＆D信息建设和认识财务分析师行为提供了相应的理论基础和决策依据。

英文摘要：

On the base of analyses of nature of R＆D activity,this paper points out that the inherent uncertainty and specificity of R＆D activity and lack of sufficient information of financial statements about R＆D have caused the information asymmetry. So,the capital market needs some alternative mechanisms to solve R＆D information asymmetry, open the ＂black box＂ of R＆D information, and promote itself effectively allocate resources. The empirical results of this study show that financial analyst is one of important part of these alternative mechanisms. Financial analysts in China can follow and care about R＆D activity to supply in-deep information and they have some discriminative abilities. Financial analyst coverage is more conducive to capital market recognize value of R＆D activity and allocate resources rationally. The conclusions of this paper help us understanding analyst behavior, and put forward some valuable suggestions and decision-making basis for China to improve R＆D informtion building.