As one of the important means of equity refinancing in listed corporations, the equity private placements have been widely concerned by the capital market. Based on equity private placements in A-share market from 2013 to 2015, the paper makes an empirical analysis on the factors influencing optimistic tendency of security analysts’ recommendations from the perspective of the external environment and the analysts themselves. Empirical results show that underwriting relationship，analysts’ high reputation and analysts’ earnings forecasts have a positive effect on the optimistic tendency of analysts’ recommendations, while security companies’ high reputation and great size restrain the optimistic tendency of their analysts’ recommendations to a certain extent. Furthermore, the time span from analysts’ prediction date to equity private placements announcement date has negative effect on analysts’ recommendations’ optimistic tendency, but this kind of effects is not significant.