上市公司信息披露与分析师盈余预测分析-information disclosure of listed companies and analysis of analysts earnings forecast.docxVIP

AbstractWiththecontinuousdevelopmentandimprovementofthecapitalmarket,securitiesanalystsplayanincreasinglyimportantrole.Ontheonehand,analystsactasinformationusers,collatingandanalyzingallkindsofinformationtheyacquiredbylistedcompanies;Ontheotherhand,analystsactasinformationprovider,providinginvestorswithinformationwhichhasbeendisposedfortheirinvestmentdecisions.Securitiesanalysts’roleasanintermediaryisacceleratethespeedoftheflowofinformation,andeffectivelyimprovetheoperatingefficiencyofthecapitalmarket.However,asanimportantsourceofinformationforanalystearningsforecasts,listedcompaniespubliclydisclosethequantityandqualityofinformationwillaffecttheperformanceofanalystforecastsandtheinvestmentbehaviorofinvestors.Therefore,studytherelationshipbetweeninformationdisclosureoflistedcompaniesandanalysts’earningsforecasts,isofgreatsignificanceforimprovingthequalityofinformationdisclosureandtheefficiencyofcapitalmarkets.Thispaperfirstlyreviewedthedomesticandforeignliteraturesaboutthequalityofinformationdisclosureandanalystearningsforecasts,thenbasedontheasymmetricinformation,signaltransmissiontheoryandefficientmarkethypothesisandestablishedappropriatemodelstotestthem.ThesampleincludingShanghaiandShenzhenA-sharelistedcompaniesisconcernedbyanalystsinthetimeperiod2006to2010.Theempiricalanalysisaboutrelationsbetweeninformationdisclosureoflistedcompaniesandanalysts’earningsforecastsaredividedintothreeparts,firstusingamodifiedJonesmodeltomeasurethequalityofaccountinginformation,examinetherelationsbetweenthequalityoffinancialreportinginformationandanalystsbehavior,Second,investigatehowthemanagementearningsforecastdisclosureornot,disclosurewaysanddisclosureaccuracyaffectanalystbehavior,andfurtherexaminetheexistenceofcomplementaryandalternativerelationshipbetweenthefinancialreportinginformationandmanagementforecasts.Theempiricalresultsindicatedthat,firstly,thequalityofaccountinginformationhaveapositiveimpactontheanalystsforecasts,thatis,thecompanywithhigherqualityofinformationhavemoreac