Gem Profit Forecast Information Disclosure System

Earning forecast information is a direct prediction of the enterprise's profitability in the future, and it always can have tremendous influence on the stock price, as well as be referenced by the investors when they make a strategic decision. In order to ensure transparency in the stock market, the earning forcast information should be disclosure. However,it is vulnerable to abuse, so there is no imperative rules of law for the disclosure of earning forecast information . On the other hand, the second board market has its own characters, comparing to the main board market. There is a more close relation between the second board market and earning forecast information, the earning forecast information can have a more significant influence on the second board market.For this reason, this paper has done some research on the Main Board experience, analyse the system of the earning forecast information of the second borad market, and present some recommendations on improving the relevant legal system.The paper includes preface, main text and conclusion. The main text is divided into three chapter:In the first chapter, we have introduced the earning forecast information disclosure, including its concept and characteristics. Secondly the author analyzes the theoretical foundation of earning forecast information disclosure legal system from the view of economics and law. Finally, it introduce the second broad market,analyse the characters of this second broad market and the special relation between the second broad market and the earning forecast information, as well as the usual legal system of the developed second broad market towards the earning forecast information.The second chapter is the existing situation of China's earning forecast information disclosure legal system in the second broad market. In this part, the author first introduce the existing statute laws on the disclosure of the second broad market's earning forecast information . Then the author ?analyse the real condition of the enterprise's disclosure through the first 28 prospectus. The author discover that the earning forecast information do can give the user some useful information, however, the enterprises'desire to disclosure the forecast information is very low. In the second part of this chapter, the author express her worry on the development of the second broad market's earning forecast information disclosure, and also confirm her worry through the main board's experience.The third chapter is some advice on improving the legal system of the earning forecast information in the second board market. The author confirm that it is unreasonable to replace the Mandatory rules by voluntary rules. After comparing the mandatory disclosure and the voluntary disclosure, the author use the spirit of the economic law to confirm the mandatory disclosure will be the proper selection for the second board market. Finally, the author give some advice on improving the contents of the earning forecast information disclosure as well as the mode. Last but not the least, the author also have done some research on the quality of the earning forecast information.