An Empirical Analysis On The Quality Of Earnings Forecast Of Listed Companies

Based on the basic theories of the disclosure of accounting information, the basic theories of earnings forecast and it's disclosure are reviewed. And based on these reviewed theories, the quality of earnings forecast is considered to a great degree be affected by institutional factors in this paper, so some countries' institutions of earnings forecast are compared, and our country's actual institution of earnings forecast is valued. And then, in the fourth and fifth chapter of this paper, the quality of earnings forecast of Chinese listed companies are studied from the aspects of relevance and reliability of earnings forecast. In the study of the relevance of earnings forecast of Chinese listed companies, the results show that the limitation of our actual institution of earnings forecast and the particularity of our securities market bring on the problem of the relevance of earnings forecast. And in the study of the reliability of earnings forecast of Chinese listed companies, the subjective and objective influencing factors of the the reliability of earnings forecast are firstly analyzed, then the relationship between the reliability of earnings forecast and the influencing factors is studied, and the results of this study show that companies with a higher ratio of independent directors to total directors will have a higher reliability of earnings forecast and that the percentage of the stock owned by the directors and the concentrative degree of ownership are in reverse to the reliability of earnings forecast, and besides, the ratio of total debt to the equity value of the company and the period of earnings forecast also affect the reliability of earnings forecast. Finally, based on the front studies, this paper puts forward some advice on proving the quality of earnings forecast of our listed companies...