Research On The Impact Of Institution Vicissitude On Reliability Of China's IPO Earnings Forecast

IPO means Initial Public Offerings; it's one of the important canals of raising funds for the company, and also is the investment way which the general investors is familiar with, so the earnings forecast information which IPO corporation announces invests one of policy-making important bases as the investor, also becomes the hot spot to its reliable research which the scholar pays attention to. To the earnings forecast information, it has compulsory and voluntary forecast disclosure institutions which are two relative viewpoints. Each one has the formidable theory support in academic circles and the successful models in the various countries' practice utilization. Our country has also experienced the vicissitude from compulsorily to voluntary earnings forecast disclosure institution, therefore this article study on the reliability of IPO earnings forecast information that bases on institutions vicissitude and do some exploration about most suitable information disclosure institution in China.The paper primarily includes the following contents. Firstly, the paper introduces the studying backgrounds abroad and home. Secondly, it elaborates the theories of two kinds of institutions. Thirdly, it introduces the development of institutions vicissitude and the investigation to the investors and IPO corporations in China, Fourthly, the paper analyses the reliability of earnings forecast information on the two different institutions. In terms of the research approach, the paper uses Correlation Analysis, Factor Analysis, Regression Analysis and other means to analyze the relationship between the reliability of earnings forecast information and its influence factors. Finally, the paper put forwards the proposal about establishing a new kind of information disclosure institution.In the end, the paper finds the following important conclusions. The reliability of earnings forecast information is not high no matter what institution. Operating income and operating expense are the most important influence factors. More and more factors display function on information reliability. Meanwhile, it's necessary to establish the compulsorily forecast disclosure institution which takes the good faith as the core, standard facilitating agency and strengthens the supervising and managing measure to promote the development of forecast disclosure institution in China.