The Discussion Of Financial Forecast Information Disclosure Of The Listed Companies In China

With the development of stock market,the disclosure of financial forecast information has been mentioned in several codes,and contents and forms have been improved.However,as they are released by different departments,such as China Securities Regulatory Commission,Shanghai Stock Exchange,Shenzhen Stock Exchange,and so on, there are no tailored regulations of financial forecast information,and the existing regulations of financial forecast information don't always coincide with each other.Practically the quality of financial forecast information disclosed by listed companies is rather poor.It is changeful and it does not always go with the true financial performance of listed companies.Thus,the misleading investors less and less trust these disclosers.On the other side,most of these listed companies are not punished by laws;they are not responsible for paying for losses of their investors.With reference to the success of financial forecast information of U.S. public companies,this article aimes to discuss improvement of financial forecast information disclosure system and corresponding responsibility system.There are three parts including introduction,main body and ending.Introduction is about background,importance,summary of reference articles,researching steps and measures,and structure of this article.The main boby includes four chapters:Chapter 1,theories of financial forecast information disclosure.This chapter includes:some main conceptions about financial forecast information,classification of financial forecast information disclosure,quality characteristics of them,and theories of them,which are efficient market theory,asymmetric information theory,and decision-usefulness theory.Chapter 2:a full introduction of the process of financial forecast information disclosed by China listed companies,problems in the process,and reasons of these problems.These problems include:inadequate provision,lack of details,inaccuracy and being changed abnormally.These are mainlly due to disclosure cost limitation,deficiency of staff quality, imperfect company structure, incomplete disclosure regulations,lack of control of these information disclosure,and dysfunctional stock market.Chapter 3:a full introduction of the process of financial forecast information disclosed by U.S.public companies,and what we can learn from his success.At first,U.S. didn't allow to disclose financial forecast information,and then it encouraged to,and now it distinguishes information which must be disclosed from what can be decided to disclose or not by its discloser.According to his success,we should establish adequate regulations about preparation of financial forecast information; we should establish Safe Harbor Rule.If it is accompanied by meaningful hints about risks,and these satements have no relation with investors' decision,forecast statements,such as forecast,estimate,or predition,can not be sued of.The key is it's applicable only to forecast statements,rather than present or historical statements.Chapter 4:some suggestions for a better financial forecast information system.It includes:to improve staff professional ehtics,to make company structure better,to build a more functional stock market,to make some disclosure regulations as high as laws,to disclose more details and rich disclosure forms,to establish sound civil liability regulations of fake financial forecast information,and to establish regulations for innocent disclosers to be free of civil liability.Civil liability regulations can prevent intented disclosers from cheating investors by fake information.Thus,there should be less risks for investors.Free-of-civil liability regulations can encourage listed companies to disclose financial forecast information without punishment.The two are complementary.Financial forecast information,including performance predition,has been more and more important in stock market.In order to protect investors and improve information quality,there should be a sound financial forecast information disclosure system,especially sound civil liability regulations and free-of-civil liability regulations.The innovation of this article lies in:basing on classification and quality characteristics of financial forecast information disclosure,and referring to U.S.public companies' successful financial forecasr information disclosure,this article gives some suggestions for a better financial forecast information disclosure system.