The Research Of Voluntary Disclosure In IPO Profit Forecasts

Among the information disclosed by listed companies, accounting information has been predominant. For the present, accountancy in China makes a lot of studies on the information content of historical accounting information. On the contrary, it is seldom studied on predictive one. With the development of China's capital market, the investors'demands for predictive information are ever-increasing. Profit forecast is very important for the investors to make policy. In the backdrop of intensification of capital market competition, the manager has intension of disclosing more reliable information to attract the investors. In fact, we find that quite a few listed companies take the silent attitudes to the profit forecast.However, according to statistics, after changing the China's IPO profit forecast to be disclosed voluntarily, the amount of companies which disclose the profit forecast is decreasing year by year. What is the reason? This paper takes the voluntary of IPO profit forecast disclosure as the nuclear object to analyze its development and specific background in China, as well as to study its voluntary state. Meanwhile, the paper will use the demonstration to analyze and seek the factor that effect the voluntary profit forecast of listed companies. Demonstration research has shown that the governance structure of listed companies Have little effect to the voluntary profit forecast disclosure, so it is needed to improve the domestic governance structure of listed companies.The innovation of the paper is to study the feature of IPO system in China's listed companies intensively, and go deep into the factor which affects the voluntary profit forecast from three aspects: the company's equity structure, governance structure, and ability to profit. Moreover, the paper tables some proposals on improving the domination market and incentive system of shares ownership.