A Study On The Factors Of The Voluntary Disclosure In Profit Forecast Of IPO Company

Accounting information plays an increasingly important role in the increasingly developing capital market. Accounting information is an important basis for decision-makers to make decision. The company in order to reduce financing costs and to meet the growing information requirements of investors, in addition to disclose the information required by the investors, it increasingly tends to voluntary disclosure of some information. In China, the profit forecast information involves in voluntary disclosure of accounting information. Profit forecast information helps properly evaluate the company's potential profit ability and helps investors make rational economic decision, so it is very useful accounting information. Voluntary disclosure of profit forecasts of information has always been mentioned by academics, listed companies' and investors' attention. This article is from this point of view, using a combination of normative and empirical research methods and trying to demonstrate estimates factor of voluntarily disclosed earnings information in all aspects.This paper first introduces the research background, methods, structures and innovative, followed by disclosure the information from the theoretical basis of the profit forecast. After that, it analyzes the motives of the voluntary disclosure of information in the profit forecast. Secondly, the profit forecast of China's system development process and the current profit forecast system are described, but also leads to two basic modes of information disclosure and characteristics of comparison, and then analyzes the relations of the voluntary disclosure and mandatory disclosure .Finally, it analyzes the special background of the profit forecast in China's system and analyzes the disclosure of information profit forecasts from the system level. Finally, sums of the main factors which impact IPO companies' voluntary disclose during the profit forecast, chooses the 95 IPO companies from January 1, 2007 to December 31, 2008 as the sample data, uses Logistic regression model to analyze the factors which impact IPO companies to voluntarily disclose information on profit forecast. The results show that:Net return on assets and the directors and monitoring equity ratio are positively associated with the voluntary disclosure of China's IPO Earnings forecast; company's asset-liability ratio and the type of industry are negatively associated with the voluntary disclosure of China's IPO Earnings forecast. They have emerged varying degrees of significance of the impact of explanatory variables. The proportion of independent directors, Big4 and forecast variables' impact are not significant; equity concentration and firm size are not related to the voluntary disclosure of China's IPO Earnings forecast.Finally, this paper sums up the full text and refers to the limitations of this study and the follow-up study prospects.