The Factors Of Voluntary Disclosure In Earnings Forecast Of Ipo Company

Information disclosure as a market "open" principles of the foundation, has become a modern capital market development, the basic idea and power source of the modern corporate finance theory, corporate governance theory to discuss the core issues. The listed company's voluntary disclosure of information the disclosure of information as the stock market an important part, has been academia, listed companies and investors attention. Issuance of new shares to implement approval system, profit forecasts, the information is no longer an IPO but the basis for voluntary disclosure of information, profit forecast of China's initiative to publish information on the number of companies have emerged IPO dropped, in this context that affect China IPO's voluntary disclosure of the factors that have important significance.In this paper, the two basic theories of voluntary disclosure start with the analysis of information disclosure in China profit forecast after the voluntary nature of the situation, from the governance factors and non-governance factors, which affect both the causes of voluntary disclosure and made a theoretical analysis of 10 relevant assumptions. The theoretical basis of the analysis, we March 15, 2001 to December 31, 2008 issued a prospectus between the 437 IPO companies, including information the disclosure of profit forecasts for 78 companies as the research sample, using factor analysis-Logistic regression "double step" method of hypothesis testing. Regression analysis showed that: trade, growth, forecast period, the volatility of earnings, debt levels and the relationship between the voluntary disclosure was not significant; company size, profitability, with "good news", the management equity ratio, equity concentration, accounting firm's reputation with the voluntary disclosure of significant positive correlation; the proportion of independent directors with the voluntary disclosure of a significant negative correlation.Finally, on the basis of the above-mentioned empirical studies draw on advanced foreign experience in information disclosure, combined with the actual situation of China's listed companies, proposed to increase the company's profit forecast of China's IPO voluntary policy recommendations.