An Empirical Examination Of The Correlation Between Corporate Governance And Voluntary Disclosure Of Information About Management Earnings Forecast

Based on decision-usefulness view，investor decision-making is closely relatedwith the company’s future business activities and financial status of predictiveinformation. With the development of capital markets and the behavior of investorsbecoming more rational, investors’ information needs of profit forecasts are growing.Broadly speaking, performance prediction information is just one kind of profitforecasts information. Performance prediction information has an important role inguiding investors to analyze the company value. Meanwhile, it can promote thesupervision of the regulatory bodies for listed companies and play a regulatory andsupervisory role in managing business activities.Therefore, performance predictioninformation attracts the academic and business circles more and more attentions.Domestic performance prediction studies have focused on the following threeaspects: the construction of the normative system analysis, performance predictionsystem for the implementation of the results of descriptive statistical analysis andbased on a different background, disclosure of performance prediction informationcontent problem. Perspective of the study is relatively simple. With the constantconstruction and improvement of the performance prediction system and disclosure ofinformation, this provides a broader perspective and the reality of institutionalconditions for our further study. Researches on the performance of listed companiesdisclosed features, the disclosure strategy of the management performance of noticeand disclosure of motivation and influencing factors have important practical andtheoretical significance.This article is divided into five chapters: the first chapter is an introduction,which contains the main research background, the research questions, the relevantdefinition, the development process of performance prediction system, research methods, as well as major contributions. The second chapter is a literature review,summarized the researches of domestic and international factors, the impact on theperformance prediction of the voluntary disclosure, including the corporategovernance factors and firm characteristics factors. This paper studies the impact ofcorporate governance factors on the performance prediction of voluntary disclosure ofcharacteristics. Firm characteristics factors in this study are control variables. Thethird chapter is the theoretical basis and assumptions. Based on agency theory andsignal transmission theory, this paper explains the impact of corporate governancefactors on the performance forecast information disclosed. The author divides thecorporate governance factors into three aspects: the ownership structure, boardcharacteristics and managerial ownership, and then submits the relevant theoreticalassumptions. The fourth chapter is the study design, including data sources, variableselection and model. Research data is from Wind database and CSMAR database,according to the needs of research to establish the final sample. The author choosescorporate governance variables as the explanatory variable, firm characteristics andannual dummy variables for the control variables, whether voluntary disclosure, thedisclosure of the timeliness, accuracy, accuracy for the four dependent variables, thenconstructs four mathematical models. The last chapter is the empirical research. First,the author gives descriptive statistical analysis on the independent variables, controlvariables and the dependent variables. Secondly, we can verify the model. by themethod of logistic regression and multiple linear regression. Finally, this paper givesexplanations to regression results of the model and puts up with some policyrecommendations and future research prospects.Through the empirical test of the hypothesis, we draw the following conclusions.Factors of the firm characteristics play a significant impact on the voluntary disclosure willingness about the companies’ performance forecast. The beginning total assets and long-term liabilities have a significantly negative impact on disclosure willingness; apart from the board size, the other factors of corporate governance factors also havea significant effect on the voluntary disclosure willingness of the performance forecast. ownership concentration has a weak positive effect on the disclosure of performance forecast, the degree of equity balance and have a strong positive impact on it; the p roportion of managerial ownership and the total payment of executives have a strongpositive effect on it; as the board size has a strong linear relationship with constant, leading to the negative impact on voluntary disclosure of performance prediction is notsignificant.