The Study On Financial Forecast Information Disclosure Of Financial Listed Companies

With China’s rapid development of economy, the capital market is becoming more prominent in the national economic system. While the information disclosure system is not only the basis of the existence and development of capital market, but also the fundamental premise of building a fair, impartial and open securities market and protecting the interests of investors. The financial industry holds an important position in China’s listed companies, so his information disclosure is of great importance for stability and healthy development of capital markets. The reasons of U.S. subprime mortgage crisis that broke out a few years ago are a lot, one is lack of information disclosure transparency and sufficiency. Due to the huge impact on the capital market and the economy as a whole, the establishment and improvement of information disclosure system enjoy great focus and popularity.The financial forecast information which is the best estimate of the company’s future financial position, operating results and cash flow is response to future economic matters according to the actions taken by regulatory authorities for possible future events or assumptions.The disclosure of predicted information can make up for the asymmetry between company management authorities and external information users, preventing the harm of insider information and insider trading on the capital market, in order to build a fair, impartial and open securities China market has yet to establish a sound financial information disclosure system, the financial forecast information disclosure suffers from a lot of problems such as low quality, inadequate disclosure. All the listed companies, including financial listed companies do not have any available reference or standard.The financial forecast information cannot play its due role in the market.Looking abroad, such as the U.S which is a highly developed country enjoys a relatively complete information disclosure system.The development process of information disclosure is also experiencing ups and downs, from the prohibited disclosure stage at the beginning and then non-mandatory disclosure, eventually developed into the voluntary disclosure and mandatory disclosure combined. Some of the features may also provide a good reference to China’s system of construction, for example:to classify the different financial forecast information, to introduce the principle of pre-warning, and to develop safe harbor rules.After understanding the theoretical basis of the financial forecast information, and analyzing our financial forecast information and the advanced experience of US, we can come to know the recommendations for China to improve the information disclosure system, including to build a sound financial governance structure and information disclosure system, clear division of responsibilities, strengthen the supervision of the financial forecast information disclosed.