Study On Relationship Between Voluntary Accounting Information Disclosure Of Listed Company And Analyst Profit Prediction

Accounting information disclosure plays a very important role in maintaining thehealthy operation of the stock market. One the one hand, the listed company could deliverinformation to investors via accounting information disclosure; one the other hand,investors could learn the financial condition and business performance of listed companyaccording to the accounting information disclosure. In recent years, with the worldwideexpansion of the capital market and more access to the financing channels, the competitionof the listed company is more and more impetuous. In order to raise more capital, the listedcompany has enough incentive and willing provide more accounting information, which isvoluntary accounting information, beyond mandatory disclosure. However, because of theexpertise, randomness and ordinary investors’ cognitive limitation of the voluntaryaccounting information make ordinary investors have some certain obstacles to analyze thevoluntary information. So, this kind of situation highlights the importance of securitiesanalyst industry. Hereon, this paper studied if the disclosure of voluntary accountinginformation had significant impact on the profit forecast of securities analyst.This paper built its own system index to be the measurement of voluntary accountinginformation disclosure, selecting samples from the main board A shares of The StockExchange of Shenzhen. First of all, evaluating the condition of voluntary accountinginformation disclosure of China’s listed company and analyzing the reasons of existingproblems; Second of all, testing the response between disclosure of voluntary accountinginformation and profit forecast of securities analyst from the veracity of profit forecast, thediscrepancy of profit forecast and following number of analyst, by setting up multipleregression equation, using descriptive statistical analysis, correspondence analysis andmultivariate regression analysis. The empirical results show that the disclosure degree ofvoluntary accounting information was positively correlated with the accuracy of profitforecast, positively negative with the discrepancy of profit forecast and the number ofanalyst. The author thought analysts are the important demand subject of listed companyaccounting information disclosure, according to the theory of co-ordination of supply anddemand, accelerating the mature and normalization of analyst industry, taking advantage ofdemand boosting demand, could effectively improve the disclosure degree of listedcompany voluntary accounting information.