Research On Disclosure Of Financial Forecast Information Of The Listed Companies In China

With the development of capital market, accounting information plays an increasingly important role. To reduce the financial cost, improve self-image and adapt to the growing information requirements of investors, the listed companies’managements pay growing attention to some relevant and reliable information disclosed to investors.As part of the accounting information in predictive information, the financial forecast information is increasingly concerned by the capital markets because of its importance and relevance in investment decision. The financial forecast information specific including forward-looking information future financial position, operating results and cash flow situation reflects the future value of the listed companies. It is of great practical application value of financial forecast information disclosing listed corporation accurately and kindly for the interests of investors, the listed Corporation, the effective allocation of social resources. But because of the unpredictability and the existence of risk, the disclosure supervision system of all over the countries in the world is not the same.Based on the financial forecast information disclosure system of the United States of America, this thesis analyzes the difference of the financial forecast information disclosure system between USA and China in the aspects of disclosure principle, regulations system construction. The contribution of USA in financial forecast information disclosure system, which includes the construction of financial forecast information disclosure system, the establishing in Safe harbor rule and civil liability system, can be extracted. These advantages provide a reference for financial forecast information disclosure of China, which make China provide information comprehensively and promptly with the combination of compulsory and voluntary. Taking the manufacturing industry as an example, this thesis choose one hundred and six companies as the studying sample under the framework of Chinese listed companies’financial forecast information disclosure system. This thesis not only analyzes the general situation, the continuity and regional distribution of financial forecast information disclosure in listed companies’ annual report but also the overall condition, characteristic and actual performance of disclosure in listed companies’earnings pre-annunciation. There are a lot of shortcomings in the disclosure of Chinese listed companies’ financial forecast information by analyzing carefully which reflected in the subjectivity for disclosing financial forecast information voluntarily is poor, the quality of financial information disclosure is not high and there is lack of effective supervision about financial forecast information.In the basis of mastery of the financial forecast information theory and following the principle of financial forecast information disclosure of the listed companies in China the basic premise, this thesis puts forward to the suggestions and measures to improve the financial forecast information disclosure of the listed companies in China through the analysis of the advanced experience of the United States, and disclosure of current situation of China. Initially, financial forecast information disclosure in the environment of system should be optimized; besides, the audit and supervision of the financial forecast information disclosure should be strengthened; finally, the awareness of self-protection of investors should be enhanced.