Empirical Research On The Relationship Among Operating Cash Flows Articulation Errors、Management Earnings Forecast Accuracy And Debt Maturity

With the integration of the world economy, the credit risk management scholars fromvarious countries have become hot topics of concern. In bank credit, especially long-termloans, as agency costs are higher, banks are facing greater uncertainty, banks must haveaccess to adequate information to make credit decisions. For the prevention and control ofcredit risk, as the creditor financial institutions to address the existence of informationasymmetry between the two is often used as the debtor’s business through the earningsinformation. Therefore, the reliability of the information itself earnings measure the size ofthe probability that the information risk becomes a problem when the creditors need to focuson corporate debt financing considerations. Firstly, the operating cash flow as a measure ofthe estimation error information risk, examining the relationship between the duration of itsdebt. Further analysis from the motivation provided additional predictive informationmanagement can help companies alleviate the inherent asymmetry of accounting information,reduce agency costs, long-term debt maturities. and comparative analysis of differentinstitutional environment the sensitivity of it.In order to make the research data comparable, seleeting A-share Iisted companies thatreleased performance forcast during year2011to2012as samples, using linear regression onthese issues empirical analysis. The results showed that:①There is a significantnegativecorrelation between operating cash flow estimation error and debt maturity;②There is asignificant positive between debt maturity and the accuracy of management earnings forecasts;③Surplus management forecast accuracy is higher, the sensitivity of the debt maturity tooperating cash flow estimation error is lower;④With respect to the institutional environmentof the region better, worse institutional environment area, the lower the debt maturity degreeof sensitivity to the operating cash flow estimation error and management earnings forecastaccuracy.At the end of this paper, according to the result of empirical test obtains relevantsuggestions and advice.At the same time, it points out the drawbacks in the study and makesforecast to the following research about this article.