Empirical Research On The Relationship Among Business Group、the Accuracy Of Management Earnings Forecast And Investment Efficiency

Information asymmetry exists between management and investors, between thecompany management and shareholders."Adverse selection" and " moral hazard" willlead to lack of investment companies and investment over. Scholars constraints listedcompany ’s main research efficiency of investment from the company point of view ofgovernance structure, debt structure perspective. However, previous studies are based onthe existing accounting data, as opposed to the traditional financial accounting historicalinformation provided in the report, earnings forecast information is a future-orientedinformation in advance, it helps to ease the management and investment informationasymmetry between, but also helps to suppress the management of opportunisticbehavior, avoid underinvestment and overinvestment ease.In addition, due to the presence of internal capital market makes conglomerates facefewer financial constraints, disclose accurate accounting information is relatively weakpower, not only to ease financing constraints conglomerates through high-qualityaccounting information in order to reduce financing costs.Paper selected from2011to2012notice issued performance of A-share listedcompanies as samples, using linear regression on these issues empirical analysis. Theresults showed that:①whether the characteristics attributed to the accuracy of earningsestimates and management of enterprise groups a significant negative correlation;②management earnings forecast accuracy and efficiency of investment was a significantpositive correlation.Finally, based on empirical results for the weak link of the policy and theenvironment, draw inspiration listed companies to improve the management of therelevant earnings forecast accuracy; pointed out shortcomings of this study, futureresearch on some suggestions and prospected.