Corporate Governance,Earnings Quality And The Accuracy Of Analysts' Earnings Forecast

At present time,our capital market is still a weak-form efficient market,it has information asymmetry and other problems.Compared with the information which released by the listed company,investors are more likely to believe the earning forecasts which released by security analysts in securities company.As the users and providers of information,compared with ordinary investors,security analysts have more professional knowledge and technology,have ability to identify and quantify the information,then make earning forecasts.Previous empirical study reported that,the earning forecasts made by security analysts are valuable,they have influence on the investment decision of investors,and improve resource allocation efficiency in capital market.Based on the characteristics of listed companies,it provides a critical source of information for the securities analysts' earnings forecast.This paper argues that corporate governance,as an important feature,runs through the entire life cycle of the company and delivers many information to the analyst,thus influencing the analyst's earnings forecast.The In fact,more scholars directly link the company's surplus characteristics information to the analyst's earnings forecast and do not delve into the impact of corporate governance on analyst earnings forecasts.Based on the existing research,this paper selects the listed companies in Shanghai and Shenzhen A-share as a research sample from 2011 to 2015,and based on the intermediary effect test methodology,use the descriptive statistics,correlation analysis,regression analysis and robustness test and other empirical research methods to analyze the relationship among governance level of listed companies,earnings quality and the accuracy of analyst earnings forecast.The results show that the higher the corporate governance level,the higher the accuracy of the analyst 's earnings forecast,and the earnings quality will play a part of the intermediary role in the process of influencing.Finally,this paper proposes to improve the governance level and the quality of earnings of listed companies,securities analysts should strictly regulate their own behavior,and gives invest advice to investors in proposals to further improve the efficiency of capital markets.