Company Operating Performance,Earnings Management And Analysts' Forecast Errors Of Earnings

In recent years,with the development of China's securities market,China's securities analysts have also grown.As the main means of analysts take part in the market,their earnings forecast report become more and more.On the other hand,due to increased demand for information and the asymmetry of information,investors pay more attention on the analysts' earnings forecast report,so that the earnings forecast data will largely affect the investment decisions of investors.In order to improve the accuracy of China's securities analysts' earnings forecast,and then serve the market better,this paper focus on the analysts' earnings forecast errors analysis by using the literature research and empirical research methods.After doing the theory analysis and demonstration,we summarizes the results of the analysis,and propose some ways for reduction of China's securities analysts' forecast errors,so as to help the majority of investors to use the analysts earnings rationally,and to improve market efficiency.This paper is divided into five parts to study.In the first part,after discussing the background of the study,the problems and directions of this paper are puts forward.In the case of increasing attention from the state and investors,we need to make a better interpretation and analysis of the analysts' forecast errors.Based on the analysis of the composition of the reported earnings,we propose the research direction of this paper to explore the impact of operating performance and earnings management on the analyst's earnings forecast errors at different levels,and further attempt to study the two parts which one has the greater impact on the errors and their relation with earnings forecast errors correction.The second part mainly discusses the three theoretical basis of earnings forecast,the summarize of existing literature and the enlightenment to this article.After some theoretical analysis and derivation,the third part put forward the four hypotheses of this paper,and the selection of the relevant variables,data collection and the model design.The fourth part is descriptive statistics and empirical analysis,mainly interpretate the empirical results,and whether meet the expected assumptions.In the fifth part,the author summarizes the results of the empirical analysis,and puts forward some suggestions,the possible shortcomings of this article and the future research direction.