Empirical Research On The Influencing Factors Of Earnings Forecasts' Accuracy Of Financial Analysts From The Data Of Strategic Emerging Industries

Financial analysts play an important role in connecting stakeholders and listing Corporation.They are increasingly valued by the community.Financial analysts' earnings forecasts is an important force in capital market.Therefore,the study of financial analyst earnings forecast accuracy and its influencing factors have great practical significance.With the current status of China's industrial structure upgrading,the strategic emerging industries develop rapidly.And the investment enthusiasm for market participants in the field is growing.How to guide market participants to make investment decisions effectively for the area is related to the healthy development of the capital market in our country.In view of this background,this paper makes an empirical study on the impact factors of strategic emerging industries on the accuracy of financial analysts' earnings forecasts.Firstly,this paper studies the domestic and foreign literature on the factors which can affect the accuracy of financial analysts' earnings forecasts.Then,this paper selects 347 listing corporations in the field of strategic emerging industries from 2011 to 2015 as the research object,using the weighted least squares method,constructing the fixed effect panel models by progressive regression method,comprehensively explore the corporate characteristics,governance characteristics,institution characteristics,industry characteristics of the strategic emerging industries which can affect the accuracy of financial analysts' earnings forecast.Through the analysis of the empirical results,we draw the following conclusions:(1)The earnings quality,profit or loss,turnover speed of asset,equity concentration,institutional investor shareholding,per share net asset,the number of forecast institution,the rate of return on total assets,growth,the lagged variable of R&D expenditures proportion,government subsidies strength lag and R&D expenditures proportion cross product will positively affect the accuracy of financial analysts' earnings forecasts.(2)Firm size,earnings management motivation,analysts predict dispersion,government subsidies,R&D expenditures proportion,government subsidies and R&D expenditures proportion cross will be negative to financial analyst earnings forecast accuracy.(3)At the sample range,earnings volatility and financial risk did not pass the significant test,so these two factors have no significant impact on the accuracy of earnings forecast of financial analysts.(4)This paper also found that R&D investment intensity has a lagging effect on analyst earnings forecast accuracy.In addition,government subsidies multiplied by R&D investment intensity exerts a negative influence on analyst earnings forecast accuracy.And government subsidies multipliedby R&D investment intensity lagging item exerts a positive impact on analyst earnings forecast accuracy.Finally,according to the empirical results,this paper puts forward some suggestions on how to make the accuracy of financial analysts' earnings forecasts increase from three aspects,including market regulators,financial analysts industry,listed companies in strategic emerging industries.This paper mainly makes innovation from two aspects :the first is choosing the strategic emerging industries as the research object,broadening the research perspective of the impact factors of the accuracy of financial analysts' earnings forecasts.The second is the impact factor model of the accuracy of financial analysts' earnings forecasts around the strategic emerging industries is optimized and supplemented.