Industry Concentration,Information Transparence And Analyst Forecasts

Information disclosure is of great significance to the effective functioning of capital market.Information disclosure,as the basis of the principle of "fair,just and open" in capital market,has become the foundation of the development of modern securities market.As the core issue of modern corporate finance,the transparency of information disclosure of listed companies plays an important role in the stable and lasting development of securities market.For a long time,domestic and foreign scholars on the transparency of information disclosure research has been more comprehensive and mature,but many of the information on the transparency of listed companies are for the company's internal financial and corporate governance research,and for the macro industry background and external Analyst earnings forecast research is less,especially in our country,with the relevant literature even less.China as the world's rapid economic development of large countries in the securities market,listed companies to disclose the transparency of information has yet to be further improved,especially in high concentration of the industry.Analysts based on the financial statements of the listed companies and the management's earnings forecast are different in terms of accuracy at different industry concentration levels.In this paper,the influence of industry concentration on the transparency of listed companies' information and the influence of information transparency on the earnings forecast of listed companies based on the difference of industry concentration are explored.In this paper,the combination of theoretical research and empirical research,through the study of domestic and foreign literature to clarify the industry concentration,information transparency of listed companies and analysts predict the association,and select the appropriate measurement variables,put forward the hypothesis,choose 2005-2015 China A-share listed companies as the object of research,and finally came to the following results:(1)On the whole,the industry concentration has a significant impact on the transparency of the information of the listed companies.The higher the industry concentration,the more the information disclosure of the listed companies in the industry(the lower the level of information disclosure).At the same time,the higher the proprietary costs incurred by listed companies in disclosing information,the more significant results are.The lower the specific costs incurred by the listed companies in the process of information disclosure,it will weaken the significant negative correlation between the degree of industry concentration and the transparency of the information of listed companies.(2)In general,the transparency of information disclosure of listed companies has a significant impact on the analyst's forecast,specifically for the transparency of information disclosure of listed companies will attract more securities analysts to carry out earnings forecast,while the more transparent information listed companies will Helping to increase the accuracy of analysts' forecasts and reduce the degree of predictions.(3)For different industry concentration,different information transparency of listed companies,analysts have some differences in earnings forecast,mainly in: compared to low industry concentration,high industry concentration under the listed companies,its information transparency The impact of the analyst's earnings forecast accuracy and the analyst's earnings forecast divergence.The research of this paper not only proves the effect and effect of industry concentration on the transparency of information of listed companies,but also provides empirical research on the transparency of information and the analyst's forecast under the difference of industry concentration,enriching the relevant literature,Securities market information disclosure to provide new ideas,is conducive to the government clear industry development direction and objectives,the development of appropriate information disclosure policies for various industries.