The Influence Of Board Characteristics On The Quality Of Performance Forecast Information

Performance forecast information is a kind of very important predictive information,existing research has shown that it can significantly affect the analysts and investors behavior,because of its relevance is strong,the characteristics of high availability and increasingly caught the attention of internal and external stakeholders.In order to protect the interests of investors and reduce the risk of investors,the listed companies deliver the company's basic situation through performance forecast information,so as to reduce the information asymmetry of the widespread phenomenon.The reliability of information is the basis of information usefulness.Only high quality performance forecast information can play its predictive role.When the management of a listed company forecasts the performance forecast,it needs to make a reasonable estimate of the company's future based on the past performance.Therefore,in addition to being affected by objective factors,it will also be affected by other factors.As a core institution in modern corporate governance,The board of directors is responsible for supervising and restricting management.So,has the board of directors played a corresponding supervisory role in announcing the performance forecast of the company's management?What impact will the board have on the quality of the performance forecast?According to China's capital market development present situation,combining with the listed company earnings forecast system,this paper studied the system inspects the Chinese characteristics of the board of directors of the listed company the influence of the quality of earnings forecast information.In terms of the quality measurement of the performance forecast of listed companies,the accuracy of the performance forecast,the accuracy of the performance forecast and the timeliness of the performance forecast are measured according to the existing literature.Based on the three aspects of the performance forecast information quality and the six main features of the board of directors,the paper makes six major hypotheses according to the theoretical analysis.The scale of the board of directors,the proportion of independent directors,the chairman,general manager of both separation and frequency of the board of directors,the board of directors of the board shareholding and gender diversity to improve the quality of the company's earnings forecast information.Each large hypothesis is subdivided into three small hypotheses,with 18 hypotheses.in the control of the message properties,mandatory disclosure and voluntary disclosure,the company scale,equity concentration,institution equity percentage and the proportion of state-owned shares,executive shareholding ratio,net profit margin of the rights and interests of the company growth ability,year,number of analysts and industry,this paper used 6451 panel data of Shanghai and Shenzhen A-share Listed Companies from 2011 to 2016 to test board characteristics and the relationship between the earnings forecast information quality y through multivariate regression model.The empirical results are as follows:(1)The scale of the board of directors can significantly improve the quality of earnings forecast information,which the board ofdirectors,the greater the scale of the listed company earnings forecast accuracy,the higher the accuracy and timeliness.(2)The higher the proportion of independent directors in the board of directors,the accuracy and timeliness of the performance forecast of listed companies will be significantly improved.There is no significant relationship between the proportion of independent directors and the accuracy of the forecast.(3)In the leadership of board of directors,the chairman of the board of directors,general manager of the joining together of two job instead to improve the listed company earnings forecast precision is sex and timeliness,it with the traditional two separation is conducive to improve the level of information disclosure different conclusions.However,the combination of the two roles of chairman and general manager has a significant negative impact on the accuracy of the performance forecast.(4)The frequency of board meetings can improve the accuracy of performance forecasts,but it will inhibit the accuracy and timeliness of performance forecasts.(5)The higher the shareholding ratio of the board with the higher the accuracy and timeliness of the performance forecast,but there is no obvious relationship between the accuracy of the performance forecast.(6)On the board of directors gender diversity,this paper found that the higher the proportion of women directors,to improve the timeliness of earnings forecast disclosure,found no gender diversity on performance forecast disclosed by the board of directors has obvious relationship between precision and accuracy,and the reason is probably because the current board of directors of the listed company in our country the proportion of women are generally lower.Based on the above empirical research conclusions,this paper puts forward the following Suggestions for the current situation of China's board of directors:On board structure,it is recommended to increase the SIZE of the board moderately and increase the proportion of independent directors.In the act of the board of directors,it is recommended to increase the number of board meetings appropriately.On the incentive of the board of directors,it is recommended to increase the shareholding ratio of the board of directors and the remuneration of directors appropriately.In terms of individual board members,it is recommended to increase the proportion of female directors in the board.