Research On The Market Reaction To Performance Forecast Of Listed Companies In New Energy Industry

As the securities market developing,the public’s requirements for the quality of information disclosure are getting higher and higher.But the information asymmetry in the securities market is widespread,which will hinder the healthy development of the securities market and lead to a decline in investor enthusiasm for participating in the market.The regulatory authorities have developed a performance forecast system to improve the transparency of the securities market and ease information asymmetry.As one of the strategic emerging industries that the country has accelerated its cultivation and development,the new energy industry has received extensive attention from investors.The factors affecting the performance of listed companies in the new energy industry are more complicated.To study the impact of the forecast disclosure system on listed companies in the new energy industry is of practical significance.This paper is aimed at whether the performance forecast of listed companies in the new energy industry has information content;whether the degree of market reaction caused by different types of performance forecasts is different;and the differences in the factors affecting market reactions caused by different types of performance forecasts have been studied.This paper takes the performance forecast issued by the listed companies in the new energy industry from 2010 to 2017 as the research sample,and introduces analyst forecasts into the classification criteria for good and bad news.This paper studies the market response of different types of performance forecasts and further studies the factors that influence the market response of different types of performance forecasts.This study found:(1)The performance forecast of listed companies in the new energy industry has information content,and analysts prediction can be used as an effective standard to distinguish the performance forecast categories of listed companies in the industry.(2)The new energy industry performance forecast information is leaked in advance,and the bad news is more serious than the good news leaked in advance.(3)The positive news of stock prices caused by the good news of new energy industry companies lasts longer;the downward adjustment of stock prices caused by bad news has shorter duration and more volatility.(4)The accuracy of the performance forecast of the new energy industry,the sustainable growth rate of listed companies,and the proportion of institutional shareholdings can have a significant impact on the market response to the performance forecast.In response to the above conclusions,the paper puts forward countermeasures and suggestions for the regulatory authorities,listed companies in the new energy industry and investors,including:(1)The regulatory authorities should improve the analyst system,increase investor education,increase the crackdown on insider trading behavior in the new energy industry,and increase the requirements for the accuracy range of performance forecasts.(2)Listed companies in the new energy industry should pay attention to the important role of performance forecasting in stabilizing stock price fluctuations.They must improve information accuracy,and pay attention to effective communication with industry analysts.(3)Investors who are concerned about the new energy industry should pay attention to the performance forecast released by the industry and the forecast data of professional analysts,and grasp the opportunity of value revaluation before and after the release of the notice.In the period when the industry notices are released,investors should pay attention to avoiding companies with abnormal stock price fluctuations in advance.Short-term investors should grasp the short-term buying opportunities after the industry’s performance forecast is released.In analyzing the industry’s performance forecast information,investors should focus on the impact of accuracy,sustainable growth rate and institutional shareholding ratio on stock price fluctuations.