Media Attention、Analysts' Attention And The Quality Of Earnings Forecast

Many theoretical researches and empirical evidences show that,information disclosure system play an important role in alleviating the information asymmetry problem and agency conflict it caused between managers and investors of listed companies.On the one hand,information disclosure can solve the information asymmetry problem and strengthen the supervision.On the other hand,it can also be used for information cheating by lists managers.Earnings forecast in the form of forward-looking financial information disclosure,as one way to forecast company's future status of profits,is full of uncertainty.Though precise earnings forecast can improve significantly the decision-making usefulness of financial information.Because of the uncertainty of earnings forecast and the imperfection of earnings forecast system,it's easier for lists managers in our country to control earnings forecast information.Research has shown that media and analysts,as information intermediaries in the capital market,can alleviate the information asymmetry between listed companies and investment,and reduce the self-interest of management.Then,will the media and analysts pay attention to the listed companies that reduce the performance preview,reduce the self-interest in the earnings forecast disclosure and improve the quality of the earnings forecast? It is of theoretical and practical significance to discuss and study this question.On the basis of reputation theory,information transfer theory,information asymmetry theory and effective market theory,through reading a large number of relevant literature,using theoretical analysis methods and combining the existing research results of scholars,the influence of media attention on the quality of earnings forecast and the quality of earnings forecast by analysts are discussed.In order to test the hypothesis of this paper,the sample of this study is the choice of 2012-2016 years of Shanghai and Shenzhen two A-shares of listed companies,and the total of 6490 sample data,On the measure of the main variable: the quality of earnings forecast is measured by performance forecast deviation,accuracy and timeliness.The index of media attention is collected by manual collection of the shares of a company on the Baidu news platform by the natural logarithm of "the number of 1+ reports".Forecast the total number of securities companies to measure.Based on this,the data processing software,such as Spss and Stata12.0,is used to verify the impact of media attention and analysts on the quality of earnings forecast.The empirical results show that the media attention and the promotion of analysts' attention can improve the quality of earnings forecast disclosure,and the relationship between media attention and analysts' attention has mutual influence,and the two have positive effect on each other.When media attention and analyst concern interact and act together,the effect of improving the quality of earnings forecast is more significant than that of single factor.The attention of the media and analyst's attention and supervision system and management performance forecast into a framework,both innovation and the previous research angle,but also relevant literature on the corporate governance role of the media and the performance of notice from the perspective of information disclosure to be rich.The higher the quality of disclosure is,the more it helps to reduce information asymmetry between investors and management,and to help investors make effective decisions,and the problem of low investment efficiency can be alleviated.This paper from the perspective of a new interpretation of the media and analysts play a role in corporate governance of the company and protect the interests of investors,they can not only play the regulatory functions of the management of the company,but also can make the management more accurate release under pressure was high and the timeliness and accuracy of the earnings forecast information,are of great help to to improve the efficiency of investment.It can also improve the company's reputation and further enhance the value of the company.