| As an important component of the information disclosure of listed companies,the company's performance forecast and the performance forecast correction provides an important source of information for market investors.According to market effectiveness theory,the capital market will respond to the company's disclosure of prospective information.This paper ollected the A-share listed companies data in China from 2007 to 2016 released by all performance forecast revisions,systematically analyzes how the enterprise disclosure of earnings forecast correction a ffect investors on the judgment of the performance and stock market prices.Empirical results are as follows:(1)Preliminary results revised disclosure will significantly affect stock price,the performance of modified forward-looking information disclosure during[-1,1]period.(2)The downward revision of the performance forecast brings the stock price decline greater than the upward revision,which is more sensitive to the expected response of the market to the correction of the bearish price.(3)Further research found that the information of implicating financial cnterprise accounting earnings management degree,and disclosure of the performance reason of the modified influence work as the adjusting role,embodied in which revised upward earnings forecast is more remarkably than downward revisions to the degree of earnings management motivation and behavior.Therefore,in the presence of high earnings management behavior,market reaction to revised upward earnings forecast becomes weaker accordingly.On the other hand,from the perspective of the downward performance forecast revisions,the management is more inclined to use the macro factors that are not subject to internal control to explain the bad news of performance expectations.Due to the macro uncontrollable performance forecast correction,the market reaction caused by downward correction is deteriorating.Based on research results,this paper intends to equip the capital market investors to understand the economic consequences from empirical evidence.Besides,that is more reasonable and fully for the enterprise management performance forecast correction release based on empirical basis as provided.At the same time,securities regulation department is proposed to improve the mechanism of prospective financial information disclosure of listed companies,improve the status quo of information asymmetry in China's capital market,and the efficiency of capital market.As one of the research that focus on the listed company's performance forecast correction release behavior,the main innovation points of this research mainly includes the following two aspects:one is that the research topic is discussed from the novel perspective.The research is focused on the capital market information disclosure of listed companies performance forecast correction study.There are only a few articles involving this topic in academic field,and conducted from different research perspectives.However,in reality of capital market,the earnings forecast correction phenomenon is more and more frequent,the market will fluctuates as a result.Based on the market reaction,this study selects the reason of the performance forecast correction and the degree of earnings management as two emerging perspective to discusses information disclosure in the comprehensive framework.So the study complements the blank in the field of academic and it is close to the real economic phenomena.Secondly,this study collected the a-share market in China in recent 10 years,and detailed it by hand to sort out the statement of the financial information,to conduct quantitative empirical research by providing enough data samples.In the aspect of data samples,it made up for the def ects of insufficient volume of data in the literature.Besides,in the future research,it will continue to explore more efficient ways of data collection,such as using the Natural Language Processing technology,to equip data base for further research in this field. |
PDF Full Text Request