Empirical Study On Team Analysts Earnings Forecasting Accuracy And Its Influence Factors

As an important information intermediary in the capital market,analysts play an important role in the effective operation of the capital market.The forecast accuracy of analysts determines the value of the analyst industry,thus the influencing factors have always been the focus of theoretical and empirical research.Scholars respectively take personal characteristics,corporate characteristics,external characteristics as starting points,multiangle,deep,all-round study the influencing factors of accuracy.However,when team analysts plays an increasingly important role in the earnings forecast,little paper study the forecast accuracy of team analysts.This article first sorts out the relevant paper and makes a brief analysis and review.Then,based on the social cognition perspective,the theory of high-level echelon,the theory of economies of scale and so on,this article analyzes the performance of the team analysts,the article presents research assumptions about the accuracy of the team analysts earnings forecasts.By using data relevant to A-share market analyst of China from 2006 to 2015,this paper empirically tests the forecast accuracy of the team analysts and its influencing factors.The study finds that teams are more accurate than individual analysts in general,which is mainly due to the team analysts' first-time forecast of high accuracy,rather than strong corrective ability.Further study shows that the team structure of gender and education will affect its forecast accuracy to some extent;the higher the quality of corporate information disclosure is,the more accurate of the team analysts earnings forecast will be;the larger the size of the broker where a team analyst work for,the more accurate of its earnings forecast will be.The results of this study not only provide new evidence for understanding the role and value of team analysts,but also are significant for investors to judge the quality of earnings forecast information and strengthen the construction of analyst team.