"Face-Changing" Study On The Abnormal Performance Of The Listed Company's Performance Forecast

The original intention of the performance forecasting system was to alleviate the problems caused by information asymmetry,ease the information asymmetry between listed companies and investors,protect the rights and interests of investors,and improve the transparency of the securities market.Since1998,China has implemented a performance forecasting system.After decades of development,it has gradually stabilized.From the research of predecessors,the performance forecast can indeed release the performance risk ahead of time,and can provide an important basis for investors to make investment decisions.However,the performance forecast system has also been alienated in the process of development.Some listed companies have not released their performance notices in advance,the information disclosure is not accurate enough,and the quality of performance announcements is not high.Some of the performance notices have changed,revised frequently,and sometimes profitable,sometimes Losses and other phenomena,these alienation phenomena are not only serious and normative challenges to the performance forecast system,but also mislead investors,causing huge losses to investors,making performance forecasting a tool for some people to manipulate stock prices and harm the securities market.There is doubt about the role of the performance forecast system.Based on the theoretical basis of information asymmetry,principal-agent and efficient market hypothesis,this paper takes the performance of Walvax Biotechnology Co.,Ltd.as a research object and conducts analysis and exploration.First of all,review the process of forecasting "changing face" and introduce the aspects involved.Secondly,it analyzes the motives of performance forecasting "changing face",and reveals its influencing factors from the industry in which the company is located,the defects of the performance forecasting system itself and the internal governance of the company.From the perspective of industry,there are mainly policies,competition,drug quality and capital investment.From the aspect of performance forecasting system,there are mainly performance forecasts without auditing by certified public accountants,low cost of information disclosure violations and related liability subjects.Clear impact;from the perspective of corporate governance,there are mainly internal company personnel who are not doing their due diligence,and internal control may have problems.Then,the analysis of the consequencesof the performance forecast "changing face" is mainly caused by fluctuations in the company's stock price,causing significant losses to investors;performance forecast "face change" incident triggered more negative reports,causing bad image to the company Impact;undermine the stability of the market and endanger the healthy development of the securities market.The article proposes how to prevent the performance forecast from "changing face" from the perspective of internal corporate governance,performance forecasting system,strengthening external supervision and investors.In order to reduce the performance of the "face change" phenomenon,improve the performance forecast system,improve the quality of performance forecast disclosure,protect the rights and interests of investors,and maintain a healthy and orderly development of the securities market to provide some advice.