Product Market Competition,Supplier Concentration And Voluntary Disclosure Of Earnings Forecasts

In recent years,as China's economy has entered a new normal,the supply chain has received more and more attention from companies and has become an inevitable trend of efficient resource allocation and utilization.In the supply chain,suppliers are located upstream of the company and have an important influence on the company's survival and development.Companies need to optimize their relationships with suppliers.Management voluntarily disclosing earnings forecasts is an important part of corporate information disclosure,which can reduce the degree of information asymmetry and establish a transparent image of reputation,and it plays an important role in maintaining supplier relationships.The main issue studied in this paper is whether the willingness of the company's management to voluntarily disclose earnings forecasts will be affected by the degree of concentration of suppliers.Under different market competition conditions,the relationship between the two is different.This paper first introduces the research background,etc;secondly,it sorts out the relevant literature and analyzes it theoretically based on contract theory,etc.It is believed that the company may voluntarily publish earnings forecast to express their ability and willingness to fulfill the obligations implied in the contract,pass on signals of future business performance to the supplier,guide them to increase the relationship-specific investment as a guarantee of the relationship,stabilize the cooperation relationship,or voluntarily disclosing earnings forecasts to ease the over-reliance on the supply to large suppliers and attract new suppliers;And different industry competition environment and enterprise market position will also affect the cost and return of voluntary information disclosure,thus affecting the company's strategy for suppliers to publicly announce earnings forecast,and then put forward the hypothesis of this paper;thirdly it explains the sample and data selection as well as the design of variables and determines the research model,finally it uses the 2011-2016 China-Shenzhen A-Share Listed Manufacturing Company as a sample to conduct an empirical regression analysis,and come to the conclusion of this paper:the higher the concentration of suppliers,the greater the tendency of management to voluntarily disclose earnings forecasts;for companies who h ave lower competition position and companies in which the competitive environment is relatively intense,there is a strong positive correlation between supplier concentration and voluntary disclosure of earnings forecasts.This paper incorporates suppliers into the influencing factors of voluntary disclosure motives for company earnings forecasts,enriches the literature on the factors affecting the disclosure of earnings forecasts,In addition,it's the first time to take the product market competition factors into the study of supplier relationship and earnings forecast disclosure willingness.The paper is conducive to the government regulatory agencies to improve the relevant information disclosure system,strengthen supervision and guidance,and provide empirical evidence for the company's own information disclosure policy.The paper has theoretical and practical significance.