Research On The Impact Of Listed Company Performance Forecasts On The Earnings Forecasts Of Securities Analysts

In the securities market,the management and securities analysts play an imp ortant role.Most of the markets are non-professional individual investors who ad just their investment decisions based on publicly available information and resear ch announcements issued by securities analysts.Securities analysts forecast the co mpany's earnings for the next year based on the company's annual financial repo rts and other available information.The earnings forecast by management is a f orecast report of the company's profitability for a certain accounting period befor e the company's annual financial report is issued.It is an important information disclosure channel for the company in addition to the annual financial report,an d it is also an important way for management to transmit information.Therefore,the earnings forecasts by management have an impact on the securities analysts.Both earnings forecast by management and securities analysts help to alleviate in formation asymmetry in the market,and ensure the efficiency of resource allocat ion in the capital market.It is the focus of this paper to explore the effect of e arnings forecasting on earnings forecasting of securities analysts.This paper discusses the influence on the accuracy of the forecast of securiti es analysts from the perspective of the information characteristics in the earnings forecast.This paper studied the relationship between earnings' forecast and securi ties analysts forecast in theory,then selected the earnings forecasts of listed com panies on the A-share board from 2014 to 2017 and the forecast data of securiti es analysts as research samples,and reached three conclusions.Firstly,the accura cy of earnings forecasts affect the accuracy of earnings forecasts by securities an alysts.Secondly,the more specific the disclosure form,the better the accuracy o f the earnings forecast.Finally,the earlier management disclosed earnings foreca sts before the deadline,the better the accuracy of the earnings forecast.