Research on Influence of Forward-looking Information Disclosure on Accuracy of Earnings Forecast
摘要: 上市公司信息披露能够为投资者提供更多前瞻性信息，是投资者进行决策的重要信息来源。证券分析师作为资本市场的信息中介，对缓解信息不对称具有至关重要的作用。为厘清上市公司前瞻性信息披露能否影响分析师盈余预测的准确度，选取2007-2020年A股上市公司为样本，研究前瞻性信息披露对分析师盈余预测准确度的影响。研究结果显示，上市公司前瞻性信息能够显著提高分析师盈余预测准确度。进一步研究发现，融资约束低、文本可读性高、机构持股比高和股价同步性高的上市公司，前瞻性信息披露对分析师盈余预测准确度的提升效果更为明显。研究从前瞻性信息的信息含量视角丰富了分析师盈余预测准确度的相关研究，为全面注册制背景下健全资本市场信息披露制度提供了政策参考。
Abstract: The information disclosure of listed companies can provide investors with more forward-looking information and is an important source of information for investors to make decisions; As an information intermediary in the capital market, securities analysts play a crucial role in alleviating information asymmetry. In order to clarify whether forward-looking information disclosure of listed companies can affect the accuracy of analysts' earnings forecasts, A-share listed companies from 2007 to 2020 were selected as a sample to study the impact of forward-looking information disclosure on the accuracy of analysts' earnings forecasts. The research results show that forward-looking information of listed companies can significantly improve the accuracy of analysts' earnings forecasts. It is further found that listed companies with low financing constraints, high text readability, high institutional shareholding ratio and high stock price synchronization have a more obvious effect of forward-looking information disclosure on the accuracy of analysts' earnings forecasting. This study enriches the relevant research on the accuracy of analysts' earnings forecasting from the perspective of the information content of forward-looking information, and provides policy enlightenment for improving the capital market information disclosure system under the background of comprehensive registration system.
| [V1] | 2023-08-31 13:22:38 | ChinaXiv:202309.00001V1 | 下载全文 |
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