Research on Influence of Forward-looking Information Disclosure on Accuracy of Earnings Forecast

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.