The Study On The Accuracy And It’s Factors Of Managements’ Earnings Forecasts Information

Information plays an increasingly important role in the increasingly sophisticated securities market, the profit forecast information is an prediction and estimate of the listed company’s future operating conditions, which must be paid attention to. In the early stock market, investors paid little attention to the earnings forecast, let alone use the information to make the decision. With the development of market and the improvement of policy regime, the number of listed companies is increasing, how can investors find one with good quality from a number of listed companies? Those historical financial information has been unable to meet the needs of investors in investment decisions, and thus the demand for such predicted information increased, especially predicted information on earnings, which is important to listed company itself and external users. Systems and norms on earnings forecast information has introduced, and the market regulation has also been improved. The accuracy of the earnings forecast information is more and more important, making it possible for investors to make effective use of the information to make decisions, to improve the efficiency of the securities market, promote the development of market economy.This paper studies the accuracy and the influencing factors of earnings forecast information disclosed by management. We collected companies of Shanghai and Shenzhen Stock Exchange from 2011 to 2013 as samples, using literature research, principal component analysis, empirical research as well as qualitative and quantitative analysis of multiple linear regression analysis model combining method, we conducted descriptive analysis, co-linear correlation analysis and regression testing and analysis.we draw the following conclusions: the higher the equity ratio of management is, the lower the accuracy of earnings forecast; the higher the ownership concentration is, the higher the accuracy of earnings forecast; the size of the Board of Supervisors has no significant correlation with the accuracy of earnings forecast information; the size of the board has no significant correlation with the accuracy of earnings forecast information; the higher the proportion of independent directors is,the higher the accuracy of earnings forecast; the better the performance of the company is, the higher the accuracy of earnings forecast; the higher the asset-liability ratio is, the higher the accuracy of earnings forecast; the financial leverage and the accuracy of earnings forecast information has no significant correlation.