Research On The Impact Factor About The Deviation Between The Securities Analysts’ Earnings Forecast And The Financial Report Of Harbin Pharmaceutical Group

The economic crisis has brought unknown impact to the capital market, it’s increasingly difficult for investors to rely on their own strength to make the right investment decision. Investors need an "agent" to help them to make investment decisions. In this context, security analysts grow rapid just like bamboo shoots after a spring rain. Securities analysts use their professional knowledge and rich experience to forecast listing Corporations’earnings with scientific and reasonable methods, investors can make investment decision with the use of securities analysts’forecast results. Securities analyst in the capital market is more and more outstanding; earnings’forecast report which issued to investors is more important.First of all, the paper explains the related theories of listing Corporations’annual report and the securities analyst earnings’forecast. By comparing the annual report of Harbin Pharmaceutical Group during2011-2013with the earnings forecast of securities analyst, there is a big gap between them. Through analyzing the impact factors of the differences between the annual report of Harbin Pharmaceutical Group and the earnings’forecast of securities analysts, it points out that the independence, professional competence, occupation tendency and industrial constraints leads to securities analysts issued the earnings forecast with low quality. At the same time, internal asset injection, cost control, technology research and development will lead to earnings forecast deviation with the actual earnings. Finally, in order to improve the quality of earnings’forecast of Harbin Pharmaceutical Group, it not only needs to strengthen internal management level, including improving the management level, to promote the group accounting transformation, upgrade the industrial structure and the management efficiency, but also needs to improve the securities analyst earnings’forecast level, reduce the deviation between the annual report of listing Corporation and the securities analyst earnings’ forecast, provide suggestions for investors to make correct investment decision.