A Study On The Quality Of Chinese Securities Analysts’ Analysis Report

Since the establishment of China’s capital market has experienced more than 20 years of rapid development, securities analysts as one of the participants in the capital market, has played an increasingly important role. Securities analyst is a class has a high-quality professional knowledge and skills of the group, they analyze and study to collect the listed companies on the various types of data and information and make a profit forecast and investment rating and in the form of analysis report to investors released investment advice. On the one hand, the securities analyst is a listing Corporation of all kinds of information users, on the other hand, securities analysts to improve the efficiency of information communication between enterprise management and investors, played a role in the bridge. Analysts forecast information can influence investment decisions of investors, extent, affects the efficiency of market allocation of resources, but also the transmission mechanism between enterprise information and stock prices produced a role. But analysts appearing on the market "black mouth" events, enabling the analyst is whether the questioning of the ironing information asymmetry interaction, in the face of such a question, the author from the analyst analysis perspective of report quality of the earnings forecast accuracy as analysts report quality evaluation standard, through the evaluation analysis report the quality level to illustrate the securities analyst in the stock market whether to alleviate the information asymmetry and influence earnings prediction accuracy of the three factors were analyzed. In order to effectively resolve the moral hazard of the analyst, the quality of the analysis report is further improved and the countermeasures are put forward.In this paper, the securities analyst earnings forecast is through earnings forecast error to measure to China Securities analyst to 2014 gem 156 stock for the prediction of 3298 analysis report as a sample study China Securities analyst earnings forecast accuracy, indicating our country securities analyst earnings forecast with certain reliability. And from the proportion of institutional ownership and earnings management motivation and prediction mechanism three aspects, factors affecting the accuracy of securities analyst earnings forecast were studied.The results of the study show that: Although China Securities analyst on listed company’s earnings per share earnings forecast error exists, and there is a obvious tendency to optimistic estimates, but such analyst earnings forecast with certain reliability. Also make a prediction of the institutional brokerage house number, institutional investors shareholding ratio and analysts earnings forecast accuracy of a company has a significant positive correlation, the earnings can forecast and analyst earnings forecast accuracy is significantly negative correlation. Securities analyst earnings forecast with certain reliability, just in some cases analysts will release a loss of the objectivity of the analysis report. Therefore, in order to through the establishment of a variety of management mechanism, improve laws and regulations and other measures, for the securities analyst in the capital market play a greater role to lay the foundation.