Research On Relationship Between Information Disclosure And Analyst Forecast And Earnings Management

With the development of society,information is becoming more and more important in the entire business cycle,in the modern enterprise,the related company internal management environment to external feedback will affect the management behavior,so the motivation to manage earnings management also varied.As a listed company supervision and incentive mechanism gradually perfect,managers of the reasons of earnings management gradually shifted from the internal to the external market,market analysts predict gradually affect the earnings management behavior.Based on this,this article from the CSMAR database that China's information transmission,software and information technology services to listed companies between 2014 and 2015 data,to analyze the three factors of the quality of information disclosure,analysts forecast,earnings management.Through empirical research,the paper finds that analysts' forecasts will affect earnings management.In the situation of information disclosure quality under weaker,analysts predict will significantly affect the earnings management behavior of listed companies,with a certain range of prediction errors(widespread disclosure of performance than forecast performance situation)increased,the extent of earnings management also increased;more than this range,with the increase of the prediction error,the degree of earnings management decreased;and the prediction results and the disclosure of the performance difference(EPS)to 0.6-0.8,the maximum degree of earnings management.In the situation of information disclosure quality is high,analysts predict the level of deviation and earnings management is not significant correlation,the high quality of information disclosure can be inhibited by the analysts' forecasts of earnings management behavior caused by the market;Through the results of empirical research,management should be reasonable and controllable through information disclosure to transfer the value of the company,the formation of positive feedback;regulators should establish appropriate market system to improve the reliability of the information,and promote the market mutual independent form a stable market expectations,the stock price to guide investors to reasonable in common;rational choice of capital market parties under the market supervision and forecasting power to play more fully,the market information asymmetry can be relieved,so as to regulate the management behavior,protect the investors' rights.