The Study On Management Earnings Forecasts And Measured Asymmetric Timeliness

Earnings forecast information has always been the focus of information external users.The separation of ownership and management rights leads to the asymmetry of information between the owner and the operator,and the management level is based on the starting point of maximizing its own interests,and has chosen to disclose the company information to the outside.It plays an important role in helping the information users to evaluate their future business performance,develop prospects and make reasonable decisions.This paper takes 2911 listed companies of Shanghai and Shenzhen Stock Exchange as effective samples,and takes the classification of management earnings forecast as a breakthrough point.Linear regression is used to study the relationship between different categories of earnings forecasting and asymmetric timeliness.First of all,this paper combs the existing domestic and foreign related theories,including the management earnings forecast,the motivation of management earnings forecast and the asymmetry and timeliness.Secondly,this paper studies the relationship between management earnings prediction and asymmetric timeliness.Thirdly,combined with the results of theoretical research,we build a robust model.The study found that can reduce the asymmetric timeliness of good news and bad news earnings forecast;expected earnings forecast sample is further divided into positive earnings surprises and negative earnings surprise,positive earnings surprise than negative earnings surprise is more asymmetric timeliness of earnings;the current release warning will reduce the asymmetric timeliness of earnings and income,and found in anticipation of management earnings forecast sample,the size of the company,market to book ratio of asymmetric timeliness significantly weakened relationship.According to the research results,contributes to alleviating information asymmetry between and external information user management issued earnings forecast,to meet the needs of stakeholders in decision-making needs,and help to promote the transformation of the securities market to the semi strong efficient market,and put forward relevant policies and suggestions for the listed companies and regulators.