Corporate Strategy Deviation,Audit Quality And Analyst Earing Forcast

Under the environment of increasingly fierce market competition,companies often adopt a strategic model that deviates from the industry's conventional strategy in order to obtain unique core competitiveness.Scholars at home and abroad define the degree of deviation between the enterprise strategy and the industry's conventional strategy as a strategic difference.Securities analysts(hereinafter referred to as analysts)play the role of information intermediaries in the capital market.Analysts convey market information to other stakeholders through the collection,analysis and reporting of corporate information,which is of great significance to the healthy operation of the securities market.Differences in corporate strategy will lead to a low degree of corporate information disclosure,which will lead to information risks.At the same time,there will be performance fluctuations due to differences between strategies and conventional industry strategies,which will lead to operational risks,which will ultimately affect the analysts' expectations and evaluations of the company.As an important part of external governance,audit quality can have a supervisory effect on corporate management and reduce the degree of information opacity.It is necessary to study the impact of corporate strategic differences on analysts 'earnings forecasts under different audit quality conditions.This article uses 2007-2018 Shanghai and Shenzhen A-share listed companies as a research sample,and uses the corporate financial data and analyst forecast index data in the CSMAR database to study the relationship between corporate strategic differences,audit quality,and analyst earnings forecasts.After using Stata14.0 for descriptive metering and correlation analysis,the effects of corporate strategic differences on analysts 'earnings forecast in four sub-dimensions and the differences in corporate strategic differences on analysts' earnings forecasts under different audit quality conditions were studied.This paper further studies the influence path of corporate strategic differences on analysts' earnings forecast.Finally,according to the empirical research results,it proposes countermeasures and suggestions for improving the quality of analysts 'earnings forecasts from three aspects:prudent strategic decision-making by enterprises,widening channels of information for analysts,and supervision and restraint of external governance on enterprises.Outlook.The following are the main research conclusions of this article:(1)The greater the strategic difference of listed companies,the lower the analyst's attention,the lower the analyst's forecast accuracy,the higher the analyst's forecast divergence,and the analyst's forecast tends to be optimistic.(2)Audit quality has a negative adjustment effect on the relationship between corporate strategic differences and analysts 'earnings forecasts;(3)Corporate strategic differences mainly affect analysts' earnings forecasts through earningsmanagement.