IPO公司盈利预测可靠性及其影响因素的实证研究

在信息不对称的状况下,IPO公司披露盈利预测信息,作为会计信息披露的一部分,是管理当局向潜在投资者传递企业信息的一个重要机制,盈利预测值也成为首次发行定价的主要依据,因而IPO盈利预测信息披露的可靠性对于证券市场的健康发展具有不可替代的意义.为此选取2001-2004年期间70家在上海证券交易所首次发行股票且披露盈利预测信息的A股公司为样本,对IPO公司盈利预测的可靠性及其影响因素进行了实证研究.

The Positivie Study on Reliability and Indicators of China's IPO Earnings Forecasting

Under the situations of information asymmetry, the disclosure of IPO company profit forecasting is an important mechanism, which can transmitt the information from governors to the potential investors, as part of the financial iaformation. And the results of profit forecasting are also an important evidences of IPO pricing. Therefore, the reliabilities of dis- closures in profit forecasting are beneficial to the healthy development of the security market, which can not be replaced. In this thesis, information from 70 companies of Shanghai stock exchange are selected as samples, during 2001 to 2004, and are carried into a positive study on the potential drivers that may impact the reliability of profit forecasting.