上市公司信息披露质量与证券分析师盈利预测

本文研究了上市公司信息披露状况与分析师预测行为之间的关系，结果发现，分析师的预测准确性总体上显著优于随机游走模型。进一步的研究发现，上市公司信息披露状况会对证券分析师的预测特征产生影响，信息披露透明度越高，分析师预测对会计盈利数据的依赖程度越低，预测准确性也随之提高。

Disclosure Quality and Earnings Forecast

This article studies how disclosure quality is related to earnings forecast by securities analysts. It is initially found out the prediction accuracy of analysts outperforms random walk model. Further studies show that corporate disclosure quality affects analyst behavior. The better the disclosure quality, the less dependent are the analysts on the statistics and more accurate are their earnings forecasts.