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财务信息主要有五种来源:盈余公告、业绩预告、管理层预测、分析师预测以及SEC档案。通过实证研究证明,不同来源的信息所带来的市场反应存在一定的差异。其中,带来市场反应最大的信息来源为管理层预测和业绩预告,接下来是分析师预测以及盈余公告。本文综述了管理层盈余预测的行为特征,并从公司内部因素和外部环境因素两个角度出发,论述了影响管理层盈余预测的因素;在此基础上,简述了现有文献关于管理层盈余预测的研究设计。
There are five main sources of financial information: earnings announcements, performance forecasts, management forecasts, analyst forecasts and SEC filings. Empirical research shows that there are some differences in market response brought by different sources of information. Among them, the sources of market reaction to the largest sources of information management projections and performance forecasts, followed by analysts forecast earnings announcements. This paper reviews the behavioral characteristics of management’s earnings forecast, and discusses the factors that affect management’s earnings forecast from the perspectives of internal factors and external environmental factors. Based on this, the existing literature on management earnings Predictive research design.