Time regulation of performance forecast disclosure

1 first quarter performance forecast: if it is planned to disclose the annual report of the previous year before March1year, the first quarter performance forecast of this year shall be disclosed at the latest at the same time as the annual report; If the annual report is scheduled to be disclosed in April, the first quarter performance forecast should be disclosed before April 10.

2. Semi-annual performance forecast: before July of the reporting year 15.

3. Third quarter performance forecast: before 10, this year in the reporting period 15.

4 Annual performance forecast: before 65438+1October 3 1 in the following year of the reporting period.

Generally speaking, the annual report is the most important report of listed companies. Generally, before 65438+1October 3 1 day, if the annual report of the Shanghai and Shenzhen main boards changes greatly, such as turning losses into profits and making losses, and the fluctuation range exceeds 50%, it is necessary to issue a performance forecast, and the GEM must disclose it.

A stock is a certificate of ownership issued by a joint-stock company. It is a kind of securities issued by a joint-stock company to shareholders in order to raise funds and obtain dividends and bonuses, as a shareholding certificate.

Stock is the main long-term credit tool in the capital market, which can be transferred and traded. With it, shareholders can share the company's profits, but they must also bear the risks brought by the company's operational mistakes.

Performance forecast refers to the pre-forecast of listed companies' performance on the reporting day before the announcement of accounting reports. Performance forecast is essentially a forecast report on the profitability of listed companies in the next year or quarter.

Its purpose is to avoid the drastic fluctuation of the company's share price when the accounting report is officially released, so as to release the performance risk in advance and protect the interests of small and medium-sized investors and other information vulnerable groups.

economic consequences

1 Market reaction of performance forecast information

Early research found that management performance forecast has information content, because it affects stock prices. After confirming the valuable relevance of management performance forecast, the follow-up research turned to study whether the characteristics of performance forecast information affect the information content or stock price of the forecast.

When the company has established a reputation for forecasting, the stock price is more sensitive to the forecast of good news. The reaction mode of the stock market also depends on the type of additional information in the management's advance notice. Compared with the forecast released at the same time as the income announcement, the individual forecast information is more abundant.

2. Performance forecast information and cost of capital

Involuntary disclosure of economic theory, especially disclosure commitment, can reduce information asymmetry, which in turn will lead to low capital cost.

3. Performance forecast information and earnings management

Management can't directly influence the reaction of its share price or cost of capital to performance forecast, but it can influence the news they finally report. This kind of control over the subsequent earnings data will only lead many people to worry that the management who provides performance forecasts will conduct earnings management or potentially manipulate profitable projects in the future to achieve their forecast goals.

4, performance forecast information and analyst behavior.

Analysts modify the forecast according to the company's performance forecast. As companies provide more performance forecasts, the number of analysts covering a company has also become more.

5, performance forecast information and investor behavior

The economic model predicts that the expansion of the company, including the disclosure of management performance forecast, will be related to the growth and investment of the company's stock. H the continuous growth of performance forecast leads to the increase of institutional investors' shareholding. However, not all institutional investors' shareholding is positively related to company information disclosure.