The impact of the CSRC Regulation No. 12-1996 on the credibility of Chinese IPO earnings forecasts

被引：3

作者：

Sun, Jerry ^{[1
]}

Liu, Guoping ^{[2
]}

机构：

[1] Univ Windsor, Odette Sch Business, Windsor, ON N9B 3P4, Canada

[2] Ryerson Univ, Ted Rogers Sch Management, Toronto, ON, Canada

来源：

GLOBAL FINANCE JOURNAL | 2009年 / 20卷 / 02期

关键词：

IPO; Regulation; Earnings forecasts; Forecast reliability;

D O I：

10.1016/j.gfj.2008.10.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study examines whether the Chinese Securities Regulatory Commission (the CSRC) Regulation No. 12-1996, Announcement of Some Rules on the Issuance of Shares, may enhance the credibility of management earnings forecasts in Chinese IPO prospectuses. Using a sample of 858 IPO earnings forecasts over the period 1991-2005, we find that earnings forecasts have been less optimistic and more accurate after the regulation was promulgated on December 26, 1996. Overall, our findings suggest that the CSRC Regulation No. 12-1996 can improve the reliability of Chinese IPO earnings forecasts. (C) 2009 Elsevier Inc. All rights reserved.

引用

页码：165 / 179

页数：15

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