中文摘要：

利用2007～2010年上市公司业绩预告的季度样本数据,检验了自愿披露和强制披露的业绩预告对业绩预告质量的影响。研究发现,我国上市公司业绩预告的自愿披露与预告质量显著相关。相对于强制披露,自愿披露业绩预告的精确度、准确度和及时性都显著提高,而且自愿披露的信息关注度也更高,能够受到更多分析师的跟踪,这些都说明自愿披露的业绩预告能显著提高信息质量并得到分析师市场的认可。

英文摘要：

Based on 2007-2010 management earnings forecast of listed companies quarterly samples, this paper tests voluntary disclosure and mandatory disclosure of information of the influence on the quality of forecast. Controlling for other factors affecting the information quality, the authors find that voluntary disclosure can improve information disclosure quality of the listed company. Relative to the mandatory disclosure, the precise, accuracy and timeliness are significantly higher for voluntary management earnings forecast disclosure. Moreover, voluntary management earnings forecast disclosure followed by more analysts, which further proved the findings.