Property right nature, pledge of equity and change of performance forecast
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DOI: 10.23977/GEBM2020.015
Corresponding Author
Qingqing Sun
ABSTRACT
The performance forecast disclosure system effectively alleviates the problem of information asymmetry between enterprises and investors. However, at the same time, it also brings some problems. In recent years, the performance forecast "change face" occurs frequently, and investors, as a weak party, are often harmed in their interests. This paper selects a-share main-board listed companies that have disclosed their annual performance announcement from 2012 to 2018 as the research object to study the relationship between equity pledge and performance announcement change, and on this basis, further discuss the influence of property right nature on the relationship between equity pledge and performance announcement change.
KEYWORDS
Property right nature, pledge of equity, change of performance forecast