Abstract Taking the A-share listed companies in Shanghai and Shenzhen stock exchanges from 2007 to 2018 as study samples, this paper examines the relationship between the level of corporate risk-taking and the accuracy of analysts' earnings forecast. The results show that risk-taking significantly reduces the accuracy of analysts' earnings prediction, which is still valid after endogenous and robust tests. Further analysis indicates that the shareholding of institutional investors and the property rights of state-owned enterprises weaken the negative correlation between risk-taking and the accuracy of analysts' earnings forecast. The degree of financialization and agency costs aggravate the negative correlation between risk bearing and the accuracy of analyst earnings forecast. This conclusion has some implications for investors, regulators and other external stakeholders.
2021, Vol. 38 
