Abstract: Based on the view of the investors protection, we suggest a systimatic analysis frame making up of the incentive and restrictive mechanism, the disclosure manners selection of management earnings forecast, and its affection of the investment decision, and we also explain the frame by systematicly reviewing the relative research, and suggest some policies to improve the disclosure characteristic choice of management earnings forecast according to the analysis frame. Our study may provide theoretical reference and analysis route for setting supervisory regulation by supervisory institutions, choosing issuance strategy by managers and making investment decision by investors.

摘要： 基于投资者保护的视角，本文在对相关研究进展回顾的基础上提出了一个由激励约束机制、管理层业绩预告方式选择及其对投资者决策影响构成的系统分析框架，并提出了相应的优化对策。我们的研究为监管机构进行业绩预告披露的监管、管理层进行业绩预告发布以及投资者对业绩预告信息的利用提供理论参考和分析思路。