摘要 : Purpose - This study aims to examine whether Chinese firms increase their concerns about analysts' earningsforecasts following the split-share structure reform (SSR) in 2005, which removed trading restrictions onapproximately 70% ... 展开 Purpose - This study aims to examine whether Chinese firms increase their concerns about analysts' earningsforecasts following the split-share structure reform (SSR) in 2005, which removed trading restrictions onapproximately 70% of the shares of listed firms.Design/methodology/approach - Using data from 2002 to 2019, the authors empirically test theassociation between meeting or beating analysts' earnings expectations and the implementation ofSSR.Findings - The authors find that firms are more inclined to meet analysts' earnings expectations after theintroduction of SSR. Further analysis shows that firms guide analysts to walk their forecasts down bymanipulating third-quarter earnings, suggesting enhanced value relevance between analysts' forecasts andthird-quarter earnings management in the postreform period.Practical implications - The findings reveal an undesirable side effect of SSR and suggest thatpolicymakers and regulators should consider and carefully manage the complex relationships between firms andanalysts.Originality/value - In contrast to prior studies that predominantly focus on the positive effects of thereform, this study reveals the side effects of SSR and provides new evidence on the mechanisms of meeting orbeating analysts' earnings expectations. 收起