Abstract: In the era of information economy, the forward-looking information disclosure behavior of companies is affected by more factors. It is an urgent theoretical and practical problem to make a favorable forward-looking information disclosure decision under the plunder risk of different product competition market and continue to occupy an advantage in the product market competition.Taking A-share listed companies in Shanghai and Shenzhen stock exchanges from 2011 to 2018 as samples, this paper measures the adequacy of forward-looking information disclosure by using the proportion of words in the “company′s future development outlook” chapter in the annual report, and discusses the impact of product market plunder risk on the adequacy of forward-looking information disclosure.It is found that the higher the risk of plunder, the weaker the willingness of the company′s management to disclose forward-looking information, and the higher the degree of competition in the industry market and the smaller the barriers to entry, the negative correlation between them is strengthened.Further analysis of the impact of corporate characteristics shows that the relationship between plunder risk and the adequacy of forward-looking information disclosure is stronger when the company is small in size, high in profitability, low in financial leverage and non-state in nature of property rights.The adequacy of forward-looking information disclosure affects the change of the company′s market share in the future. The fuller the forward-looking information disclosure is, the more likely it will be plundered by competitors in the future.

Key words: forward-looking information, product market competition, plunder risk, exclusive cost, information disclosure