企业社会责任能提高业绩预告质量吗?

Can Corporate Social Responsibility Improve the Quality of Management Earnings Forecasts?

本文以2011～2015年沪深A股上市公司为样本,对企业社会责任与业绩预告质量的关系进行了研究。结果显示,企业社会责任与业绩预告质量具有显著的正相关关系,即如果管理层致力于通过履行社会责任提高企业声誉,保护各利益相关者的利益,那么他们也倾向于披露高质量的业绩预告,建立透明披露的良好声誉。同时,在非国有企业、自愿性披露社会责任报告与业绩预告的企业以及发布好消息业绩预告的企业中,两者的正相关关系均更显著。进一步分析发现,在财务信息质量较高的企业中,企业社会责任与业绩预告质量的正相关关系更显著;但在不同分析师跟进水平下,企业社会责任对业绩预告质量的影响并无显著差异。

In this paper,we use sample of listed firms from 2011 to 2015 to analyze the relationship between the corporate social responsibility and the quality of management earnings forecasts.We find that there is a significant positive correlation between corporate social responsibility and the quality of management earnings forecasts.If managers engage in CSR activities to enhance corporate reputation and protect stakeholders'interests,they are also likely to issue high quality management earnings forecasts,to develop a reputation for transparent. Meanwhile,in the non-state-owned enterprises,the enterprises of voluntary disclosure of CSR and management earnings forecasts and the enterprises of management earnings forecasts with good news,there is a more significant positive correlation between corporate social responsibility and the quality of management,earnings forecasts.Further analysis reveals that compared to the enterprises with low financial information quality,there is a more significant positive correlation between corporate social responsibility and the quality of management earnings forecasts in the enterprises with high financial information quality.However,the impact of corporate social responsibility on management earnings forecasts does not differ under different level of analyst tracking.