社会责任信息、分析师关注度与公司股票流动性

Social Responsibility Information, Analyst Coverage and Company's Stock Liquidity

企业社会责任信息是否引起分析师关注,对资本市场又会产生什么影响受到理论界和实务界关注。本文以2007-2014年A股上市公司为样本研究发现,企业社会责任信息与分析师关注度正相关;重污染行业企业相对于非重污染行业企业,财务透明度低相对于财务透明度高时,企业社会责任信息与分析师关注度正相关关系更为显著;企业社会责任信息经分析师传递到资本市场降低了公司股票流动性。证实企业社会责任信息吸引更多分析师关注,但传递到资本市场引起投资者的负面评价降低了股票流动性。本文既丰富了分析师信息中介理论研究,也提供了企业社会责任信息经分析师传递到资本市场经济后果的经验证据。

Does analyst coverage receive corporate social responsibility non-financial information extensive attention of theory and practice？ This study choosing the a-share listed companies in China during 2007 and 2014 as sample, the results find that social responsibility information is positive to analyst coverage. Grouping samples test results show that the properties of heavy pollution industry and low financial transparency can enhance the positive influence significantly; corporate social responsibility information is passed by the analyst to the capital market to reduce the stock liquidity, suggests that the negative reaction of investors on corporate social responsibility fulfillment. This study enriches the theory of analyst as information intermediary, provides information on corporate social responsibility based on the capital market economic consequences of the new evidence also.