企业社会责任信息披露与分析师盈利预测准确性

Study on the Correlation between Corporate Social Responsibility Disclosure and Analyst Forecast Accuracy

采用2010-2014年独立发布的企业社会责任报告的沪深两市上市公司为样本,实证检验了企业社会责任报告披露质量与分析师盈利预测准确性之间的关系。多元回归分析结果表明,企业社会责任报告质量越高,分析师盈利预测准确性越高。此外,还检验了企业性质对企业社会责任报告质量与分析师盈利预测准确性之间关系的影响。通过将公司样本分为民营企业和国有企业两组,分别进行回归。回归结果显示,相较于国有企业,企业社会责任报告质量与分析师盈利预测准确性之间的正相关关系在民营企业中更加显著。

This paper tries to examine the relationship between the quality of corporate social responsibility(CSR)andanalyst forecast accuracy using the issuance of stand-alone corporate social responsibility(CSR)reports.We find that the qualityof stand-alone CSR reports is associated with higher analyst forecast accuracy.According to the ownership nature of corporateultimate controller,we divide the samples into two groups and reexamine them respectively.We find that the relationship is alsostronger in private firms where CSR performance is more likely to affect firm financial performance.These conclusions have someenlightenment for us to understand of the usefulness of CSR information in the capital markets,for the enterprises to improve CSRinformation disclosure policy,and for market regulators to improve regulation on CSR disclosure.