企业社会责任与分析师乐观偏差--基于企业慈善捐赠视角的经验证据

Corporate Social Responsibility and Analyst Optimism--Empirical Evidence from the Perspective o f Charitable Donation

本文以2007?2018年我国A股上市公司为研究样本,基于企业慈善捐赠这一重要的社会责任视角,实证检验了企业社会责任对分析师盈余预测乐观偏差的影响。研究发现,企业承担社会责任会增加分析师乐观偏差,较高的分析师学历以及更好的企业信息透明度对上述效应具有一定的抑制作用。进一步地,本文还通过利益冲突、企业未来经营业绩等角度的检验,侧面支持了企业社会责任影响分析师决策行为的合理性。本文的理论机制在于,企业履行社会责任会产生光环作用,使分析师更容易高估目标企业的投资价值,进而做出非理性的乐观评估,而分析师较高的学历以及企业较高的信息透明度均会缓解上述非理性行为。

Using a sample of A-share listed companies in China for the period 2007-2018, this paper empirically tests the influence of corporate social responsibility(CSR) on analyst optimism from an important perspective, namely, charitable donation.We find that corporate social responsibility will increase analyst optimism, higher analyst degree as well as better corporate information transparency have a certain inhibitory impact on the above effects.Moreover, we provide evidence for the rationality of the impact of CSR on analysts’ decision-making behaviors from the interest conflict and future operating performance of the target enterprise. The mechanism of this study is that, under the "halo effect" of CSR, analysts are more likely to over estimate the investment value of the target enterprise, leading to irrational and more optimistic assessment.However, the higher degree an analyst has, as well as the better information transparency the corporate has, the more the above irrational behavior will be alleviated.