企业社会责任报告语调与分析师预测:信号还是迎合?

Corporate Social Responsibility Report Tone and Analyst Prediction:Signal or Pander?

运用文本分析方法提取了2010—2018年上市公司社会责任报告的文本语调信息,基于信号理论和迎合理论探讨企业社会责任报告语调对分析师预测的影响。研究发现,企业社会责任报告的净正面语调降低了分析师预测偏差和分析师预测分歧度,并且在分析师预测存在乐观偏差时这种作用更加显著。进一步分析发现,企业社会责任报告语调对分析师预测的积极作用仅发生在强制披露和不遵守可持续发展报告指南的企业中以及经验较少、非明星分析师中。经济后果检验发现,社会责任报告语调通过降低分析师预测偏差和分歧度缓解了公司股价崩盘风险。研究结论不仅有助于丰富非财务信息披露经济后果和分析师预测影响因素两个领域的学术文献,而且可以为监管部门合理规范企业社会责任报告披露和投资者有效利用企业社会责任报告中的语调信息提供有益借鉴。

The text intonation information of Corporate Social Responsibility(CSR)reports of listed companies from 2010 to 2018 was extracted by text analysis method,based on signal theory and accommodation theory,this paper discusses the relevance value of CSR report tone to analysts prediction.The study found that the net positive tone of CSR reports Reduced Analyst Forecast Bias and analyst forecast divergence,and this effect was more significant when analysts forecast an optimistic bias.Further analysis found that:based on reporting characteristics,the positive effect of CSR reporting tone on analysts predictions only occurred in the group of mandatory disclosure and non-compliance with sustainability reporting guidelines;based on the characteristics of the analyst,the positive influence of intonation on the analyst s prediction mainly occurred among the less experienced and non-star analysts.The study of economic consequences found that the tone of social responsibility reports alleviated the risk of stock price collapse by reducing analyst forecast bias and divergence.This paper discusses the information content of the tone of CSR reports from the perspective of analyst prediction,which is not only helpful to enrich the academic literature on the economic consequences of non-financial information disclosure and the influential factors of analyst prediction,moreover,the disclosure of CSR reports should be standardized by the regulatory authorities,which can provide useful reference for investors to effectively use the tone information in CSR reports.