分析师会更青睐社会责任型企业吗?——来自上市公司的经验证据

Do Analysts Prefer CSR Companies?——an Empirical Study on Listed Companies

企业社会责任行为,尤其是战略型社会责任行为会对企业价值产生影响,而该种影响,从已有研究可知,极有可能是通过对与企业密切相关的其他市场主体(如投资者、消费者)的作用产生的。而CSR行为之所以可以被感知并产生作用,是由于其所携带的信息。而卖方分析师,作为资本市场的重要信息媒介,通过解读企业社会责任信息、发布投资推荐,实现了企业CSR战略在资本市场中的价值创造。本文基于市场中介理论,从更加宏观的角度,对CSR战略如何影响分析师评级进而创造价值的过程进行了探索。文章运用2009—2012年全国企业数据,对企业社会责任行为与分析师投资推荐间的关系进行实证研究。结果表明社会责任履行情况较好的公司会得到更好的推荐评级,同时市场环境透明度越高,社会责任行为的履行与分析师投资推荐间的关系越明显。同时,文章根据企业性质进行分组检验,研究结论依旧成立,且民营企业的社会责任行为对分析师推荐影响更大。

Sell- side Analyst,as an important information media in capital market helps to realize the value of CSR strategies through information interpreting and investment recommendation issuing. Based on the theory of mediation,this paper hopes to discover how CSR influences corporate value through analysts’ investment reports,from a more macroscopic level. Based on the data from 2009—2012,study has been conducted on the relationship between CSR and investment recommendations. And the results show that corporations who fully assume their responsibilities have higher recommendations and the relationship between them gets stronger when the information environment is more transparent. In addition,this paper has made group test based on firm nature and the result still holds for both natures and gets stronger for private companies.