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论文编号：	7455
作者编号：	2120132389
上传时间：	2015/6/10 9:07:37
中文题目：	企业社会责任报告与分析师盈利预测关系的实证研究
英文题目：	Empirical Study on the Relationship between Corporate Social Responsibility Reporting and Analyst Forecasts
指导老师：	李姝
中文关键字：	企业社会责任；企业社会责任报告；信息披露；分析师预测
英文关键字：	corporate social responsibility; corporate social responsibility report; information disclosure; analysts forecast.
中文摘要：	近十几年来，企业的社会责任活动及其信息披露在世界各地均受到广泛重视并得到极大的发展。并且随着社会公众对企业社会责任问题的日益关注，我国监管机构陆续制定并出台了一系列与企业社会责任信息披露有关的政策和法规对企业进行规范引导，要求符合条件的上市公司从2008年开始披露企业社会责任报告。 然而，社会责任报告在中国还是一个新生事物，自2006年国家电网发布内资企业首份取名企业社会责任报告的可持续发展报告至今，我国社会责任报告数量虽然逐年增多，但许多企业和投资者对社会责任报告的了解和运用还不够深入。那么，在中国目前的市场状况下，企业披露的社会责任信息能否达到监管机构及众多投资者的期望，能否提高公司透明度，从而降低投资者之间以及投资者与企业之间的信息不对称程度，进而改善公司的信息环境，是值得研究的。 本文从证券分析师盈余预测行为的角度，检验了企业社会责任信息披露是否可以为投资者提供可利用的信息。本文以我国2009-2013年A股上市公司为研究样本，实证检验了企业是否披露社会责任报告、社会责任报告质量及是否自愿披露社会责任报告对分析师盈利预测行为的影响。研究结果表明，披露社会责任报告及高质量的信息披露能显著提升分析师预测意愿及分析师盈利预测准确度。而相比于强制披露社会责任报告，自愿披露行为并不能显著提高分析师盈利预测准确度。此外，本文还研究了产权性质的影响，通过研究发现，在非国有企业中，企业社会责任信息质量对分析师盈利预测准确性的正面影响更加明显。即企业社会责任信息为以证券分析师为代表的投资者提供了有用信息，降低了投资者与企业之间的信息不对称。同时，其作用还会受到公司产权性质的影响。
英文摘要：	In recent years, activities of corporate social responsibility (CSR) and disclosure of CSR information have gained a rapid development all around the world. With the increase of public concern over the corporate social responsibility (CSR), regulatory departments have formulated and promulgated a series of policies and regulations related to CSR information disclosure, which requires some listed companies to disclose CSR report from 2008. However, the CSR report is still a new thing in China. The quantity of CSR reports increased year by year since 2006. A lot of companies and investors are not familiar with CSR reports and they don’t take full advantage of them. Under the current market environment of China, whether CSR disclosure can live up to the expectations of regulators and investors, and improve transparency of companies, to reduce the information asymmetry of investors and improve the information environment should be analyzed. From the perspective of analysts forecast, whether CSR information can provide useful information for investors was studied in this paper. The samples of listed companies from 2009-2013 were taken, and multiple regression analysis was used to test four hypotheses indicated in this paper. Three hypotheses were verified. The result of the research show that both of the disclosure and the quality of CSR reports have significant positive correlation with the analysts following and the accuracy of analysts forecast. Furthermore, the influence of the disclosure will and the ownership nature of the ultimate controller of companies was also investigated. It is found that positive impact of CSR-related information disclosure on analyst forecast accuracy is stronger in non-state-owned firms. The conclusion of this paper is helpful to improve people's cognition of the usefulness of CSR information.
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