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论文编号：	9304
作者编号：	2120152431
上传时间：	2017/6/19 21:25:32
中文题目：	企业社会责任信息质量与分析师盈余预测
英文题目：	The quality of corporate social responsibility information and the earnings forecast of analysts
指导老师：	刘志远
中文关键字：	社会责任信息质量；分析师盈余预测；产权性质；行业特征
英文关键字：	the quality of social responsibility information;the earnings forecastof analyst;property rights; industry characteristics
中文摘要：	随着经济全球化步伐的加快，资本市场面临越来越多的不确定性，寻求风险规避的投资者对各类信息的需求不断加大。以历史成本计量的财务信息缺乏前瞻性，社会责任信息作为重要的一类非财务信息正得到越来越广泛的关注。证券分析师作为专业的资本市场信息收集使用者，为投资者提供盈余预测信息，社会责任信息是否会被分析师关注、使用并影响其盈余预测呢？本文针对社会责任信息质量与证券分析师盈余预测的关系展开研究，以期为我国社会责任报告制度的建立健全提供理论基础和经验证据。 本文选取中国A股非金融行业上市公司2010年至2014年数据，实证检验了社会责任信息质量与证券分析师盈余预测准确度和分歧度之间的关系。研究结果显示社会责任信息披露质量与分析师盈余预测误差负相关，但是不显著。可能的原因是我国社会责任信息质量参差不齐，证券分析师执业水平和经验整体有限。此外，研究结果显示社会责任信息质量与证券分析师盈余预测分歧度显著负相关。整体实证结果表明，社会责任信息质量的提高对分析师盈余预测有正向影响。继而本文通过将数据样本按照产权性质分为国有企业组和民营企业组对比研究了产权性质对二者关系的影响。实证结果显示相比民营企业，国有企业社会责任信息质量的提高对分析师盈余预测准确度和分歧度的影响更显著。同理，将数据样本分为重污染行业组和其他行业组来研究行业特征对二者关系的影响，结果显示相比其他行业组，重污染行业组的社会责任信息质量的提高对分析师盈余预测准确度和分歧度的影响更显著。进一步的稳健性检验也支持了上述结论。在文章最后本文就如何建立健全社会责任信息披露制度，提高分析师执业水平，加强政府监督责任等方面有针对性地提出了相关建议。 本研究为国内该领域的研究提供了新的经验证据，本文的研究结论有助于推动我国社会责任报告披露制度的建立健全，有助于促进分析师行业的良性发展。此外，本文研究结论可以引起企业和利益相关者对社会责任的重视，增进人们对该类信息的使用，对促进资本市场环境的改善具有重要的意义。
英文摘要：	With the accelerated pace of economic globalization, the capital market is facing more and more uncertainty, investors seeking risk aversion are increasing demands for various types of information. The financial information measured at historical cost is lack of forward-looking, and social responsibility information has become more and more concerned as an important class of non-financial information. As professional capital market informationt users, securities analysts provide investors with profit forecast information. So do they pay attention to and use social responsibility information which can affect their earnings forecast? This paper studies the relationship between the quality of social responsibility information and the earnings forecast of securities analysts, so as to provide theoretical basis and empirical evidence for the establishment and perfection of our social responsibility reporting system. ????This paper chooses the data of China A-share non-financial industry listed companies from 2010 to 2014, and validates the relationship between the quality of social responsibility information and the accuracy and dissimilarity of profit forecast of securities analysts. The results show that the quality of social responsibility information disclosure is negatively correlated with the analyst's earnings forecast error, but not significant. The possible reason is that the quality of our social responsibility information is uneven, ans the securities analyst practice level and experience as a whole is limited.In addition, the results show that the quality of social responsibility information and securities analysts are significantly negative correlation between earnings forecast. Overall, the improvement in the quality of social responsibility information has a positive impact on analyst earnings forecasts. In the following, this paper studies the influence of the nature of property rights on the relationship between the state-owned enterprise group and the private enterprise group by classifying the data samples according to the nature of property rights. The results show that compared with private enterprises, the impact of social responsibility information quality on the accuracy and dispersion of analyst forecasts is more pronounced in state-owned enterprises. Finally, this study divides the data samples into heavy pollution industry groups and other industry groups to study the impact of industry characteristics on the relationship between the two. The results show that compared with other industry groups, the emphasis on the quality of social responsibility information in the heavily polluting industry group has a greater impact on the accuracy and dispersion of analyst forecasts. Further robustness tests also support the above conclusions. At the end of this paper, this paper puts forward some suggestions on how to establish and improve the system of social responsibility information disclosure,to improve the level of the practice of analysts and strengthen the supervision of the government. This paper provides new empirical evidence for the study of the relationship between the quality of domestic social responsibility information and the earnings forecast of the analyst. The conclusion of the study will help to promote the establishment of the disclosure system of social responsibility report in our country. In addition, the conclusion can help the stakeholder realise the importance of social responsibility information and make more use of such information .At last,this conclusion is also of great significance to promote the improvement of capital market environment.
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