社会责任信息、分析师关注度与公司股票流动性

发布时间：2018-05-18 12:58

本文选题：分析师关注度 + 社会责任信息　；参考：《财经科学》2017年06期

【摘要】：企业社会责任信息是否引起分析师关注,对资本市场又会产生什么影响受到理论界和实务界关注。本文以2007-2014年A股上市公司为样本研究发现,企业社会责任信息与分析师关注度正相关;重污染行业企业相对于非重污染行业企业,财务透明度低相对于财务透明度高时,企业社会责任信息与分析师关注度正相关关系更为显著;企业社会责任信息经分析师传递到资本市场降低了公司股票流动性。证实企业社会责任信息吸引更多分析师关注,但传递到资本市场引起投资者的负面评价降低了股票流动性。本文既丰富了分析师信息中介理论研究,也提供了企业社会责任信息经分析师传递到资本市场经济后果的经验证据。
[Abstract]:Whether corporate social responsibility information has attracted the attention of analysts and what impact on the capital market will be concerned by the theoretical and practical circles. This paper takes A share listed companies from 2007 to 2014 as a sample, and finds that corporate social responsibility information is positively correlated with analysts' attention, and the financial transparency of enterprises in heavy pollution industries is lower than that in non-heavy pollution industries, when financial transparency is high. The positive correlation between CSR information and analyst attention is more significant; CSR information is passed on to the capital markets to reduce corporate equity liquidity. It was confirmed that CSR information attracted more analysts' attention, but negative ratings from investors that were passed on to the capital markets reduced equity liquidity. This paper not only enriches the research on the theory of analyst's information intermediary, but also provides empirical evidence of the consequences of corporate social responsibility (CSR) transmitted to the capital market economy by the analyst.
【作者单位】：西南财经大学会计学院;重庆文理学院经济管理学院;
【基金】：国家社科基金项目(16AJY004) 西南财经大学中央高校基本科研业务费专项资金(JBK1507009)
【分类号】：F270;F832.51

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