财务透明度、市场化进程与企业社会责任报告鉴证效应

发布时间：2018-04-25 07:17

本文选题：企业社会责任报告鉴证 + 非财务信息质量　；参考：《管理科学》2017年02期

【摘要】：管理层披露的企业社会责任报告能够传递企业社会责任表现信息,有效弥补单纯财务信息无法充分揭示企业价值的不足,有助于投资者将财务信息与环境、社会和治理等非财务信息结合起来更准确地对公司未来盈利作出预测。然而,目前中国资本市场企业社会责任信息披露制度建立尚不完善,基于企业社会责任工具假说,披露社会责任报告的企业更侧重考虑监管部门政策规制的目标,与利益相关方进行沟通的意识和主动性较为淡薄。管理层可能借着社会责任信息披露监管政策的幌子,将企业社会责任报告加以工具性利用,以进行信息披露操控的自利行为。因此,如果聘请专业机构出具企业社会责任报告鉴证意见无疑会增强信息可靠性,制约管理层的自利倾向,提高非财务信息披露质量。基于信号传递理论,从分析师盈利预测的视角,实证检验企业社会责任报告鉴证是否可以为投资者提供对其决策有用的非财务信息。以2008年至2014年中国沪深A股上市公司发布的3 084份企业社会责任报告为研究样本,使用修正横截面Jones模型计量财务透明度,以所有分析师对公司盈利预测均值的标准差以及与该公司实际盈余之差绝对值标准化处理后分别衡量分析师盈利预测误差和分歧度,采用Stata 13.0软件和Heckman两阶段自选择矫正模型进行分析,检验企业社会责任报告鉴证对分析师盈利预测的影响以及财务透明度和市场化进程对企业社会责任报告鉴证与分析师盈利预测关系发挥的调节作用。研究结果表明,当专业机构出具企业社会责任报告鉴证意见时,分析师盈利预测误差越低,预测分歧度也越小。进一步区分财务透明度和市场化程度的研究发现,企业社会责任报告鉴证对分析师盈利预测准确性的提升效果在财务透明度较低和处于市场化进程较高地区的公司中更加明显。在尽可能控制内生性问题后,研究结论依然成立。以上所有结果仅在强制披露组样本中存在。研究结果验证了企业社会责任报告鉴证能够有效提高公司非财务信息质量,为分析师决策提供有用的信息,其作用还会受到公司财务透明度和所在地区市场化程度等因素的影响,丰富了企业社会责任报告鉴证经济后果方面的研究,对政策制定者进一步评估和完善企业社会责任信息披露制度具有一定的参考价值。
[Abstract]:The corporate social responsibility report disclosed by management can transmit the performance information of corporate social responsibility, effectively make up for the deficiency that the pure financial information can not fully reveal the value of the enterprise, and help investors to bring financial information and environment to bear. Social and non-financial information such as governance combined to more accurately predict the company's future earnings. However, at present, the establishment of corporate social responsibility information disclosure system in China's capital market is not perfect. Based on the hypothesis of corporate social responsibility tools, enterprises that disclose social responsibility reports pay more attention to the objectives of regulatory policy regulation. The awareness and initiative of communicating with stakeholders is weak. Management may use CSR report as a tool under the guise of CSR information disclosure regulatory policy in order to carry out self-interest behavior of information disclosure manipulation. Therefore, if professional organizations are employed to issue corporate social responsibility report authentication opinions, it will undoubtedly enhance the reliability of information, restrict the self-interest tendency of management, and improve the quality of non-financial information disclosure. Based on the theory of signal transmission, this paper empirically tests whether corporate social responsibility report verification can provide investors with non-financial information that is useful for their decision from the perspective of analysts' profit forecast. Based on the 3,084 CSR reports issued by China's Shanghai and Shenzhen A-share listed companies from 2008 to 2014, the modified cross-section Jones model is used to measure financial transparency. According to the standard deviation of the average value of all analysts' earnings forecast and the absolute value of the difference with the actual earnings of the company, the error and divergence of the analysts' earnings forecast are measured respectively. Stata 13.0 software and Heckman two-stage self-selection correction model were used to analyze, This paper examines the impact of CSR report identification on analysts' earnings forecasts and the role of financial transparency and marketization in regulating the relationship between CSR reporting and analysts' earnings forecasts. The results show that when professional organizations issue corporate social responsibility reports, the lower the analysts' margin of error in earnings forecasts, the smaller the degree of divergence. Further research on the distinction between financial transparency and marketization shows that the effect of CSR report verification on the accuracy of analysts' earnings forecast is more obvious in companies with lower financial transparency and higher marketization process. After trying to control the endogenous problem as much as possible, the conclusion of the study is still valid. All of the above results are present only in the mandatory disclosure group sample. The results show that corporate social responsibility report identification can effectively improve the quality of non-financial information and provide useful information for analysts to make decisions. Its role will also be affected by factors such as corporate financial transparency and the degree of marketization in the region where it is located, which enriches the research on the economic consequences of corporate social responsibility report verification. It has certain reference value for policy makers to further evaluate and perfect corporate social responsibility information disclosure system.
【作者单位】：南京财经大学会计学院;南京大学商学院;西南财经大学会计学院;
【基金】：国家自然科学基金(71402068) 教育部人文社会科学研究基金(12YJCZH297) 江苏高校哲学社会科学研究项目(2016SJB630039) 江苏高校“青蓝工程”资助~~
【分类号】：F270;F275

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