企业社会责任信息的质量对分析师盈余预测的影响

发布时间：2018-05-03 10:32

本文选题：企业社会责任信息的质量 + 分析师关注度　；参考：《北京交通大学》2017年硕士论文

【摘要】：资本市场波云诡谲,在复杂多变的资本市场环境下,投资者的信息接收不断受到外部环境的冲击,上市公司披露的常规信息和各种机构的分析预测信息充斥在市场的信息大环境中,多样化的信息给了信息需求者更多的选择参考。而分析师作为资本市场中的中介机构,通过不断收集和传播有效的预测信息来提高市场效率,进行专业地分析判断,其发布的研究报告对投资者来说具有相当的参考价值。资本市场任何风吹草动都能左右分析师的专业判断,那么企业社会责任报告作为非财务信息的一项重要指标,其披露是否能够在一定程度上补充财务信息的缺陷,并且引发分析师关注,是否能够助推分析师的专业判断,从而促使其研报传递出更准确的信息,这是本文研究的重点。本文主要从上市公司非财务信息的披露的动机、内容及其产生的影响,企业社会责任报告的发展、动机、内容及其产生的经济影响,分析师盈余预测的有效性、影响因素等方面对国内外学者已有的研究进行回顾,并通过相关理论佐证观点,在理论的基础上作出了初步的假设,并进行研究分析。本文从沪深两市A股提取总体样本,从总体情况、披露质量、行业差异、产权性质、内容阐述等方面,对我国上市公司企业社会责任报告的披露情况进行全面分析,并在样本中选取美的集团和上汽集团作为切入点,分析企业在社会责任履行和披露等方面的时代变迁,初步分析其履行社会责任披露企业社会责任报告对分析师盈余预测的影响,并从实证方法探讨企业社会责任和分析师关注度、分析盈余预测准确性之间存在的普遍联系,同时引入新的角度,从产权性质的角度入手,考虑不同产权性质对盈余预测的影响,研究不同产权性质下,企业社会责任信息的履行和披露情况对证券分析师盈利预测的影响是否具有显著区别,来进一步探究我国社会责任报告的信息价值及经济后果,以及作为重要非财务信息的企业社会责任履行情况的披露是否在一定程度上改善了我国资本市场的信息环境,具有较强的理论和现实意义。
[Abstract]:In the complex and changeable capital market environment, the information reception of investors is constantly affected by the external environment. The conventional information disclosed by listed companies and the analysis and prediction information of various institutions are flooded in the information environment of the market. The diversified information gives the information demanders more choices and references. As an intermediary in the capital market, analysts improve market efficiency by constantly collecting and disseminating effective forecasting information, and conduct professional analysis and judgment. The research report released by the analyst has considerable reference value for investors. Any fuss in the capital market can influence the professional judgment of analysts. Well, as an important indicator of non-financial information, can the disclosure of corporate social responsibility reports supplement the defects of financial information to a certain extent? And the focus of this paper is whether analysts are concerned about whether they can boost analysts' professional judgment, and thus drive their research papers to deliver more accurate information. This article mainly from the listed companies non-financial information disclosure motivation, content and its impact, corporate social responsibility report development, motivation, content and its economic impact, the effectiveness of the analyst earnings forecast, The influence factors and other aspects of the domestic and foreign scholars have been reviewed, and through the relevant theoretical support point of view, on the basis of the theory made a preliminary hypothesis, and research and analysis. This paper takes a total sample from Shanghai and Shenzhen A-shares, and analyzes the disclosure of corporate social responsibility reports of listed companies in China from the aspects of overall situation, disclosure quality, industry difference, property right nature, content elaboration and so on. And in the sample selected Midea and SAIC Group as the entry point to analyze the corporate social responsibility performance and disclosure of the times of change, This paper preliminarily analyzes the impact of CSR disclosure on the earnings forecast of analysts, discusses the relationship between CSR and analyst's attention, and analyzes the general relationship between the accuracy of CSR and the accuracy of earnings forecasting. At the same time, by introducing a new angle, starting with the property right, considering the influence of different property right on earnings prediction, the paper studies the different property right. Whether there are significant differences between the performance and disclosure of CSR information on the earnings forecast of securities analysts, in order to further explore the information value and economic consequences of CSR reports in China. Whether the disclosure of corporate social responsibility, as an important non-financial information, improves the information environment of our country's capital market to a certain extent, has strong theoretical and practical significance.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F270;F275

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