财务透明度、市场化进程与企业社会责任报告鉴证效应  

Financial Transparency,Market Process and the Economic Consequence of CSR Report Assurance

作　　者：张正勇[1,2] 戴泽伟[3] 

机构地区：[1]南京财经大学会计学院,南京210023 [2]南京大学商学院,南京210023 [3]西南财经大学会计学院,成都611130

出　　处：《管理科学》2017年第2期132-147,共16页Journal of Management Science

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~~

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�The CSR report disclosed by management can send corporate social responsibility signals, which can effectively rectify the deficiency of financial reports and contribute to the better forecast on the future earnings of companies from the perspective of investors. However, it is incomplete in corporate social responsibility disclosure in China＇s capital market at present. Based on the instrument rationality of CSR theory, the corporate which discloses CSR information, attaches more importance to the objec- tive from supervision department, and attaches little importance to the stakeholders of companies. Management in companies may manipulate CSR information disclosure to meet their needs under the pretext of CSR information disclosure supervision policy. As a result, the assurance opinion on the CSR information from professional institutions will increase the reliability of CSR informa- tion, which can inhibit the self-interest behavior of management, and improve the disclosure quality of non-financial information. On the basis of signaling theory, the paper empirically tests whether the CSR report assurance can improve the usefulness of non-financial information for investors from the perspective of analysts＇ earning forecast. The paper takes 3084 listed company CSR reports disclosed from 2008 to 2014 as the sample, measures the financial trans- parency with adjusted Jones model, and measures the earnings forecast error with the difference between true earnings and predic- tive earnings, and forecast variance with the standard error of mean forecast earnings from all the analysts. The paper uses Stata 13.0 and Heckman two-stage models to test the influence of the CSR report assurance on analysts＇ earning forecast capacity, and test the financial transparency and market process＇ moderating effect on the relationship between assurance on CSR reports and analysts＇ earning forecast. The empirical results demonstrate： when CSR reports are assured by professional institutions, there is less earning forec

关 键 词：企业社会责任报告鉴证 非财务信息质量 分析师盈利预测 财务透明度 市场化进程 

分 类 号：E5[军事—军事理论]