企业社会责任报告鉴证能够降低分析师盈利预测偏差吗?  

Does Corporate Social Responsibility Assurance Reduce the Deviation of Analyst Earnings Forecasts?

作　　者：张正勇[1,2] 胡言言 吉利[3] ZHANG Zhengyong HU Yanyan JI Li(School of Accounting, Nanjing University of Finance ＆ Economics, Nanjing 210023, 2. School of Business, Nanjing University, Nanjing 210023, China 3School of Accounting, Southwest University of Finance ＆ Economics, Sichuan 611130, Chin Chin)

机构地区：[1]南京财经大学会计学院,江苏南京210023 [2]南京大学商学院,江苏南京210023 [3]西南财经大学会计学院,四川成都611130

出　　处：《审计与经济研究》2017年第5期85-95,共11页Journal of Audit & Economics

基　　金：国家自然科学基金青年项目(71402068);教育部人文社会科学基金青年项目(12YJCZH297);江苏高校哲学社会科学基金(2016SJB630039);江苏高校"青蓝工程"优秀青年骨干教师培养计划

摘　　要：采用2008—2014年沪深A股非金融上市公司的社会责任报告鉴证数据,基于信号传递理论,从分析师盈利预测的角度,考察了社会责任报告鉴证是否能为投资者提供有用的信息。研究结果显示,社会责任报告鉴证能降低分析师盈利预测误差和预测分歧度;且相对于国有企业和治理环境差的地区,社会责任报告鉴证对分析师盈利预测误差和分歧度的降低效果在非国有企业和治理环境好的地区更显著;进一步对以上两组分样本按社会责任报告披露形式分组分析发现,上述现象只在非国有企业中的社会责任报告强制披露组和治理环境好地区中的社会责任报告强制披露组中显著。在尽可能控制内生性问题后,研究结论依然成立。上述研究结果表明,社会责任报告鉴证能够有效提高公司非财务信息质量,为分析师提供决策有用的信息。This paper,based on the signal transmission theory,examines whether the corporate social responsibility （CSR） assurance can provide incrementally useful information to investors by investigating the changes of properties of the analyst earnings forecasts by using the data from the A shares of Shanghai and Shenzhen of non-financial listed companies from 2008 to 2014.The empirical results are as follows：First,the CSR assurance can reduce the analysts forecast error and dispersion.Second,the positive impact of CSR assurance on analyst earnings forecast accuracy is stronger for non state-owned enterprises and companies located in regions with better institutional environment facilities.Further,on the basis of the former two categories,we group the samples according to the releasing form of CSR and find that these results are only maintained in the firms releasing the CSR compulsorily.These results hold water after we control the endogenously problem.Our findings suggest that the CSR assurance can improve the quality of non-financial information of the company effectively and provide incrementally useful information to investors.The conclusions of this paper enriched the literature of economic consequences of CSR assurance,and it is valuable for policymakers to improve the CSR disclosure system.

关 键 词：分析师盈利预测 社会责任报告鉴证 产权性质 治理环境 非财务信息质量 企业社会责任信息披露 公司治理 

分 类 号：F235.99[经济管理—会计学]