非财务信息披露与分析师预测——基于深市上市企业社会责任报告的实证检验

李晚金; 张莉

非财务信息披露与分析师预测——基于深市上市企业社会责任报告的实证检验

引用本文：李晚金，张莉.非财务信息披露与分析师预测——基于深市上市企业社会责任报告的实证检验[J].财经理论与实践,2014,(5):69-74

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作者	单位
李晚金，张莉	（湖南大学工商管理学院，湖南长沙410082）

中文摘要:以深市上市企业披露的社会责任报告作为非财务信息的替代变量，实证检验了非财务信息披露质量与分析师盈利预测的关系。多元回归分析结果表明，企业社会责任报告披露质量越好，其分析师盈利预测越精确，并且在财务透明度低的企业中，这种正向关系更显著。这说明社会责任报告披露的这类非财务信息对分析师预测不仅具有信息含量，而且能够通过对财务信息的补充作用，缓解财务不透明对分析师预测精度的不利后果。

中文关键词:社会责任报告披露质量非财务信息分析师预测

Nonfinancial Disclosure and Analyst Forecast Accuracy: Empirical Evidence on Corporate Social Responsibility Disclosure from Shenzhen Stock Exchange

Abstract:We examine the relationship between disclosure of nonfinancial information and analyst forecast accuracy using the issuance of stand-alone corporate social responsibility (CSR) reports to proxy for disclosure of nonfinancial information. The multiple regression analysis results show that the higher quality of the Corporate social responsibility report disclosure is associated with higher analyst forecast accuracy and the relationship is stronger in firms with more opaque financial disclosure, suggesting that this kind of non-financial information in social responsibility report not only has information content but also complements financial disclosure by mitigating the negative effect of financial opacity on forecast accuracy.

keywords:Social responsibility report quality Nonfinancial disclosure Analyst forecast

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