财经理论与实践
財經理論與實踐
재경이론여실천
THE THEORY AND PRACTICE OF FINANCE AND ECONOMICS
2014年
5期
69-74
,共6页
社会责任报告披露质量%非财务信息%分析师预测
社會責任報告披露質量%非財務信息%分析師預測
사회책임보고피로질량%비재무신식%분석사예측
Social responsibility report quality%Nonfinancial disclosure%Analyst forecast
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。
以深市上市企業披露的社會責任報告作為非財務信息的替代變量，實證檢驗瞭非財務信息披露質量與分析師盈利預測的關繫。多元迴歸分析結果錶明，企業社會責任報告披露質量越好，其分析師盈利預測越精確，併且在財務透明度低的企業中，這種正嚮關繫更顯著。這說明社會責任報告披露的這類非財務信息對分析師預測不僅具有信息含量，而且能夠通過對財務信息的補充作用，緩解財務不透明對分析師預測精度的不利後果。
이심시상시기업피로적사회책임보고작위비재무신식적체대변량，실증검험료비재무신식피로질량여분석사영리예측적관계。다원회귀분석결과표명，기업사회책임보고피로질량월호，기분석사영리예측월정학，병차재재무투명도저적기업중，저충정향관계경현저。저설명사회책임보고피로적저류비재무신식대분석사예측불부구유신식함량，이차능구통과대재무신식적보충작용，완해재무불투명대분석사예측정도적불리후과。
We examine the relationship between disclosure of nonfinancial information and an-alyst forecast accuracy using the issuance of stand-alone corporate social responsibility (CSR)re-ports 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.
