Environmental Information Disclosure And Analyst Earnings Forcast

With the domestic environmental problems become increasingly prominent,government departments have to pay more attention to corporate environmental responsibility,environmental information disclosure of listed companies has gradually become a hot spot for domestic scholars,then the disclosure of environmental information in the capital market and the role of what will happen The role of stakeholders become more and more attention to the problem.With the continuous development of China’s market economy,capital market is maturing,securities analysts play a more and more important role in earnings forecast.On the one hand,the securities analyst will use the information disclosed by the enterprise,use their expertise to organize and carry out profit forecast;the other hand,analysts will organize their own analysis of the data available to investors to guide investors in the direction of investment.As a bridge between the listed companies and the investors,the securities analysts effectively balance the market supply and improve the effectiveness of the capital market.However,the environmental information disclosed by listed companies is not uniform.Different types of information have different reference value for the analyst’s profit forecast.Whether the environmental information can affect the accuracy of the analyst’s profit forecast,whether other factors affect the profitability of the environmental information to the analyst Predictive accuracy? This article will stand in the perspective of analysts’ earnings forecasts to explore this issue.And from the perspective of financial information transparency,governance environment and property rights,and combined with China’s unique economic development background,put forward the hypothesis of multiple research perspective.In this paper,the listed companies in Shanghai and Shenzhen A-share heavily polluting industries as a sample,select the 2009 to 2015 release of corporate social responsibility report,respectively,the analyst forecast accuracy as the dependent variable,environmental information disclosure level as independent variables model,regression The results show that,with the increase of the level of environmental information disclosure,the accuracy of the analysts’ earnings forecast is improved for the whole sample.And we divide the level of environmental information disclosure into "soft disclosure" information with descriptive information and "hard disclosure" with specific performance values to study whether there are differences in the accuracy of these two types of information disclosure for analysts’ earnings forecast.We found that the environmental information disclosed in the CSR report can improve the accuracy of analysts ’earnings forecasts,and the "hard disclosure" information can significantly improve the accuracy of analysts’ earnings forecasts compared with "soft disclosure" information.Further research In this paper,from the perspective of governance environment,the nature of property rights analysis,found that under different conditions of environmental information disclosure on the role of analysts’ earnings forecasts are also different.The effect of environmental information disclosure on the accuracy of earnings forecast is more significant in the enterprises with good governance environment.Compared to private enterprises,this promotion relationship is more significant in state-owned enterprises.The first is to divide the environmental information into "hard information" and "soft information",and to measure the environmental protection status of the whole enterprise from many aspects.The second is to publish the annual corporate social responsibility report or sustainability report for the study,than in previous research literature focused on the disclosure of annual information more comprehensive and more targeted.Thirdly,from the perspective of property rights,financial transparency and governance environment,this paper analyzes the perspectives from a wide range of perspectives.