Information Disclosure Of Social Responsibility And Analysts Earnings Predict

Securities analysts as one of the important information intermediaries in connectinglisted companies with external investors, theirs’ profit forecast quality of high and lowplays an important role on reducing the information asymmetry and improving theefficiency of capital market.But the company acquired information quality is the importantfactors that influence the securities analysts’ correct analysis judgment. With thedevelopment of society and economy, under the market environment of uncertaintyincreasing, the traditional accounting information disclosure is only the reflection ofenterprise history business activities information, lack of forward-looking, and cannot fullyreflect the enterprise facing the opportunities and risk. However, the social responsibilityinformation regarded as the main body of non-financial information disclosure is just tomake up for the lack of financial information in forward-looking information. Existingstudies have found that the disclosure of the listed company social responsibility report canimprove the prediction precision of the securities analyst to a certain extent, but they onlystudied the social responsibility report disclosure or not affect analysts predict behavior,without concern about whether social responsibility information disclosure quality canimprove results of analysts’ earnings forecasts. Social responsibility information disclosurequality which reflects how much information listed companies convey and uncertainty, willaffect the analyst to collect and assess the cost benefit of information, thus affecting theanalysts predict behavior.Based on the release social responsibility report from2010to2013in China’snon-financial A-share listed companies as research samples, regarding social responsibilityreport rating score released by the Rankins CSR Ratings (RKS) as proxy variable of socialresponsibility information disclosure quality, by constructing panel data model, this paperempirically examine the effect of social responsibility information disclosure quality onanalyst earnings forecast accuracy under the present securities market environment. Theresearch results show that after controlling for potential interference factors related, thesocial responsibility information disclosure quality can significantly improve analystspredict will, increase an analyst concern, and have significantly positive effect on theanalyst earnings forecasts accuracy. Further robustness test also supports this conclusion.The research conclusion of this article on the one hand, enrich and expand theresearch achievements in the field of information disclosure quality in our country and analyst earnings forecasts, and contribute to theory and practice having a morecomprehensive understanding of securities analyst earnings forecast affecting factors; Onthe other hand enhance the people on the understanding of the social responsibilityinformation usefulness to the capital market, and have the certain enlightenmentsignificance to improve corporate social responsibility information disclosure policies andmarket supervision institutions regulating behavior.