The Reaction Of Capital Market For Corporate Social Responsibility Information

Corporate Social Responsibility is the important non-financial information, whether securities analysts can use and how to use this information,for us to understand the relationship between the information agency and non-financial information have a great significance sense.In addition, an important feature of Chinese capital market is the high price synchronicity. If disclosure of social responsibility information can transfer more information about company level, the company will be more conducive to accurate market pricing for effective allocation of resources, specifically to reduce the stock price synchronicity, whereas the stock price rise will result in synchronicity.So, from the perspective of the two respects allows us to better understand how social responsibility information is directly or indirectly affect the configuration of capital market resources. Answering these questions will provide evidence of the disclosure of the effect of current social responsibility information disclosure regulation and social responsibility report for future reference for policy.In this paper, in an example of corporate social responsibility, select Chinese A-share listed companies 2009-2013 years of corporate social responsibility data and financial data, using the methods of combining normative research and empirical research, testing whether the current corporate social responsibility information disclosure have influence on the stock synchronicity,whether the earnings forecast accuracy and tracking of securities analysts have influence on the stock synchronicity, and whether the corporate social responsibility information disclosure have influence on the relationship between securities analysts’ earnings forecast accuracy and tracking and the stock synchronicity,and to further explore whether these effects are different under different conditions.The results show that: the corporate social responsibility information disclosure is positively related to stock price synchronicity,and securities analysts’ earnings forecast accuracy and tracking is negatively related to stock price synchronicity,and the corporate social responsibility information disclosure can change the negative correlation between securities analysts’ earnings forecast accuracy and tracking and the stock synchronicity to positive.These results indicate that in our country the corporate social responsibility information disclosure is characterized by a market or industry information,which can not improve the information environment of our country’s capital market,while our country’s securities analysts’ search for information on tracking and forecasting the listed companies is characterized by a firm-specific information,this is informative, can improve the information environment of our country’s capital market.