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The Influence Of Corporate Social Responsibility Information's Quality On Analyst Earnings Forecasts

Posted on:2018-08-13Degree:MasterType:Thesis
Country:ChinaCandidate:L N KangFull Text:PDF
GTID:2359330512993176Subject:Accounting
Abstract/Summary:PDF Full Text Request
Capital market changes quickly,in the complicated and changeable environment,investors receiving information is impacted by the external environment,in addition to the disclosure of information from management,also has a lot of analyst earnings forecast information for reference.Analysts as intermediary in the capital market,through the collection and dissemination of effective forecast information to improve the efficiency of markets,their profit forecast can affect investors' earnings expectations to some extent.Any disclosure of relevant information can affect the analysts' forecast result,causing us to think whether the disclosure of corporate social responsibility report will be able to help analysts' earnings forecast,to help analysts to improve the prediction accuracy.In this paper,we mainly from three aspects review researches of scholars both at home and abroad,including disclosure of the non-financial information and its economic consequences,disclosure of corporate social responsibility information and its economic consequences,analysts forecast and influencing factors.on the basis of theoretical analysis,we put forward relevant assumptions and carry on the empirical analysis.This paper extracts overall samples from Shanghai and Shenzhen Stock Exchange A shares,and researches on corporate social responsibility report disclosure in the following several aspects:general situation,the disclosure quality,the difference of industry,the nature of the property,content.And selecting in the sample of Midea Group and Shanghai Automotive Industry Corporation as the research object,analyzing their changes in the performance of social responsibilities and wither performance of corporate social responsibility impacts on analyst earnings' forecast;We use empirical method to research on the relationship between corporate social responsibility,analyst's attention and accuracy of analysis' earnings forecast,also consider the influence of different nature of property rights to analysts at the same time,exploring the information value and the economic consequences of social responsibility report,as well as whether the disclosure of corporate social responsibility improves the information environment of the capital market in our country,which has strong theoretical and practical significance.
Keywords/Search Tags:Corporate social responsibility's quality, analysts' attention, earning forecast accuracy
PDF Full Text Request
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