Social Responsibility Information Disclosure,Analyst's Robustness Prediction Tendency And Corporation Value

In recent years,research on corporate information disclosure has received attention from academic circles.However,these research results mainly study the economic consequences of corporate information disclosure.Therefore,this paper makes up for the deficiency.From the perspective of analysts' prediction,the paper discusses the relationship between corporate social responsibility information disclosure,analyst's robustness prediction tendency and corporate value.In reality,securities analysts face huge conflicts of interest,but securities analysts are also positively motivated by the market,such as the improvement of personal income brought by good reputation.These two different forces act on securities analysts at the same time,which makes some securities analysts' earnings forecasts have a solid tendency,while the other securities analysts' earnings forecasts have an overly optimistic tendency.This paper first studies the motivation of securities analysts with robustness prediction tendencies by combing information asymetry theory,stakeholder theory and reputation theory,put forward hypotheses with theoretical analysis.Then,this paper studys how to define and measure the steady propensity of securities analysts' earnings forecasts.In the end,using empirical evidence to find the relationship between corporate social responsibility reports,analysts' predictability trends and corporate values.The analysis found that the score of CSR is significantly positively correlated with the value of the company,which explains that in China's capital market,it is believed that the more corporate social responsibility is conducive to value growth.The coefficient of the cross-term between the CSR score and the analyst's robustness is significantly positive,indicating that the securities analyst's follow-up concerns have a positive impact,and as the analyst's earnings forecast tends to increase,this effect is further enhanced.Based on previous studies,the paper proposes corresponding policy recommendations from the perspectives of regulators,securities analysts,companies and investors.Regulators should develop policies to avoid conflicts of interest among analysts.Analysts should maintain soundness.Companies and investors should pay attention to the disclosure of social responsibility information.From the perspective of research,this paper starts with the non-financial information—social responsibility information and the tendency of analysts to supplement and enrich the relevant literatures.