Information Disclosure Of Corporate Social Responsibility And Analysts Earnings Predict

The traditional accounting information disclosure is only the reflection of enterprise history business information,lack of forward-looking,and cannot fully reflect the opportunities and risk that the enterprise will face.However,the social responsibility information regarded as the main body of non-financial information disclosure is just to make up for the lack of financial information in forward-looking information.Based on the social responsibility report from 2014 to 2017 in China's non-financial A-share listed companies as research samples,this paper empirically examine the effect of social responsibility information disclosure quality on analyst earnings forecast accuracy.Through empirical research,this paper finds that the quality of social responsibility report disclosure is significantly positively correlated with the forecasting willingness and the number of securities analysts.The higher the quality of the disclosure leads to the higher the accuracy of the prediction.In addition,after introducing industry factors and regional factors,it was found that compared with non-manufacturing enterprises,manufacturing enterprises that disclose social responsibility information significantly increased the number of analysts' forecasting and tracking;Compared with enterprises in the central and western regions,companies in the eastern region also significantly increased the number of analysts forecasting follow-ups.After introducing the factors of disclosure willingness and property rights,it was found that the disclosure of social responsibility information of state-owned enterprises significantly improved the accuracy of analysts' predictions,but it could not prove that the willingness to disclose significantly affected the accuracy of analysts'predictions.Finally,this paper proposes measures from the perspective of disclosure supervision,regulatory disclosure and improvement of the professional competence of securities analysts,and promotes the further improvement of the mechanism of the social responsibility information disclosure.