Corporate Social Responsibility Information Disclosure, Analyst Forecast And Corporate Value

Recently, Corporate social responsibility has always been the most hot topic in the academy so that the academy has produced a number of research productions. Specially, these findings has mainly concentrated on the economic consequence of corporate social responsibility disclosure. For example, they included the research about the relationship between corporate social responsibility disclosure and enterprise value. However, based on it, these findings was lack of being done research from the perspective of the information economy, that is, they was hardly done research on the perspective of the fact that analyst incorporating corporate social responsibility disclosure for earnings forecast had a great influence on the economic consequence of corporate social responsibility disclosure. So, the paper would make up its deficiency to explore the relationship among corporate social responsibility disclosure, analyst forecast and enterprise value based on the perspective of analyst earnings forecast. Furthermore, the paper would remarkably classify enterprise value into the short-term enterprise value and the long-term enterprise value in order to express the influence that corporate social responsibility disclosure, analyst forecast would affect enterprise value. Involving the research method, the former would mainly use the method of event study, but the latter would mainly the method of TQ Number. Thus, based on the data analysis of corporate social responsibility disclosure about 704 listed enterprises of the short-term window, 1280 listed enterprises of the long-term window in the mainboard and A share of Shanghai Exchange Stock Market from 2010 to 2013, the paper would have these following findings.1.Concerning the aspect of the relationship between corporate social responsibility disclosure and analyst forecast:(1) corporate social responsibility disclosure remarkably promotes the number of analyst forecast people;(2)compared with non-manufacturing enterprises, the manufacturing enterprises which have corporate social responsibility disclosure remarkably promotes the number of analyst forecast people;(3) compared with enterprises in the eastern area, the enterprises in the middle and western area which have corporate social responsibility disclosure do not remarkably promote the number of analyst forecast people;(4) corporate social responsibility disclosure do not remarkably decrease analyst forecast dispersion, further increase analyst forecast accuracy;(5) compared with non-manufacturing enterprises, the manufacturing enterprises which have corporate social responsibility disclosure do not remarkably decrease analyst forecast dispersion, further increase analyst forecast accuracy;(6) compared with enterprises in the eastern area, the enterprises in the middle and western area which have corporate social responsibility disclosure do not remarkably decrease analyst forecast dispersion, further increase analyst forecast accuracy.2.Concerning the aspect of the relationship among corporate social responsibility disclosure, analyst forecast and the short-term enterprise value:(1)compared with private enterprises, state-owned enterprises which have corporate social responsibility disclosure and for which analyst forecast have less dispersion of earnings forecast remarkably increase the short-term enterprise value;(2) compared with private enterprises, state-owned enterprises in the middle and western area which have corporate social responsibility disclosure and for which analyst forecast have less dispersion of earnings forecast remarkably increase the short-term enterprise value;(3) compared with private enterprises, state-owned enterprises of the manufacturing industry which have corporate social responsibility disclosure and for which analyst forecast have less dispersion of earnings forecast do not remarkably increase the short-term enterprise value.3.Concerning the aspect of the relationship among corporate social responsibility disclosure, analyst forecast and the long-term enterprise value:(1) enterprises which have corporate social responsibility disclosure and for which analyst forecast have less dispersion of earnings forecast remarkably increase the long-term enterprise value;(2)compared with non-manufacturing enterprises, manufacturing which have corporate social responsibility disclosure and for which analyst forecast have less dispersion of earnings forecast remarkably increase the long-term enterprise value;(3)corporate social responsibility disclosure do not remarkably increase the long-term enterprise value;(4) compared with enterprises in the eastern area, the enterprises in the middle and western area which have corporate social responsibility disclosure and for which analyst forecast have less dispersion of earnings forecast remarkably decrease the long-term enterprise value.So, these findings would offer some effective suggestions for either the regulation of corporate social responsibility disclosure or investors’ interest protection.