The Impact Of Corporate Social Responsibility Report Tone On Stock Price Synchronization

In recent years,with the increasing degree of enterprise information disclosure,text information has received more and more attention.Non-financial information accounts for a large proportion in corporate social responsibility reports,describing the efforts made by enterprises in environmental and social aspects.Among them,tone,as the feature most intuitively felt by report readers,plays an important role in conveying CSR information.In the new era,it is necessary to "deepen the reform of the financial system and enhance the ability of financial services to serve the real economy".Only when the information in the capital market can be fully reflected,can resources be allocated reasonably and effectively and the goal of financial services to serve the real economy can be better realized.The synchronicity of stock price can reflect the efficiency of information transmission in capital market and indicate the information content in capital market.However,the current research on the influencing factors of stock price synchronization has not yet gone deep into corporate social responsibility report text information.At the same time,there is no consensus on whether CSR reports can truly provide information.To sum up,whether the tone of social responsibility report conveys or conceals information,and whether and how it affects the synchronicity of stock price,deserves further exploration.This paper takes the social responsibility reports disclosed by non-financial sectors of A-share listed companies from 2008 to 2020 as the research object.The empirical results show that :(1)the tone of social responsibility reports can convey corporate trait information and reduce stock price synchronization.(2)Analyst tracking and media coverage have a positive moderating effect on the synchronization between CSR tone and stock price,that is,with the increase of analyst tracking and media coverage,CSR tone has a more significant decreasing effect on the synchronization of stock price.(3)Further research finds that when the uncertainty of the external environment is low and enterprises are forced to disclose the social responsibility report,the tone of the social responsibility report is more effective in information communication and inhibits the phenomenon of stock price rising and falling at the same time.(4)Based on the lexical characteristics of social responsibility reports,the research found that the tendency of symbolic social responsibility tone can significantly reduce stock price synchronization.In addition,net positive social responsibility intonation can significantly reduce analyst forecasting bias,which further proves that intonation provides information about corporate characteristics.Article reveals the corporate social responsibility report tone and the relationship between the stock price synchronicity,from the Angle of text characteristic,explores the effective ways to reduce the stock price synchronicity,and examines the and disclosure will play the role of the enterprise information environment,corporate social responsibility is proved tone can provide company information,to support the concept of information efficiency.In addition,it is helpful to discover the problems existing in the disclosure of China’s social responsibility report,so as to put forward relevant suggestions for better realizing the circulation of information in the capital market from the perspective of investors,enterprises and regulatory authorities.