Corporate Social Responsibility,Analyst Focus And Financial Performance

China has entered a new stage of development in comprehensively building a modern and powerful socialist country.This requires enterprises,as an important part of society,to actively fulfill their responsibilities to society while pursuing their own interests,abandon excessive attention to short-term interests,undertake the historical mission given by the times,and better meet the growing needs of the people for a better life.Based on this background,the issue of corporate social responsibility has aroused heated discussions among scholars.Academics have begun to study the impact of corporate social responsibility on corporate financial performance,but have not reached consistent conclusions.Information asymmetry generally appears in the economic activities of the market,and the transmission role of information intermediary is crucial to solving the problem of information asymmetry among market participants.As an important information intermediary in economic activities,analysts have a higher level of information collection and analysis than general market participants,and can release more true and comprehensive company information to the market through the mining and interpretation of information.As the academic community gradually begins to conduct in-depth research on analyst concerns,researchers have begun to try to introduce analyst concerns as mediating variables into empirical models.In this context,by combing a large number of research literature on corporate social responsibility,analyst attention and financial performance,based on stakeholder theory,information asymmetry theory,signal transmission theory and corporate reputation theory,this paper selects the data of A-share(non-ST non-financial industry)listed companies from 2017 to 2021 as a sample,adopts multiple linear regression model to explore the impact of social responsibility performance on corporate financial performance,and takes the number of analyst concerns in Guotai’an database as logarithmic to measure analyst attention.Furthermore,the mediating role of analysts in the impact of CSR performance on corporate financial performance and the mediating role of analysts in the relationship between the two under different disclosure requirements are explored.The empirical results show that CSR performance has a significant positive impact on corporate financial performance,CSR has a significant positive promoting effect on analysts’ attention,analysts’ attention plays a part-mediating role in the impact of CSR performance on corporate financial performance,and different disclosure requirements affect analysts’ attention to play an intermediary role in the relationship between the impact of CSR performance on corporate financial performance.Based on the above empirical results,this paper puts forward the following three suggestions from three aspects: corporate social responsibility,financial performance and analyst concerns: First,China should further improve the legislative process on corporate social responsibility information disclosure.Second,achieve a virtuous circle of corporate financial performance and social responsibility fulfillment.Third,give full play to the information intermediary role of analysts.It is hoped that through the empirical research in this paper,the awareness of enterprises on fulfilling social responsibilities can be enhanced,and the intermediary role of analysts can be promoted,so as to realize the sustainable development of listed companies in China.