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企业社会责任信息是否引起分析师关注,对资本市场又会产生什么影响受到理论界和实务界关注。本文以2007-2014年A股上市公司为样本研究发现,企业社会责任信息与分析师关注度正相关;重污染行业企业相对于非重污染行业企业,财务透明度低相对于财务透明度高时,企业社会责任信息与分析师关注度正相关关系更为显著;企业社会责任信息经分析师传递到资本市场降低了公司股票流动性。证实企业社会责任信息吸引更多分析师关注,但传递到资本市场引起投资者的负面评价降低了股票流动性。本文既丰富了分析师信息中介理论研究,也提供了企业社会责任信息经分析师传递到资本市场经济后果的经验证据。
Whether corporate social responsibility information arouses the concerns of analysts or not and what impact it will have on capital markets has drawn the attention of theorists and practitioners. This paper, based on a sample of A-share listed companies from 2007 to 2014, found that corporate social responsibility information is positively correlated with analysts’ attention; that of heavily polluting industries is lower than that of non-heavily polluting industries, compared with high levels of financial transparency The positive correlation between social responsibility information and analyst attention is more significant. The transfer of corporate social responsibility information to the capital market by analysts reduces the liquidity of the company’s stock. Confirming that corporate social responsibility information is attracting more analysts’ attention, the negative feedback from investors to the capital markets has reduced stock liquidity. This article not only enriches the research on the theory of information intermediary of analysts, but also provides empirical evidence that corporate social responsibility information is transferred to the economic consequences of capital markets by analysts.