ESG表现作为企业公开透明的非财务信息,在缓解投资者与企业之间的信息不对称性中发挥着重要作用;并且近些年资本市场的快速发展,使得证券分析师在资本市场中的作用越来越突出。基于两者都以投资者为导向,故本文以中国2019~2021年A股上...ESG表现作为企业公开透明的非财务信息,在缓解投资者与企业之间的信息不对称性中发挥着重要作用;并且近些年资本市场的快速发展,使得证券分析师在资本市场中的作用越来越突出。基于两者都以投资者为导向,故本文以中国2019~2021年A股上市公司为研究样本,通过建立回归模型实证分析企业ESG表现与分析师盈余预测准确性的关系。研究表明:较好的ESG表现对分析师盈余预测具有显著的促进作用,即企业ESG的评级越高,分析师的盈余预测越准确,预测误差越小。本文的研究结论,不仅在理论上丰富了影响分析师盈余预测行为因素的研究内容,而且在实践上有助于激励企业自觉完善ESG管理体系、提高发展的可持续性,还可以为监管机构完善法律法规和分析师盈余预测提供依据。As a transparent non-financial information of enterprises, ESG performance plays an important role in alleviating information asymmetry between investors and enterprises. In addition, the rapid development of the capital market in recent years has made the role of securities analysts in the capital market more and more prominent. Since both are investor-oriented, this paper takes China’s A-share listed companies from 2019 to 2021 as the research sample, and empirically analyzes the relationship between corporate ESG performance and the accuracy of analysts’ earnings forecasts by establishing a regression model. The study shows that better ESG performance has a significant promoting effect on analysts’ earnings forecasts, that is, the higher the ESG rating of the enterprise, the more accurate the analyst’s earnings forecast and the smaller the forecast error. The research conclusions of this paper not only enrich the research content of the factors affecting analysts’ earnings forecast behavior in theory, but also help to motivate enterprises to consciously improve their ESG management system and improve the sustainability of development in practice. It can also provide a basis for regulators to improve laws and regulations and analysts’ earnings forecasts.展开更多
ESG评级机构逐渐壮大,但评级差异却在资本市场实践中产生噪音,为利益相关者决策带来困扰。基于此,以2010~2022年A股上市公司为样本,实证检验ESG评级分歧对分析师盈余预测准确性的影响。研究发现:ESG评级分歧显著降低分析师盈余预测准确...ESG评级机构逐渐壮大,但评级差异却在资本市场实践中产生噪音,为利益相关者决策带来困扰。基于此,以2010~2022年A股上市公司为样本,实证检验ESG评级分歧对分析师盈余预测准确性的影响。研究发现:ESG评级分歧显著降低分析师盈余预测准确性,经由稳健性检验后结论依旧成立。进一步研究发现:作用机制检验得出,ESG评级分歧通过提高企业经营风险,进而加剧分析师盈余预测偏差;异质性分析表明,当企业信息不透明度越高,ESG评级分歧对分析师预测准确性的负面影响进一步增强;当企业独立披露ESG报告、应规披露ESG信息,ESG评级分歧对分析师预测准确性的抑制作用将进一步减弱。研究结论识别了ESG评级分歧对分析师盈余预测影响的作用路径,实证ESG分歧的信息价值,为监管机构规范ESG评级体系提供经验证据。ESG rating agencies are growing, but rating discrepancies create noise in capital market practices and confuse stakeholder decisions. Based on this, taking A-share listed companies from 2010 to 2022 as a sample, this paper empirically examines the impact of ESG rating divergence on the accuracy of analysts’ earnings forecasts. The research finds that: ESG rating divergence significantly reduces the accuracy of analysts’ earnings forecast, and the conclusion is still valid after a series of robustness tests. Furthermore, the mediating mechanism test shows that ESG rating divergence aggravates analysts’ earnings forecast bias by increasing corporate operating risk;when the corporate information opacity is higher, the negative impact of ESG rating divergence on the accuracy of analysts’ earnings forecast is further enhanced. When companies independently disclose ESG reports and disclose ESG information in accordance with regulations, the inhibitory effect of ESG rating divergence on the accuracy of analysts’ forecasts will be further weakened. The research conclusion identifies the effect path of ESG rating divergence on analysts’ earnings forecast, demonstrates the information value of ESG divergence, and provides empirical evidence for regulators to standardize ESG rating system.展开更多
文摘ESG表现作为企业公开透明的非财务信息,在缓解投资者与企业之间的信息不对称性中发挥着重要作用;并且近些年资本市场的快速发展,使得证券分析师在资本市场中的作用越来越突出。基于两者都以投资者为导向,故本文以中国2019~2021年A股上市公司为研究样本,通过建立回归模型实证分析企业ESG表现与分析师盈余预测准确性的关系。研究表明:较好的ESG表现对分析师盈余预测具有显著的促进作用,即企业ESG的评级越高,分析师的盈余预测越准确,预测误差越小。本文的研究结论,不仅在理论上丰富了影响分析师盈余预测行为因素的研究内容,而且在实践上有助于激励企业自觉完善ESG管理体系、提高发展的可持续性,还可以为监管机构完善法律法规和分析师盈余预测提供依据。As a transparent non-financial information of enterprises, ESG performance plays an important role in alleviating information asymmetry between investors and enterprises. In addition, the rapid development of the capital market in recent years has made the role of securities analysts in the capital market more and more prominent. Since both are investor-oriented, this paper takes China’s A-share listed companies from 2019 to 2021 as the research sample, and empirically analyzes the relationship between corporate ESG performance and the accuracy of analysts’ earnings forecasts by establishing a regression model. The study shows that better ESG performance has a significant promoting effect on analysts’ earnings forecasts, that is, the higher the ESG rating of the enterprise, the more accurate the analyst’s earnings forecast and the smaller the forecast error. The research conclusions of this paper not only enrich the research content of the factors affecting analysts’ earnings forecast behavior in theory, but also help to motivate enterprises to consciously improve their ESG management system and improve the sustainability of development in practice. It can also provide a basis for regulators to improve laws and regulations and analysts’ earnings forecasts.
文摘ESG评级机构逐渐壮大,但评级差异却在资本市场实践中产生噪音,为利益相关者决策带来困扰。基于此,以2010~2022年A股上市公司为样本,实证检验ESG评级分歧对分析师盈余预测准确性的影响。研究发现:ESG评级分歧显著降低分析师盈余预测准确性,经由稳健性检验后结论依旧成立。进一步研究发现:作用机制检验得出,ESG评级分歧通过提高企业经营风险,进而加剧分析师盈余预测偏差;异质性分析表明,当企业信息不透明度越高,ESG评级分歧对分析师预测准确性的负面影响进一步增强;当企业独立披露ESG报告、应规披露ESG信息,ESG评级分歧对分析师预测准确性的抑制作用将进一步减弱。研究结论识别了ESG评级分歧对分析师盈余预测影响的作用路径,实证ESG分歧的信息价值,为监管机构规范ESG评级体系提供经验证据。ESG rating agencies are growing, but rating discrepancies create noise in capital market practices and confuse stakeholder decisions. Based on this, taking A-share listed companies from 2010 to 2022 as a sample, this paper empirically examines the impact of ESG rating divergence on the accuracy of analysts’ earnings forecasts. The research finds that: ESG rating divergence significantly reduces the accuracy of analysts’ earnings forecast, and the conclusion is still valid after a series of robustness tests. Furthermore, the mediating mechanism test shows that ESG rating divergence aggravates analysts’ earnings forecast bias by increasing corporate operating risk;when the corporate information opacity is higher, the negative impact of ESG rating divergence on the accuracy of analysts’ earnings forecast is further enhanced. When companies independently disclose ESG reports and disclose ESG information in accordance with regulations, the inhibitory effect of ESG rating divergence on the accuracy of analysts’ forecasts will be further weakened. The research conclusion identifies the effect path of ESG rating divergence on analysts’ earnings forecast, demonstrates the information value of ESG divergence, and provides empirical evidence for regulators to standardize ESG rating system.
