Collected Essays on Finance and Economics ›› 2023, Vol. 39 ›› Issue (5): 68-77.

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Does ESG Performance Improve Analysts' Earnings Forecast Quality? Evidence from A-share Listed Corporations

SUN Guangguo, CAO Siyu, AN Jiapeng   

  1. School of Accounting, Dongbei University of Finance and Economics, Dalian 116025, China
  • Received:2022-10-10 Online:2023-05-10 Published:2023-05-09

企业ESG表现能提高分析师盈余预测质量吗——来自A股上市公司的经验证据

孙光国, 曹思宇, 安家鹏   

  1. 东北财经大学会计学院,辽宁 大连 116025
  • 通讯作者: 安家鹏(1991—),男,安徽蚌埠人,东北财经大学会计学院博士生。
  • 作者简介:孙光国(1971—),男,四川达州人,东北财经大学会计学院教授;曹思宇(1997—),女,宁夏石嘴山人,东北财经大学会计学院硕士生。
  • 基金资助:
    国家社会科学基金项目(21BGL097;22BGL216);财政部“会计名家培养工程”(财会〔2019〕19号)

Abstract: This paper takes the Shanghai and Shenzhen A-share listed companies in China from 2010 to 2021 as samples to study the relationship between enterprises' ESG performance and the quality of analysts' earnings forecasts. The results show that enterprises' ESG performance can significantly improve the quality of analysts' earnings forecasts. The mechanism test indicates that enterprises' ESG performance mainly improves analysts' earnings forecast quality by enhancing the company's information quality and reducing the company's operational risk. Further research shows that the impact of enterprises' ESG performance on the quality of analysts' earnings forecasts is more significant in enterprises with low media attention and tracked by non-star analysts. The research conclusions of this paper can not only contribute to enriching the relevant research on enterprises' ESG performance and the quality of analysts' earnings forecasts, but also provide some reference for regulators, listed companies and analysts on how to improve and use ESG information.

Key words: ESG Performance, Earnings Forecast Quality, Information Quality, Operational Risk

摘要: 本文以2010—2021年我国沪深A股上市公司为样本,考察企业ESG表现与分析师盈余预测质量的关系。研究发现,企业ESG表现能够显著提高分析师盈余预测质量。机制检验表明,企业ESG表现通过提高信息质量和降低经营风险,进而提高了分析师盈余预测质量。进一步分析发现,企业ESG表现对分析师盈余预测质量的积极作用在媒体关注度较低和非明星分析师预测的企业中更加显著。本文研究结论不仅有助于丰富企业ESG表现经济后果与分析师盈余预测质量影响因素相关文献,还能够为监管机构、上市公司和分析师如何完善与利用ESG信息提供一定的参考。

关键词: 企业ESG表现, 盈余预测质量, 信息质量, 经营风险

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