企业参与 ESG 评级与分析师盈余预测的准确性:基于绿色金融政策实施的视角

Huanyu Zhi
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引用次数: 0

摘要

文章以 2012 年至 2022 年中国 A 股上市公司为研究对象,采用差分模型,研究在中国绿色金融政策下,ESG 评级对分析师预测准确性的影响。研究发现,在绿色金融政策下,ESG评级公司的分析师预测准确度显著提高,表现为分析师预测误差和乐观偏差的减少。从机制上看,ESG评级公司更容易受到证券分析师的关注,愿意提供更高质量的信息披露,因此分析师的预测准确性更高。本研究还考察了公司的异质性。在绿色金融政策下,ESG评级对分析师预测准确性的积极影响在非国有企业和ESG敏感行业企业中更为显著。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Corporate Participation in ESG Ratings and the Accuracy of Analysts' Surplus Forecasts: Based on the Perspective of Green Finance Policy Implementation
The article takes China's A-share listed companies from 2012to 2022 as the research target, using the different-in-difference model, and investigate the impact of ESG rating on the accuracy of analysts' forecast accuracy under China's green finance policies. This study finds that under green finance policies, ESG rating companies significantly have higher analysts' forecast accuracy, which is manifested in the reduction of analysts' forecast error and optimism bias. In terms of the mechanism, ESG-rated companies are more likely followed by security analysts and are willing to provide better quality of information disclosure, and thus have higher analysts’ forecast accuracy. This study also examines firm heterogeneity. Under the green finance policies, the positive impact of ESG rating on the analysts' forecast accuracy is more significant in non-state-owned enterprises and enterprises in ESG-sensitive industries.
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