Abstract:The study examines the relationship between corporate social responsibility (csr) disclosure quality and sell-side analyst forecast error and optimism using multi-level capital markets in China. Results suggest that csr disclosure quality contributes to decrease analyst forecast error and optimism; furthermore, the lagged effect of csr disclosure quality in previous year is stronger. Listed companies published csr reports in main board, sme board and gem board comply with completely distinct listing restrictions and transaction systems, which leads to heterogeneity and empirically tests that random effect model is superior to fixed effect model and pooled ols model in multi-level capital markets inconsistent with prior studies.