经济政策不确定性与年报风险信息披露

Economic Policy Uncertainty and Risk Disclosure in Annual Report

导出

摘要随着外部环境不确定性的增加,投资者对风险信息的需求日益增多,而中国上市公司年报风险信息披露呈现较大差异,探讨其动因对于鼓励企业披露风险信息具有重要意义。基于此,文章从经济政策不确定性视角,考察不确定性环境下公司年报风险信息披露的动机及效果。利用2007-2019年A股上市公司年报风险信息披露的文本数据,研究发现,经济政策不确定性与年报风险信息披露显著正相关;当经济政策不确定性提高时,基础风险高的公司选择披露更多的总体风险信息和宏观风险信息,融资约束大的公司选择增加总体风险信息披露。进一步研究发现,经济政策频繁波动将加剧资本市场的信息不对称程度,表现为买卖价差和股价崩盘风险的显著增加,此时公司选择披露更多风险信息有助于缓解不确定性引发的信息不对称。研究对于理解经济政策不确定性环境下公司年报风险信息披露行为及其经济后果具有启示意义。 In the conditions of escalating external environmental uncertainties,there is a growing investor demand for risk information.However,the annual reports of listed firms in China exhibit significant variations in the disclosure of risk information.It is imperative to delve into the motivations driving firms to disclose risk information.Against this backdrop,this paper endeavors to explore the motivations and economic ramifications of firms’risk disclosure in annual reports from the perspective of economic policy uncertainty.Using textual data on risk disclosure from the annual reports of A-share listed firms from 2007 to 2019,our study reveals a significantly positive correlation between economic policy uncertainty and firms’risk disclosure.As economic policy uncertainty mounts,firms with heightened underlying risk tend to enhance the disclosure of both total and macro risk,while those facing substantial financing constraints are inclined to increase total risk disclosure.Moreover,economic policy uncertainty exacerbates information asymmetry in capital markets,as evidenced by a notable uptick in bid-ask spreads and stock price crash risk.Conversely,heightened risk disclosure aids firms in mitigating the above information asymmetry.Our study holds enlightening significance for comprehending firms’risk disclosure behavior and its economic consequences in the context of economic uncertainty.

作者王俊秋曹雪邱穆青 Junqiu Wang;Xue Cao;Muqing Qiu(School of Business,East China University of Science and Technology,Shanghai 200237,China)

机构地区华东理工大学商学院

出处《会计与经济研究》 CSSCI 北大核心 2023年第6期127-143,共17页 Accounting and Economics Research

基金国家自然科学基金项目(72102071)

关键词经济政策不确定性风险信息披露信息不对称融资约束 economic policy uncertainty risk disclosure information asymmetry financial constraints

分类号 F423 [经济管理—产业经济] F23 [经济管理—会计学]