信息透明度与企业风险承担

Information Transparency and Corporate Risk-taking

资本市场透明度建设是资本市场改革的关键任务之一,其如何影响企业的风险承担决策关系到改革能否有效促进经济结构转型升级,实现创新驱动、效率驱动和高质量发展。本文以2007—2016年中国A股上市公司为样本,实证检验信息透明度对企业风险承担的影响及其作用机制。结果显示,信息透明度与企业风险承担水平显著正相关,信息透明度越高,企业风险承担水平越高。机制检验发现,信息透明度提高主要是通过发挥治理作用及支持管理者对股价信息的学习效应来提升管理者的风险承担动机。然而,本文发现,提高信息透明度也会产生负面影响,信息透明度提高会通过业绩压力机制、知识溢出机制来削弱管理者的风险承担动机。本文揭示了信息透明度与企业投资决策中风险选择行为之间的内在联系,丰富了信息环境经济后果及风险承担影响因素领域的文献,对于加强供给侧结构性改革、促进中国经济高质量发展也具有一定的启示作用。

Improving the transparency of capital market is one of the key tasks of the capital market reform.How it affects corporate risk-taking decisions is related to whether the reform can effectively promote the transformation and upgrading of the economic structure,and achieve innovation-driven,efficiency-driven and high-quality development.Using the data of Chinese A-share listed companies from 2007 to 2016,this paper explores the influences and mechanisms of information transparency on corporate risk-taking.Empirical results suggest that there is a significant positive correlation between information transparency and corporate risk-taking.The higher the information transparency,the higher the level of corporate risk-taking.A further exploration indicates that the improvement of information transparency can play a governance role and supports for managers’learning from the stock price to enhance managers’motivation to take risks.However,the improvement of information transparency can also have negative impacts on managers’risk-taking motivation through performance pressure channel and knowledge spillover channel.This paper reveals the internal relation between information transparency and risk selection behavior in corporate investment decision-making.It not only enriches the literature on the economic consequences of the information environment and factors influencing risk-taking,but also has certain implications for strengthening supply-side reforms and promoting high-quality economic development in China.