信息环境波动与董事会风险功能——基于风险信息披露视角

Information Environment Dynamics and Risk Function of Corporate Board—Based on the Perspective of Risk Disclosure

基于董事会的风险功能,结合未来风险评估视角下非财务信息披露的战略意义,探讨信息环境波动背景下专业委员会在未来风险评估中的风险效应。研究发现,独立董事对专业委员会运作的主导权、专业委员会成员背景以及履职情况对未来风险评估具有积极推动作用。当信息环境低度变动时,分析师在年度内对公司多次盈余预测精度的变化程度较小,公司内部信息流动程度以及透明程度较高,专业委员会对未来风险评估的影响效应更为显著。

Based on the risk function of boards ,from the perspective of future risk numbers, future risk response and degree of detail in the future risk information disclosure, this paper investigates the relationship among board committees, information environment dynamics and future risk assessment. The results show that the qualities of board committees have positive effects on the future risk assessment. And information environment dynamics has a moderating effect on the relationship between board committees and future risk assessment. These evidences suggest that companies should improve the quality of board committees, at the same time, companies also need to pay attention to the negative effects of analysts＇ annual earnings forecast errors and take proper actions in order to improve the firm＇s risk assessment capabilities.