水资源信息披露、媒体报道与企业风险

Water Disclosure,Media Coverage,and Firm Risk

水风险逐渐与商业风险挂钩,水资源信息披露为企业与利益相关者建立对话机制提供了一种媒介。基于利益相关者、信号传递等理论,以2010-2015年中国高水敏感度行业的334家上市企业为研究样本,运用面板回归模型实证检验了水资源信息披露对企业风险(总体风险、系统风险和非系统风险)的影响机理,以及媒体报道在二者关系中的调节效应。结果表明:水资源信息披露与企业系统风险负相关,而与总体风险及非系统风险呈不显著的正相关关系,且这种关系并未在国企与非国企之间表现出明显差异;总体而言,媒体关注度(报纸和网络)在水资源信息披露对企业风险的影响中不具有显著的正向调节效应,媒体报道倾向(负面报道与非负面报道)在水资源信息披露对企业风险的影响中也不具有一致性的调节效应。上述研究发现对企业取信于内部和外部利益相关者、合理选择新闻发布媒介及有效防范经营风险具有重要参考价值。

As water risk gradually linked with business risk, water disclosure provides an intermediary for finns to establish dialogne mechanisms with stakeholders. Based on the stakeholder theory and the signaling theory, this paper chose 334 Chinese listed firms in high water sensitivity industries during the time period from 2010 to 2015 as the research samples. The panel data used in regression models tested the impact mechanism of water disclo- sure on firm risk （i. e. total risk, systematic risk and idiosyncratic risk）, and the moderating effect of media coverage. The results showed that there is a significant negative relationship between water disclosure and enterprise systematic risk, while insignificant positive relationships are found neither be- tween water disclosure and total risk nor idiosyncratic risk, and the results shown no significant difference between state-owned firms and non-state- owned firms. In general, media attention （from newspapers and networks） do not have significant positive moderating effects in the impact of water dis- closure on firm risk, and media coverage tendencies （i. e. negative reporting and non-negative reporting） do not have a consistent moderating effect in the impact of water disclosure on firm risk. Findings listed above have important reference value for firms to win trust of internal and external stakeholders, to choose media reasonably and prevent operational risk.