水信息披露对企业风险承担水平的影响——来自高水风险行业的证据

Impact of Water Information Disclosure on Corporate Risk-Taking Level: Evidence from High Water-Risk Industry

气候变化和环境污染日趋加剧,水资源危机愈发严峻,企业如何进行水资源管理、有效化解水风险成为政府、投资者等企业利益相关者关注的重点。基于信号传递理论和合法性理论,本文以2010—2015年中国高水风险行业的334家上市公司为样本,实证检验了水信息披露对企业风险承担的影响机理,以及组织合法性的调节效应。结果表明,水信息披露整体上与企业风险承担水平负相关,但国有企业以及水信息低披露分组企业的水信息披露能够显著增强企业风险承担水平,而且组织合法性能够调节该部分企业水信息披露与企业风险承担的正相关关系。本文的研究结论对企业优化水资源管理、规范水信息披露等具有重要的参考价值。

With the increasing climate change and environmental pollution,the water resources crisis is becoming more and more serious.How to manage water resources and effectively resolve water risks has become the focus of the government,investors,and other corporate stakeholders.Based on signaling theory and legitimacy theory,this pa⁃per examines the impact of water disclosure on corporate risk-taking and the moderating effect of organizational legit⁃imacy by selecting 334 listed companies in Chinese high water-risk industries from 2010 to 2015 as samples.The re⁃sults show that water information disclosure is negatively correlated with enterprise risk-taking on the whole,but the water information disclosure of state-owned enterprises and enterprises with low water information disclosure can sig⁃nificantly enhance the level of enterprise risk-taking,and the organizational legitimacy can adjust the positive corre⁃lation between water information disclosure and enterprise risk-taking of these enterprises.The conclusion of this pa⁃per has important reference value for enterprises to optimize water resource management and standardize water infor⁃mation disclosure.