摘要
采用Baker et al.(2016)构建的经济政策不确定性指数,检验上市公司是否会选择高质量的信息披露策略以应对政策波动所带来的宏观经济风险。研究发现,上市公司的信息披露质量在经济政策不确定时期显著提高,这一现象主要集中于政府干预程度严重的区域以及高度外部融资依赖和高成长企业。基于股权投资者视角的检验发现,经济政策的不确定性会显著降低盈余的市场反应系数,而高质量的信息披露策略有助于缓解这一负向作用;基于债权投资者视角的检验发现,企业的债务融资成本在政策波动期间显著上升,而信息披露质量的提高能有效抑制融资成本的增加。本文基于信息披露策略这一研究视角,为上市公司应对政策波动风险提供了新思路,对政策制定者和企业管理层有着重要的理论启示。
Using index of economic policy uncertainty constructed by Baker et al.(2016), we empirically examine whether companies will improve their disclosure quality as response to the macro-economic rick caused by volatility of policies. Our results demonstrate that the disclosure quality of public companies increases significantly during periods of high policy uncertainty. This phenomenon mostly concentrated on firms headquartered in regions of high government interference, companies heavily-relying on external financing, and those with good growth opportunities. Examinations about equity investors show that earnings response coefficients of listed companies decrease with EPU, and that high disclosure quality can improve the informativeness of earnings. From tests about debt investors, we know that cost of debt increase dramatically with policy uncertainty, and will decrease with high information quality. Our study delivers empirical evidence about corporates’ response to risk of policy uncertainty from perspective of information disclosure strategy, and provides practical implications to regulators and managers.
作者
钟覃琳
杨晓彤
唐玮
姜付秀
Zhong Qinlin;Yang Xiaotong;Tang Wei;Jiang Fuxiu
出处
《学术研究》
CSSCI
北大核心
2020年第5期88-97,177,178,共12页
Academic Research
基金
国家自然科学基金青年科学基金项目“企业创新对资本市场信息环境的影响——基于区域人才政策作为工具变量的实证分析”(71902183)
国家自然科学基金重点项目“企业的融资约束与融资策略研究”(71432008)的阶段性成果。
