摘要
基于2010—2019年A股上市公司年报文本信息,采用文本挖掘技术,考察风险提示信息对企业资本成本的影响;将企业内、外部因素放入同一分析框架中,探究信息披露制度变迁与内部控制的联合调节作用。研究表明:年报披露的风险提示信息越多,资本成本越高;强化信息披露监管力度抑制了风险提示信息对资本成本的增强作用,且当企业内部控制较差时,这种抑制作用更加明显。完善公司治理尤其是风险信息披露制度,内外联动,才能真正发挥资本成本作为连接资本市场、公司筹资与投资的纽带作用。
Based on the A-share listed company's annual report information from 2010 to 2019,by the use of text mining technology,the impact of risk warning information on the cost of corporate capital is examined.The internal and external factors of enterprise are put into the same framework to explore the joint adjustment effect of the changes in the information disclosure system and internal control.The study found that the more risk warning information disclosed in the annual report,the higher the cost of capital;the strengthening of information disclosure supervision has inhibited the enhancing effect of risk warning information on the cost of capital,and when the internal control of the enterprise is poor,this restraining effect is more obvious.It is necessary to perfect the corporate governance,especially the risk warning information disclosure system and to interact internally and externally so as to truly play the role of capital cost as a link between the capital market,corporate financing and investment.
作者
曾祥飞
魏明鉴
林钟高
Zeng Xiangfei;Wei Mingjian;Lin Zhonggao
出处
《常州大学学报（社会科学版）》
2021年第5期39-50,共12页
Journal of Changzhou University:Social Science Edition
基金
国家自然科学基金面上项目“基于缺陷修复视角的企业内部控制风险免疫能力强化机制研究”(71572002)
安徽省自然科学基金一般项目“非正式控制对企业非主观预算松弛的抑制机理与效果研究:以安徽省高科技企业为例”(2008085MG230)
安徽高校人文社会科学研究重点项目“管理会计非正式与正式控制匹配对企业创新的影响研究”(SK2019A0069)。
关键词
风险提示信息
资本成本
制度变迁
内部控制
文本挖掘技术
risk warning information
capital cost
institutional changes
internal control
text mining technology
