自愿性战略合作信息披露质量与公司经营风险

基于 2007-2018 年 A 股上市公司“战略框架协议公告”,采用文本分析法,实证检验上市公司战略合作信息披露质量对经营风险的影响,研究发现：（1）战略合作信息披露质量与上市公司经营风险呈显著负相关,即信息披露质量越高,经营风险越低。（2）进一步分析战略合作信息质量对经营风险的影响机制,分析结果表明：战略合作信息披露质量越低,则代理成本越高,企业经营效率越低,最终提高企业经营风险。（3）战略合作信息披露质量对企业经营风险的影响具有异质性。在微观方面,对于管理越规范、CEO 越集权与公司内控质量越好的公司,战略合作信息披露质量越能降低公司经营风险;在宏观方面,对于持股比例越高,市场化水平越高的公司,战略合作信息披露质量越能降低公司经营风险。研究为上市公司提高战略合作信息披露质量从而降低经营风险提供了经验证据,为上市民营公司降低融资成本、提高经营绩效提供了相关的政策参考。

Voluntary Strategic Cooperation Information Disclosure Quality and Corporate Business Risk

Based on the "strategic framework agreement announcements" of a-share listed companies from 2007 to 2018, this paper empirically examines the influence of strategic cooperation information disclosure quality on operational risk of listed companies by adopting text analysis method. And the study finds that: (1) the strategic cooperation information disclosure quality and the management risk of listed companies has significant negative correlation, that is, the higher the quality of information disclosure, the lower the operational risk. (2) The paper further analyzes the influence mechanism of strategic cooperation information quality on business risk, and the analysis results show that: the lower the quality of strategic cooperation information disclosure, the higher the agency cost, the lower the operating efficiency of enterprises, which ultimately improves the business risk of enterprises. (3) The impact of strategic cooperation information disclosure quality on business risk is different. At the micro level, the more standardized the management, the more centralized the CEO and the better the quality of the internal control of the company, the better the quality of the information disclosure of strategic cooperation can reduce the company''s business risk; At the macro level, the higher the shareholding ratio and marketization level of the company, the more the quality of strategic cooperation information disclosure can reduce the company''s business risk. The research of the paper provides empirical evidence for listed companies to improve the quality of strategic cooperation information disclosure so as to reduce operational risks, and provides relevant policy reference for listed private companies to reduce financing costs and improve operational performance.