The Impact Of Risk Information Disclosure On The Investment Efficiency Of Enterprises

After the outbreak of the global financial crisis,risk management and risk disclosure of enterprises have attracted extensive attention of investors,so risk information disclosure has become the focus of academic research.In 2012 and 2014,in the two revisions of the"Content and Format of Annual Report",China Securities Regulatory Commission has continuously strengthened the requirements of enterprises on the disclosure of risk information in the annual report.For enterprise managers,disclosure risk itself is a risk.When the risk information disclosed by the enterprise in the annual report plays its role in information transmission,it can reduce its financing constraints and improve the investment efficiency of the enterprise.However,when faced with the risks disclosed by enterprises in the annual report,risk averse people may have the illusion that the risk level of enterprises is high,or they may avoid enterprises out of fear of unknown risks,resulting in reduced investment efficiency of enterprises.At present,the academic circle is still not clear about how risk information disclosure affects the investment efficiency of enterprises,so exploring the relationship between the two is the key topic of this paper.Based on the data from 2014 to 2016,this paper uses three methods to measure the disclosure of risk information in the annual report,namely,the types of risk information disclosure,the number of risk sentences calculated according to the generated risk vocabulary and the word frequency of risk paragraphs.Richardson(2006)model is used to calculate the degree of inefficient investment of enterprises,so as to study the impact of risk information disclosure on the investment efficiency of A-share listed companies in China.The results of this study found that:(1)the more types of risk information disclosed by enterprises,the higher the investment efficiency;the longer the sentence and the more words the risk information disclosed,the lower the investment efficiency.(2)the more types of risk information disclosed by enterprises,the more significant the over-investment behavior of enterprises can be restrained;the longer the sentences and the more words disclosed,the higher the degree of over-investment of enterprises.The above relationship is not significant in the sample of insufficient investment of enterprises.(3)compared with state-owned enterprises,the disclosure of enterprise risk information in non-state-owned enterprises has a more significant impact on investment efficiency.(4)market competition risk or economic and environmental risk information disclosure has a positive impact on improving the investment efficiency of enterprises.The conclusion of this paper is helpful to enrich the literature related to enterprise risk information disclosure and investment efficiency.