Human Resource Turnover Risk Disclosure,Analyst Attention And Cost Of Equity Capital

In the new economic context,China’s economic growth is slowing down,and the "demographic dividend" is gradually disappearing due to the arrival of an aging society and the competition of labor scarcity.At the same time,under the influence of the new epidemic,enterprises are laying off employees on a large scale,and the survival space of marginal industries is diminishing,and the risk of human resource loss is increasing,which has become one of the major risks with wide coverage and impact.In 2007 and 2012,the China Securities Regulatory Commission requirements in the annual financial statements of listed companies may face the risk of mandatory disclosure of enterprise twice,the SFC announcement information emphasized the importance of risk will affect the operating conditions and the strategic target of the enterprise,in view of the enterprise in the annual financial statements disclosed in the relevant human resources loss risk because of its influence to the company’s business ?This paper selects the sample data of A-share listed companies in Shanghai and Shenzhen from 2018-2021 as the research object.First,based on principal-agent theory,information asymmetry theory and efficient market theory,we analyze the influence mechanism between the disclosure of human resource attrition risk,analyst attention and the cost of equity capital;then,we use the PEG model to measure the cost of equity capital,and the value relevance of human resource attrition risk disclosure in the annual reports of Chinese listed companies to the companies themselves and external users is explored from the perspective of the cost of equity capital;finally,a moderating effect test model is constructed to investigate the moderating relationship between the disclosure of human resource attrition risk in the annual reports of Chinese listed companies and the external users.The following conclusions are drawn: First,the disclosure of human resource attrition risk by listed companies affects their cost of equity capital,which shows a negative correlation,which is consistent with the homogeneous view of risk disclosure.Second,all other things being equal,the more analysts pay attention to a company,the more significant is the effect of its disclosure of human resource attrition risk on the cost of equity capital.Based on the above research findings,this paper puts forward the following countermeasure suggestions.First,listed companies should establish an effective information disclosure mechanism,strengthen investor education,and carry out commercial and operational innovations from multiple perspectives and through multiple channels;Second,the regulator should improve the information disclosure system and analyst compensation incentive system,and strengthen supervision;Third,investors should moderately diversify their investments,invest prudently,reduce short-term speculative behavior,and make long-term investments represented by pension funds,social security funds and enterprise annuities to guide the capital market to return to a long-term value investment environment.