环境不确定性如何影响公司特质风险——基于现金流波动和会计信息质量的中介效应检验  

How Does Environmental Uncertainty Affect Firm Idiosyncratic Risk: A Study Based on Mediating Effect of Cash Flow Flotation and Information Quality

作　　者：花冯涛[1] 徐飞[1] Hua Fengtao;Xu Fei(School of Economics and Management,Anhui Normal Universit)

机构地区：[1]安徽师范大学经济管理学院

出　　处：《南开管理评论》2018年第4期122-133,共12页Nankai Business Review

基　　金：国家社会科学基金项目(13CGL026)资助

摘　　要：很少有文献从企业外部环境视角分析公司特质风险的形成机制。本文以2000-2015年的深沪A股为研究对象,通过中介效应检验,分析环境不确定性对公司特质风险的作用。研究认为,环境不确定性导致现金流波动上升及会计信息质量下降,进而对公司特质风险产生正向推动作用;股权制衡度的提升改善公司治理机制,降低了现金流波动和会计信息质量的中介效应,抑制环境不确定性对公司特质风险的作用。研究从经营环境视角分析了公司特质风险的成因,其研究价值在于,不仅回答了环境不确定性作为系统风险因素影响公司特质风险的作用机理,还回答了股权制衡度是否对不确定性和特质风险相关性产生作用的问题。另外,研究让我们对系统风险与特质风险之间的相关性有了新的认识。In recent years, the research on the influencing factors of idiosyncratic risk has gradually become the emerging fields of Finance Research. However, most literatures only analyze their formation mechanism from the perspective of internal characteristics of enterprises, but ignore the impact of external business environment. Using a sample of listed companies in Chinas capital market from 2000 to 2015, This paper examines the influential mechanism of idiosyncratic risk from the perspective of environmental uncertainty, and the conclusion as follows： Firstly, In order to cope with the impact of environmental uncertainty, enterprises＇ operating behavior changes, such as technological innovation, management strategy, management private behavior and so on, which leads to a large fluctuation in its operating performance and the quality of accounting information. So, environmental uncertainty has a positive effect on idiosyncratic risk by the mediating effect fact shows that the fluctuation of external business environment has indirect effects on idiosyncratic risk through stimulating the changes in internal business behavior. Secondly, the paper uses equity balances to measure the level of internal governance, and examines whether corporate governance has a mitigation effect on the correlation between uncertainty and trait risk. With the improvement of equity balance, the moderating effect on the correlation between uncertainties with idiosyncratic risk will losing its punch slowly. The conclusion shows that the optimization of corporate governance mechanism can effectively alleviate the external environment and idiosyncratic risks. The research value of the paper is that, on one hand, through the above study, we have a new understanding of the relationship between system risk and idiosyncratic risk, and demonstrate the necessity of the pricing of the idiosyncratic risk from another side; and on the other hand, we recognize the corporate governance mechanism can effectively mitigate the impact of external risks on

关 键 词：不确定性 特质风险 现金流波动 会计信息质量 股权制衡度 

分 类 号：F275[经济管理—企业管理]