企业战略差异、产品市场竞争与风险提示信息  

Enterprise Strategic Difference,Product Market Competition and Risk Warning Information

作　　者：林钟高 唐洁玉 LIN ZhongGao;TANG JieYu(Anhui University of Technology, Maanshan 243002)

机构地区：[1]安徽工业大学商学院,安徽马鞍山243002

出　　处：《财贸研究》2021年第11期97-110,共14页Finance and Trade Research

基　　金：国家自然科学基金项目“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);国家自然科学基金项目“内部控制对关系专用性投资价值创造的传导机制研究”(71272220)。

摘　　要：以2010—2018年中国A股上市公司为研究对象,按照“竞争程度—信息环境—战略安排”的研究范式,考察企业战略差异对年报风险提示信息的影响及产品市场竞争的调节作用。研究发现:企业战略差异度越大,年报风险提示信息越多;随着产品市场竞争程度的提高,战略差异度对风险提示信息的增强作用有所减弱。进一步分析表明,战略差异度通过企业风险承担和信息不对称影响风险提示信息的披露;同时,产品市场竞争作为影响公司治理的一种重要外部机制,能够通过竞争压力传导促使企业强化内部治理,从而对企业战略和风险信息披露产生影响。Taking Chinese A-share listed companies from 2010 to 2018 as research object and according to research paradigm of“degree of competition-information environment-strategic arrangement”,this paper investigates influence of enterprise strategic difference on risk warning information of annual report and regulating role of product market competition.This study has found that the greater the strategic difference,the more the risk warning information of annual report.However,with the increase of product market competition,effect of degree of strategic difference on enhancement of risk warning information is weakened.Research results show that degree of strategic difference affects disclosure of risk warning information through enterprise risk undertaking and information asymmetry.At the same time,as an important external mechanism affecting corporate governance,product market competition can promote enterprises to strengthen internal governance through transmission of competitive pressure,so as to have an impact on enterprise strategy and disclosure of risk warning information.

关 键 词：战略差异度 产品市场竞争 风险提示信息 非结构化数据 文本挖掘技术 

分 类 号：F275[经济管理—企业管理]