企业战略定位与信息自愿披露差异化  

Corporate strategic positioning and differences in voluntary disclosure of corporate information

作　　者：简建辉[1] 胡丹 陈恩泽 孙哲[1] JIAN Jianhui;HU Dan;CHEN Enze;SUN Zhe(School of Economics and Management,North China Electric Power University,Beijing 102206,China)

机构地区：[1]华北电力大学经济与管理学院,北京102206

出　　处：《中国软科学》2022年第8期119-130,共12页China Soft Science

摘　　要：随着“十四五”规划构建高水平社会主义市场经济体制的提出,企业战略定位及其能否满足利益相关者的信息需求走进了社会公众的视野。选取2010—2020年我国A股非金融类上市公司为研究样本,从财务信息和非财务信息两个角度,探究企业战略激进度与自愿披露的关系。研究发现:企业自愿披露财务信息符合“补偿”效应,自愿披露非财务信息符合“挤出”效应,信息不对称和社会责任承担则在二者关系中发挥了不同程度的中介效应。在采用倾向得分匹配法和工具变量法排除内生性问题的干扰后,研究结论依然成立。With the advancement of the 14th Five-Year Plan to build a high-level socialist market economic system,the strategic positioning of corporate and whether it can meet the information needs of stakeholders has entered the public’s field of vision.The paper selects China’s A-share non-financial listed companies from 2010 to 2020 as the research sample,and explores the relationship between strategic aggressiveness and voluntary information disclosure from the perspectives of financial information and non-financial information.The study found that voluntary disclosure of financial information by companies is more in line with the compensation effect,and voluntary disclosure of non-financial information is more in line with the crowding-out effect,while information asymmetry and social responsibility assume varying degrees of intermediary effects in the relationship between the two.After using propensity score matching method and instrumental variable method to eliminate the interference of endogenous problems,the conclusion of this paper is still valid.

关 键 词：战略激进度 信息自愿披露 业绩快报 企业社会责任报告 

分 类 号：F270[经济管理—企业管理]