套期保值能否改善企业信息环境?——基于信息透明度的检验  

Can Hedging Improve Corporate Information Environment?An Examination Based on Information Transparency

作　　者：熊海芳[1] 闫晴 王志强[1] 董浩 Xiong Haifang;Yan Qing;Wang Zhiqiang;Dong Hao

机构地区：[1]东北财经大学金融学院,辽宁大连116021

出　　处：《证券市场导报》2024年第8期69-79,共11页Securities Market Herald

基　　金：国家自然科学基金面上项目“股市极端波动中流动性螺旋的微观机制与治理研究”(71873023);辽宁省社会科学规划基金项目“公司债务违约的地理溢出与区域信用恢复研究”(L22ZD056);辽宁省教育厅基本科研项目“机构投资者对上市公司质量实际影响的同群效应研究”(LJKMR20221589);“兴辽英才计划”文化名家暨“四个一批”人才(青年英才)(XLYC2210054)。

摘　　要：本文以沪深A股上市公司为研究样本,系统考察套期保值对企业信息透明度的影响及其内在机理。研究发现,套期保值显著降低了上市公司信息透明度,这一结论在经过一系列稳健性检验之后依然成立。作用机制检验表明,套期保值动机模糊是企业信息透明度降低的主要原因,而套期保值复杂性及股票流动性并非中国情境下套期保值恶化信息透明度的机制。异质性分析发现,套期保值对企业信息透明度的破坏主要出现在市场波动大、投机倾向强、社会诚信度低以及高管职业担忧程度高的样本中。本研究深化了套期保值的经济后果分析,为进一步规范企业套期保值业务和相关信息披露、提升上市公司质量提供了新证据。Using the A-share listed companies on the Shanghai and Shenzhen Stock Exchanges as research samples,this paper systematically examines the impact of hedging on corporate information transparency and its underlying mechanisms.The study finds that hedging significantly reduces the information transparency of listed companies,and this conclusion remains valid after a series of robustness tests.The mechanism test shows that the ambiguity in hedging motivation is the main reason for the decrease in corporate information transparency,while the complexity of hedging and stock liquidity are not the mechanisms that deteriorate information transparency in the Chinese context.The heterogeneity analysis finds that the disruption of hedging to corporate information transparency mainly occurs in samples with high market volatility,strong speculative tendency,low social credibility,and strong executive career concerns.The research of this paper deepens the analysis of the economic consequences of hedging and provides new evidence for further standardizing corporate hedging activities and related information disclosure and improving the quality of listed companies.

关 键 词：套期保值 信息透明度 主营业务相关度 投机动机 

分 类 号：F832.5[经济管理—金融学]