中国企业参与“一带一路”与风险信息披露  

Chinese Firms’Participation in the Belt and Road Initiative and Disclosure of Risk Information

作　　者：杜兴强[1] 闫维艳 曾泉[1] Xingqiang Du;Weiyan Yan;Quan Zeng(Center for Accounting Studies/Accounting Department of Xiamen University,Xiamen,Fujian,China 361005)

机构地区：[1]厦门大学会计发展研究中心/厦门大学会计学系,福建厦门361005

出　　处：《当代会计评论》2024年第1期51-73,共23页Contemporary Accounting Review

基　　金：国家社科基金重大项目“‘一带一路’沿线国中国企业审计治理研究”(20&ZD111)的资助

摘　　要：基于“一带一路”的制度背景,本文考察了中国企业参与“一带一路”对其风险信息披露的影响。具体地,本文以2009—2019年沪深A股上市公司作为研究对象,并依据是否在共建“一带一路”国家设立子公司识别处理组,按照实际参与“一带一路”的时间点,构建了多时点双重差分模型。研究发现,处理组公司在共建“一带一路”国家开设子公司之后,其风险信息披露显著增多,这一正相关关系在具有海外背景高管的企业中更突出。进一步地,作用机制测试揭示,中国企业参与“一带一路”提升了其风险承担能力和投资者关注,进而增加了风险信息披露。最后,异质性分析显示,参与“一带一路”对其风险信息披露的正向影响在内部控制质量较高和媒体关注度较高的企业中显著。上述研究结论有助于理解中国企业参与“一带一路”的经济后果,并为提升企业的风险信息披露提供重要的参考。This study investigates the impact of Chinese firms’participation in“the Silk Road Economic Belt and the 21st-Century Maritime Silk Road”(the Belt and Road Initiative,or B&R Initiative),on the disclosure of risk information.Using a sample of A-share listed firms in Shanghai and Shenzhen stock exchanges from 2009 to 2019,we employ a staggered difference-in-differences design and identify the treatment firms based on whether a firm sets up subsidiaries in B&R countries and when the firm participates in the B&R Initiative.We find that firms significantly increase the disclosure of risk information after establishing subsidiaries in B&R countries.The effect of B&R participation on risk information disclosure is more pronounced for firms managed by executives with overseas experience.Further analyses show that firms’participation in the B&R Initiative increases corporate risk taking and attracts investors’attention,which in turn encourages the disclosure of risk information.Lastly,cross sectional tests indicate that the positive relationship between participating in the B&R initiative and risk information disclosure exists among firms with better internal control and higher media coverage.Our findings contribute to the understanding of economic consequences of Chinese firms’participation in the B&R initiative and inspire new thinking in improving the quality of risk information disclosure.

关 键 词：一带一路 风险信息披露 多时点双重差分 海外背景高管 

分 类 号：F230[经济管理—会计学]