周志方 刘金豪 曾辉祥
Impact of Water Information Disclosure on Corporate Risk-taking level ：Evidence from High Water-risk Industry
Zhou Zhifang，Liu Jinhao and Zeng Huixiang
摘要：气候变化和环境污染日趋加剧，水资源危机愈发严峻，企业如何进行水资源管理、有效化解水风险成为政府、投资者等企业利益相关者关注的重点。基于信号传递理论和合法性理论，以2010—2015年中国高水风险行业的334家上市公司为样本，实证检验了水信息披露对企业风险承担的影响机理，以及组织合法性的调节效应。结果表明，水信息披露整体上与企业风险承担负相关，但二者关系因企业产权性质与水信息披露相对水平的不同有所差异。进一步研究发现，无论水信息披露如何影响企业风险承担水平，组织合法性始终显著调节水信息披露对企业风险承担影响的强弱。该研究揭示了水信息披露对企业风险承担的影响机理，对企业水信息披露以及风险承担提升具有重要的实践启示。
关键词：水信息披露；企业风险承担；组织合法性；高水风险行业
Abstract: With the increasing climate change and environmental pollution, the water resources crisis is becoming more and more serious. How to manage water resources and effectively resolve water risks has become the focus of the government, investors, and other corporate stakeholders. Based on signaling theory and legitimacy theory, this paper examines the impact of water disclosure on corporate risk-taking and the moderating effect of organizational legitimacy. The study selects 334 listed companies in Chinese high water-risk industries and uses the companies’ data from 2010 to 2015 as samples. The results show that water disclosure is negatively related to corporate risk-taking, and the relationship between the two with the difference in property rights and the relative level of water information disclosure. A further study finds that, organizational legitimacy plays a significant moderating role on the impact of water disclosure on corporate risk-taking. The study reveals the impact mechanism of water disclosure on corporate risk-taking, shedding light on water-related disclosure and the enhancement of corporate risk-taking.
Keywords: Water Disclosure; Corporate Risk-taking; Organizational Legitimacy; High Water-risk Industries
基金项目：国家社会科学基金面上项目“分权视阈下我国土壤重金属污染修复基金制度设计与运行机制研究”（18BJY085）的阶段性成果。
