Investors'Attention and Enterprise Default Risk:An Empirical Study Based on Supply Chain Perspective
Based on the data of Shanghai and Shenzhen A-share listed companies from 2011 to 2020,this paper examined the effect of investor concern on risk governance of supervision.The results show that in-vestors'attention and enhancement can significantly reduce the risk of corporate debt default,while the high proportion of shares held by institutional investors and high-quality information disclosure have a strengthe-ning effect on the relationship between the two.Further tests show that investor attention can reduce the default risk by affecting the concentration degree of the enterprise supply chain.Heterogeneity analysis shows that when financing constraints are low,resource allocation efficiency is high,and enterprise scale is large,investor concern has a more obvious inhibitory effect on enterprise default risk.The conclusion of this study provides practical enlightenment for giving full play to investors'supervision of capital market and strengthening enter-prise risk management.
国家科技期刊平台
NSTL
万方数据
维普
