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.
hedginginformation transparencymain business relevancespeculative motivation
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