风险警告能预测融资吗？来自10-K披露和随后的8-K文件的证据

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-07-21 DOI:10.1016/j.frl.2025.108000

Pieter de Jong

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引用次数: 0

摘要

本研究使用2006-2022年8068个公司年度观察数据集，检验了10-K项目1A部分的风险披露强度是否预测了随后的公司融资事件。研究结果揭示了风险披露的双重性质：一般的风险披露强度有利于融资获取，而广泛的金融风险预警则是降低融资概率的可信约束信号。具体而言，综合风险报告显示与融资活动呈正相关，但金融风险词汇表现出负相关，这表明这些披露可靠地表明财务困境，而不是促进获取。这些发现有助于理解强制性披露与企业融资决策之间的复杂关系。

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Do risk warnings predict capital raising? Evidence from 10-K disclosures and subsequent 8-K filings

This study examines whether risk disclosure intensity in 10-K Item 1A sections predicts subsequent corporate financing events using a dataset of 8068 firm-year observations from 2006–2022. Results reveal a dual nature of risk disclosure: while general risk disclosure intensity facilitates financing access, extensive financial risk warnings serve as credible signals of constraints that reduce financing probability. Specifically, comprehensive risk reporting shows positive associations with financing activity, but financial risk words exhibit a negative relationship, suggesting these disclosures credibly signal financial distress rather than facilitate access. These findings contribute to understanding the complex relationship between mandatory disclosure and corporate financing decisions.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance