The Characteristics Of Top Management Team And Quality Of Enterprise Risk Information Disclosure

Since 2017,Preventing and resolving major risks is the first challenge to be overcomed in China’s three significant battles.In 2018,President Xi Jinping announced the establishment of the science and innovation board.In 2019 and2020,the central committee of the CPC convened provincial and ministerial meetings and the review and release of the new securities law,its core focus is also to prevent and defuse major risks,improve the system for issuing and listing shares based on information disclosure.High-quality disclosure of risk information is an effective way to ensure the efficient operation of the capital market and protect the interests of shareholders and investors.However,at present,the disclosure of risk information by Chinese enterprises still lacks subjective will.Most of the disclosures are too formal and templated and the content is not comprehensive.As strategy makers and decision makers,senior management team have motivation and ability to directly affect the quality of corporate risk information disclosure.At the same time,energy is the foundation and support for human survival and social development,the energy industry in a such important status at the same time,will inevitably face various risks,and the quality of the risk information disclosure is to promote the energy industry development,effective safeguard investors to invest,so energy risk information disclosure of listed companies has broad attention and recognition by the state and society.Based on this,this paper explores the relationship between the characteristics of the senior management team in the energy industry and the quality of corporate risk information disclosure.Taking 2008-2017 A-share energy listed companies as the research sample,based on the construction of an evaluation system for the quality of risk information disclosure,this papermanually scores and analyzes 2,963 original risk information texts.At the same time,this paper will distinguish the homogeneity and heterogeneity characteristics from the age,gender,tenure,occupational background and overseas background of the senior management team,respectively study and analyze the impact on the quality of risk information disclosure in the energy industry,and find that: 1.In terms of the homogeneity of the characteristics of the senior management team,the average age,the tenure of the senior management and the characteristics of the senior management team with overseas background which were all positively correlated with the quality of risk information disclosure,but the proportion of women and the proportion of managerial background in finance,law and finance had no significant impact on the quality of risk information disclosure.2.In terms of the heterogeneity of the characteristics of the senior management team,the heterogeneity of senior executives’ occupational background and tenure has a positive correlation with the quality of risk information disclosure,but the age heterogeneity of senior management team has a negative correlation with the quality of risk information disclosure.Finally,based on the empirical results,this paper puts forward specific suggestions on the optimization of the senior management team in China’s energy industry and the enhancement of the level of risk information disclosure from both the internal and relevant departments perspectives.