Abstract: Understanding the determinants of investor risk concerns is crucial for comprehending investor behavior, improving investor relations management in publicly listed companies, and fostering sustainable corporate development. This study utilizes data from earnings communication conferences of A-share listed companies in China from 2007 to 2021. We construct a novel measure of investor risk concerns by analyzing the risk content within the text of investor inquiries, and comprehensively examine its determinants from the dual perspectives of fundamental risks and information risks. Our findings reveal that investor risk concerns increase with greater fundamental risk disclosed in annual reports and larger analyst forecast errors. Conversely, investor risk concerns decrease with higher prior stock return volatility and increased macroeconomic policy uncertainty. Further analysis indicates that these baseline findings are more pronounced in firms that are larger, have higher leverage, exhibit higher information quality, and are state-owned. Moreover, we find that management's timely and positive responses to investor risk concerns can significantly reduce the information asymmetry between investors and management and enhance the market pricing efficiency of the company's stock. This research provides valuable insights into the mechanisms driving investor risk concerns and their informational consequences.

Key words: investor risk concern, fundamental risk, information risk, market pricing efficiency