【摘要】：席卷全球性的金融危機(jī)使得理論界與實(shí)務(wù)界高度重視和關(guān)注風(fēng)險(xiǎn)管理、風(fēng)險(xiǎn)信息披露等概念。但目前我國(guó)尚未對(duì)企業(yè)風(fēng)險(xiǎn)披露進(jìn)行系統(tǒng)規(guī)范，對(duì)于風(fēng)險(xiǎn)的計(jì)量和風(fēng)險(xiǎn)信息披露還只停留在一些特定行業(yè)和與之相關(guān)的產(chǎn)品的研究。對(duì)于上市公司風(fēng)險(xiǎn)披露的實(shí)證研究方法上，普遍使用內(nèi)容分析法進(jìn)行識(shí)別和度量,風(fēng)險(xiǎn)信息披露的研究文獻(xiàn)也比較少。對(duì)于上市公司風(fēng)險(xiǎn)信息披露的影響因素和披露風(fēng)險(xiǎn)信息所產(chǎn)生的后果等問(wèn)題并沒(méi)有得到根本解決和驗(yàn)證，本文試圖克服這些不足，在借鑒國(guó)內(nèi)外已取得的成果基礎(chǔ)上，研究對(duì)上市公司風(fēng)險(xiǎn)信息披露水平產(chǎn)生影響的因素及披露風(fēng)險(xiǎn)信息后所得到的經(jīng)濟(jì)后果。 本文以2010年滬市A股的上市公司中披露描述性風(fēng)險(xiǎn)信息的838家公司為研究樣本，運(yùn)用實(shí)證分析法檢驗(yàn)上市公司年報(bào)和內(nèi)控報(bào)告中風(fēng)險(xiǎn)信息披露水平的影響因素及后果。通過(guò)建立了多元回歸模型檢驗(yàn)出：1、獨(dú)立董事充分發(fā)揮監(jiān)督促進(jìn)作用，對(duì)提高自愿披露風(fēng)險(xiǎn)信息起到了較為積極的作用。董事會(huì)中獨(dú)立董事所占的比例越大，風(fēng)險(xiǎn)信息披露水平就越高。2、債權(quán)人對(duì)公司風(fēng)險(xiǎn)信息披露的監(jiān)督作用明顯，即資產(chǎn)負(fù)債率越高，風(fēng)險(xiǎn)信息披露水平就越高。3、公司規(guī)模與上市公司年報(bào)風(fēng)險(xiǎn)信息披露水平呈負(fù)相關(guān)關(guān)系。這是由于公司規(guī)模越大的公司，一方面其面對(duì)風(fēng)險(xiǎn)的抵抗能力較強(qiáng)，另一方面公眾對(duì)于其的關(guān)注越高，為了維持其良好的形象而減少對(duì)于企業(yè)所面臨的風(fēng)險(xiǎn)和不確定因素的披露。4、公司盈利能力水平與風(fēng)險(xiǎn)信息披露水平負(fù)相關(guān)。5、風(fēng)險(xiǎn)信息披露水平越高的公司具有比較低的股票交易量和更高的收益波動(dòng)率。說(shuō)明風(fēng)險(xiǎn)信息的披露能夠?qū)Y本市場(chǎng)的信息不對(duì)稱性進(jìn)行彌補(bǔ)，使其更有效的運(yùn)行。上述結(jié)論經(jīng)過(guò)穩(wěn)健性檢驗(yàn)之后仍然成立，具有實(shí)際的經(jīng)濟(jì)后果。 本文認(rèn)為風(fēng)險(xiǎn)信息披露為年度報(bào)告和內(nèi)部控制報(bào)告注入了新的元素。但就目前國(guó)內(nèi)的研究實(shí)踐，風(fēng)險(xiǎn)信息披露水平和質(zhì)量都亟待提高。國(guó)際上對(duì)風(fēng)險(xiǎn)信息的研究趨勢(shì)和潮流，都要求我們提高上市公司年報(bào)披露的信息透明化，，完善監(jiān)督管理�？v然由于各國(guó)實(shí)踐的差異，很難形成統(tǒng)一的風(fēng)險(xiǎn)信息披露規(guī)范，但保持風(fēng)險(xiǎn)信息披露數(shù)量的適度水平，應(yīng)該是一種國(guó)際共識(shí)，這也應(yīng)該成為我國(guó)風(fēng)險(xiǎn)信息披露規(guī)范的基本要求之一。希望本文的研究可以為我國(guó)風(fēng)險(xiǎn)信息透明度和風(fēng)險(xiǎn)管理建設(shè)提供經(jīng)驗(yàn)支持。
[Abstract]:The global financial crisis has made the theorists and practitioners attach great importance to and pay attention to the concepts of risk management and risk information disclosure. But at present our country has not carried on the systematic standard to the enterprise risk disclosure, the risk measurement and the risk information disclosure still only stays in some specific industries and the related product research. On the empirical research methods of risk disclosure of listed companies, the content analysis method is widely used to identify and measure, and the research literature on risk information disclosure is also relatively few. The problems of influencing factors of risk information disclosure of listed companies and the consequences of disclosure of risk information have not been fundamentally solved and verified. This paper tries to overcome these shortcomings and draw lessons from the achievements made at home and abroad. This paper studies the factors that affect the level of risk information disclosure of listed companies and the economic consequences after disclosure of risk information. In this paper, 838 companies in Shanghai A-share listed companies that disclose descriptive risk information in 2010 are taken as research samples, and empirical analysis is used to examine the influencing factors and consequences of risk information disclosure level in annual reports and internal control reports of listed companies. By establishing the multivariate regression model, the author verifies that the independent director can give full play to the role of supervision and promotion, which plays a more positive role in improving the voluntary disclosure of risk information. The greater the proportion of independent directors in the board of directors, the higher the level of risk information disclosure, and the more creditors supervise the disclosure of corporate risk information, that is, the higher the ratio of assets to liabilities, The higher the risk information disclosure level is, the higher the risk information disclosure level is, and the negative correlation exists between the company size and the annual risk information disclosure level of listed companies. This is because the larger the company, the more resistant it is to the risks, and the more public attention it is to it. In order to maintain a good image and reduce the disclosure of risks and uncertainties faced by enterprises. The profitability level of the company is negatively correlated with the level of risk information disclosure. The higher the level of risk information disclosure is, the higher the risk information disclosure level is. Lower stock trading volume and higher return volatility. It shows that the disclosure of risk information can make up for the asymmetry of information in the capital market and make it work more effectively. The above conclusion still holds after the robustness test, and has the actual economic consequence. This paper argues that risk disclosure infuses new elements into annual reports and internal control reports. However, the level and quality of risk information disclosure need to be improved. The trend and trend of international research on risk information require us to improve the transparency of information disclosure and improve supervision and management of listed companies' annual reports. Even though it is difficult to form a uniform standard of risk information disclosure due to the differences in practice in various countries, it should be an international consensus to maintain the appropriate level of risk information disclosure. This should also become one of the basic requirements of risk information disclosure standards in China. It is hoped that the research in this paper can provide empirical support for the transparency of risk information and the construction of risk management in China.
【學(xué)位授予單位】：新疆財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：F275;F832.51;F224

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