上市公司风险信息披露水平的影响因素及其后果的实证研究
发布时间：2018-08-06 11:58
【摘要】：席卷全球性的金融危机使得理论界与实务界高度重视和关注风险管理、风险信息披露等概念。但目前我国尚未对企业风险披露进行系统规范，对于风险的计量和风险信息披露还只停留在一些特定行业和与之相关的产品的研究。对于上市公司风险披露的实证研究方法上，普遍使用内容分析法进行识别和度量,风险信息披露的研究文献也比较少。对于上市公司风险信息披露的影响因素和披露风险信息所产生的后果等问题并没有得到根本解决和验证，本文试图克服这些不足，在借鉴国内外已取得的成果基础上，研究对上市公司风险信息披露水平产生影响的因素及披露风险信息后所得到的经济后果。 本文以2010年沪市A股的上市公司中披露描述性风险信息的838家公司为研究样本，运用实证分析法检验上市公司年报和内控报告中风险信息披露水平的影响因素及后果。通过建立了多元回归模型检验出：1、独立董事充分发挥监督促进作用，对提高自愿披露风险信息起到了较为积极的作用。董事会中独立董事所占的比例越大，风险信息披露水平就越高。2、债权人对公司风险信息披露的监督作用明显，即资产负债率越高，风险信息披露水平就越高。3、公司规模与上市公司年报风险信息披露水平呈负相关关系。这是由于公司规模越大的公司，一方面其面对风险的抵抗能力较强，另一方面公众对于其的关注越高，为了维持其良好的形象而减少对于企业所面临的风险和不确定因素的披露。4、公司盈利能力水平与风险信息披露水平负相关。5、风险信息披露水平越高的公司具有比较低的股票交易量和更高的收益波动率。说明风险信息的披露能够对资本市场的信息不对称性进行弥补，使其更有效的运行。上述结论经过稳健性检验之后仍然成立，具有实际的经济后果。 本文认为风险信息披露为年度报告和内部控制报告注入了新的元素。但就目前国内的研究实践，风险信息披露水平和质量都亟待提高。国际上对风险信息的研究趋势和潮流，都要求我们提高上市公司年报披露的信息透明化，，完善监督管理。纵然由于各国实践的差异，很难形成统一的风险信息披露规范，但保持风险信息披露数量的适度水平，应该是一种国际共识，这也应该成为我国风险信息披露规范的基本要求之一。希望本文的研究可以为我国风险信息透明度和风险管理建设提供经验支持。
[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.
【学位授予单位】：新疆财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224
[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.
【学位授予单位】：新疆财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224
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