A Study On Improvement Of Chinese Listed Companies' Risk Disclosure Methods

In November 1984, Feile-Yinxiang, as the first stock in China, which wrote a new paper on the history of Chinese capital market development, was issued and came into the securities market. In addition, Risk of listed companies became a very important problem, which was paid great attention by all the investors and all the issuance and governmental institutions.Since nationwide reformation and opening, CSRC (China Securities Regulatory Commission) had promulgated a series of rules of law, which strongly guaranteed our stock market running regularly. Especially in the turnover of new millennium, farther importance was attached to information disclosure of listed companies. A lot of rules of information disclosure were ordered. Some of them like the NO2 rule of content and format on information disclosure of listed companies-Annual reports'content and format were modified to farther definitude the basic requirement of disclosure and advice for practice.This paper composed of four chapters. They are 1) the meanings and classification of financial risks and theories of risk information disclosure. 2) great risk factors' effects on listed companies' performance. 3) actuality research of listed companies' risk information disclosure. 4) improvement on risk information disclosure of listed companies.In the first chapter, the author introduced how the risk and financial risk were defined by worldwide famous economists and supervisors. Every basis of the viewpoint was analyzed. All the risks of listed companies are classified, which would become the base of the research of affecting factors on listed companies' performance and would become the base of the actuality research of listed companies' risk information disclosure. Otherwise, some leading theories and viewpoints of enterprise risk information disclosure are introduced solely.In chapter two, the author selected sixty-eight listed companies that were recognized as ST in 2001 as the research sample. The relevant contents about work difficulty and solving ways were picked up, classified-and summed up. The common characters of working difficulties items in those ST companies' were concluded in succession. Accordingly, we could draw some fatal risk factors that affected listed companies performance. It was also the powerful gist of improvement on risk information disclosure of listed companies.The author then taking advantage of the length of chapter three analyzed the actuality of listed companies' risk information disclosure. The primary problems were following: 1) the bequeathal stock did not disclose or renew the narration of raising capital by floating shares when they issued incremental stocks; 2) the rules of content and format on information disclosure of listed companies defined careless and simple special risk items. All the flaws did not benefit investors and others who needed external information to distinctly evaluate the risk factors and the risk degree.In the last chapter, the author expatiated the necessities and probabilities by synthesizing all above contents in chapter one to chapter three. Then a new framework of risk information disclosure of-listed companies was built up.Because of my limited knowledge there must have a lot of error. I hope it would be corrected after you read. Thank you!...