The Empirical Research On Influence Factors And Consequence Of The Level Of The Risk Disclosure From The Listed Companies

Global financial crisis has swept the theoretical and practical circles high attention andfocus on risk management, risk information disclosure concept. Many scholars and regulatorsto recognize the importance of risk information and the function, but at present our countryhas not been to the enterprise risk disclosure system standard, for the risk measurement andrisk disclosure just stop in some specific industry and the related product research. The listedcompany risk disclosure of empirical research method, generally use content analysis methodto identify and measure, risk disclosure research literature also is less. The listed companyrisk information disclosure of the influence factors and the risk disclosure information such asthe consequences of problems and didn’t get solved and verification, this paper attempts toovercome these shortcomings have achieved results at home and abroad based on riskdisclosure of the listed company, have an impact on the level of risk factors and disclosure ofinformation obtained after the economic consequences.Based on the2010Shanghai a-share listed company of descriptive informationdisclosure in risk of the838companies as research samples, and use empirical analysisinspection annual report of listed companies and internal control report information disclosurelevel of risk factors and the consequences. By establishing the multiple regression model testout:1, independent director give full play to the supervision and promote the function, toimprove the voluntary disclosure risk information played an active role. The board ofdirectors of proportion of independent directors, the bigger the risk information disclosurelevel is higher.2, the creditor of risk disclosure supervision company obvious effect, that is,the higher the asset-liability ratio, risk information disclosure level is higher.3, the companyscale and listed company annual risk information disclosure level is inversely related. This isbecause the company of the bigger company, on the one hand, the face of a stronger ability toresist risk, on the other hand to the attention of the public is high, in order to maintain thegood image and reduce the risks for the enterprise and the uncertainty of the disclosure.4,company profit ability level and risk information disclosure level negative correlation.5, thehigher the level of risk disclosure of the company has low stock volume and higher returnvolatility. The risk that the disclosure of information to the capital market to the asymmetricinformation to make, make it more effective operation. Conclusion after conservatism inspection still after establishment, which has the actual economic consequences.This paper argues that risk disclosure for the annual report and internal control reportspoured into the new elements. But as to the present domestic research practice, riskinformation disclosure level and quality are to be improved. The international research trendsof risk information and trend, all require us to raise corporate annual reports informationtransparency, perfecting the supervision and management. Even if the practice due to thedifferences, it is difficult to form a unified risk information to disclose the standard, but keepthe risk disclosure number of moderate level, should be a kind of international consensus,which should become our country risk information to disclose the standard one of the basicrequirements. Hope this research for our risk information transparency and risk managementconstruction to provide experience for support.