Research On The IPO Risk Information Disclosure Based On Content Analysis

Information disclosure has been one of the common concer problems to investors andregulators, Information disclosure can help investors know the operation of the listedcompany comprehensively and accuratly, which can be useful for the investors to make agood decision; In addition, It can also reduce market information symmetry, optimize theallocation of the resources and improve the efficiency of the capital market.In recent years,with the development of China’s capital market, China’s stock issuance system andInformation disclosure system has been in the reform and improvement, but also exposedsome problems. Fraud on the market, the benefits of listed company in a sharp decline,raise funds appear to change and other conditions are still occur frequently. therefore, it isnecessary to make an investigation to risk disclosure of new shares issuers.This paper, we analysis the risk information of the prospectus of company from twoaspects, based on content analysis. From the horizontal angle, the paper not only make anormative analysis, but also use nonparametric analysis to make comparison of differentboard of companies. From the vertical perspective, we make trend analysis of riskinformation of the company from January1,2007to December31,2010. Through theabove analysis, we found that information disclosure of prospectus of China’s companyhas been made great progress, but there also exist some problems that need to be solved.We use two methods: one is content analysis, we make comparative analysis and trendanalysis of risk information of company’s prospectus in China. In the comparative analysis,we are mainly use normative analysis and variance analysis; The other one isnonparametric analysis and descriptive statistical method, which combine the theoreticalanalysis and empirical research.There are six parts in this paper, The structure of the full text as follows:Chapter Ⅰ is an introduction. It introduces the main problems to be solved, researchsignificance and methods, research thought and structure arrangements and the article introduces innovations and deficiency, which will help to grasp the overall layout of thepaper.Chapter Ⅱ is a literature review. In this chapter, we introduce the related research fromthe overseas and domestic. By reading the relevant literature, we can find the contentanalysis of China’s securities market are fewer than abroad. Based on this analysis, wesuggest that we should use content analysis to research the risk information of theprospectus in China.Chapter Ⅲ is the normative analysis of the risk information of the company. Due tothe special provisions, we decided to separate the companies that listed on the main boardand gem board. Firstly, we start from the requirements of risk information in the prospectusby CSRC, secondly, we analysis the real conditions of risk information, and comparisethem, which conclude our risk disclosure is more specification but also existing problems.Chapter Ⅳ is the comparision of the information disclosure of the companies thatlisted on different plate. First of all, we compare the differences of the requirments of therisk information in the companies’ prospectus by CSRC. Then, we use the parameteranalysis and descriptive statistics empirical methods to reach a conclusion.Chapter Ⅴ is the trend analysis for the risk disclosure of the companies. We choose625companies that listed from January1,2007to December31,2010as sample, andanalysis from five aspects such as risk category, the characters of risk parts, the amountand the methods of risk disclosure and so on.The last chapter is the thoughts and suggestions about the risk informations in theprospectus. Through the analysis of the above chapters, we summarized the currentsituation and problems of the risk disclosure. The development and perfection of theinformation disclosure need the market participants work together.