Research On Risk Information Disclosure Of Chinext Listed Company

Risk disclosure has been one of the issues for regulators and investors. Mostcompanies listed on GEM are high-tech and high-growth companies, usually characterizedwith unstable performance and high operational risks. Accordingly, disclosure contents andstandards congruous with the features of GEM companies are released by the Commissionto fully disclose the risk information of listed companies.Explicit disclosure information of GEM listed company is presented in the listingprospectus and annual reports. This paper, based on the content analysis method, analyzesthe disclosed risk information from two aspects, namely the content and the essence.Firstly, analysis is conducted on the normative degree of risk information offered by thecorporation prospectus to evaluate whether the disclosure form and contents meet therequirements of the Commission disclosure standards. However, by now the Commissionhas not proposed a unified disclosure standard specified to the annual report. Thus itsnormality is not discussed in this thesis. Secondly, the thesis aims to analyze whether theprospectus and annual reports, as a source to disclose risk information, affect theinvestment choices of investors or in other words, the quality of disclosure information.Through the above analysis, it is found that great progress is made in the form and contentof corporate information disclosure prospectus. However, there still exist some problems tobe solved. The risk information is of low quality since it does not exert significant impacton investor decisions. This thesis, on the basis of analysis, brings about many improvementsuggestions.