Research On Risk Information Disclosure Quality And Influencing Factors Of Energy Listed Companies:The Perspective Of Corporate Governance

Since general secretary Xi Jinping proposed three major battles in his report to the 19 th CPC National Congress,the first and foremost problem of the three major battles has been to prevent and defuse major risks.On January 23,2019,the CPC Central Deepening Reform Committee held a meeting and pointed out that the stock issuing and listing system centering on information disclosure should be established and improved.Energy is the foundation and pillar of a country’s economic development.As the world’s largest energy consumer,China attaches great importance to energy in national production and the normal life of its residents.The risk information disclosure of energy listed companies is attracting more and more attention from investors,the government and the society.Taking risk information disclosure in the annual report of China’s energy listed companies from 2008 to 2017 as the research object.On the basis of qualitative and quantitative analysis,a risk information disclosure quality evaluation system is constructed to evluate and analysis the article of 3062 risk information,which aims at risk description,risk response and timely disclosure.Score analysis found that the risk information disclosure quality of China’s energy listed companies is relatively low,risk disclosure is still at the primary level.In the description of risks,more references were made to the past risk information,quantitative risk disclosure method was hardly used,and financial information was rarely mentioned.The majority of energy listed companies were seriously formalized in risk information disclosure,and lack of initiative and enthusiasm in risk information disclosure.On this basis,taking 56 energy listed companies as example,this paper makes an empirical study on the corporate governance factors that affect the quality of risk information disclosure.The empirical results show that the quality of risk information disclosure is mainly influenced by the quality of audit institution,the degree of ownership concentration,and the volatility index of stock price.Finally,from the aspects of perfecting the relevant standards of risk information disclosure,strengthening the supervision of regulatory departments and perfecting the governance structure of listed companies,this paper puts forward some suggestions to improve the quality of risk information disclosure of energy listed companies.