The Impact Of Information Disclosure Quality Of GEM Listed Companies On Financial Risks

Financial risk,as a core risk that GEM listed companies face,directly affects whether the GEM can operate steadily.Therefore,how to avoid financial risks has always been a hot topic for GEM listed companies to focus on and discuss,and industry professionals have conducted continuous research.At the same time,according to the theory of information asymmetry and information transfer theory,it is known whether there is a certain relationship between whether to disclose financial risks and the truthfulness and adequacy of information disclosure and whether the company can sustain its long-term development.In foreign countries,a good information disclosure system enables the securities market to play its due role,improve resource allocation,and avoid market risks.In China,whether to disclose financial risks,the truthfulness and adequacy of information disclosure will help the company to develop for a long time,improve the company's ability to resist risks,and thus reduce the company's financial risks? Whether there is a connection between the two,there are few related discussions and studies.Therefore,with the support of relevant theories,this paper takes GEM listed companies as the research object,and analyzes the impact of information disclosure on the financial risks of GEM listed companies through literature research and theoretical analysis,that is,between the information disclosure and the company's financial risks.The relationship,especially the impact of information disclosure on financial risk.Specifically study the relationship between the disclosure of information,authenticity and level of detail and the company's financial risk.First,define whether to disclose financial risks,the truthfulness and adequacy of information disclosure and the related concepts of financial risks.At the same time,refer to the domestic and foreign research literature,and conduct research and make assumptions based on them.Second,empirical analysis and testing of hypotheses.This paper selects 3,153 research samples from 569 listed companies in the GEM market,and conducts empirical research on whether to disclose financial risks,the truthfulness and adequacy of information disclosure and financial risks into the same research framework.It is concluded that whether to disclose financial risks,the truthfulness and adequacy of information disclosure are significantly related to financial risks.That is to improve the content of information disclosure and the authenticity and level of detail,which will help reduce the company's financial risk and help mitigate the impact of financial risks on the company.Companies that proactively disclose financial risks,authenticity and adequacy,should increase their financial risk by less than companies with low levels of information disclosure.Then,through case study,analyze the information disclosure and financial risk indicators of LeTV,and explain the impact of information disclosure on financial risks.Finally,summarize the research conclusions and propose policy recommendations to mitigate the financial risks by improving the quality of information disclosure,so that the GEM listed companies can continue to develop healthily.