Research On The Usefulness Of Risk Information Of Science And Innovation Board Enterprises

In the context of the registration system reform,the quality of information disclosure has gradually become an important factor affecting investors’ decision-making.On the one hand,the characteristics of the industry determine that companies on the STAR Market have higher investment risks and greater uncertainty;on the other hand,the high entry threshold for investors on the STAR Market also makes them more demanding on risk information disclosure.The prospectus is a document that can be obtained by the market and investors during the listing process of a company,and the quality of its information disclosure is of great importance.However,according to the "Guiding Opinions on Improving the Quality of Information Disclosure in Prospectus under the Registration System" issued by the China Securities Regulatory Commission on January 28,2022,it can be seen that the current prospectus still has the problem of lack of usefulness of information disclosure.Based on this,it is necessary to study the above-mentioned lack of usefulness,especially its performance in the risk information disclosure part.This paper selects the risk factors in Section 4 of the prospectus of 231 companies as of October 12,2021 as the research sample.First,taking the relevant theories of information disclosure as the research starting point,it analyzes the registration system of the Sci-tech Innovation Board,IPO information disclosure,and risk information disclosure.The domestic and foreign literatures on the usefulness of information are reviewed.Secondly,after sorting out the relevant regulations on information disclosure on the Sci-Tech Innovation Board issued by my country,we classify the problems that are not useful in risk information disclosure on the Sci-Tech Innovation Board according to the relevant regulations,and further summarize the current situation of information disclosure by reading the prospectus of 231 companies,and at the same time summarize Three types of problems are summarized,namely,there are more qualitative and less quantitative problems,insufficient pertinence,and more compliance information in the process of enterprise risk information disclosure.Thirdly,by means of a questionnaire survey,we explore investors’ attitudes towards the lack of usefulness of the above-mentioned three types of information disclosure.Finally,taking three companies as the case objects,it analyzes the specific performance of the three types of problems in detail,and uses the comparative analysis method to study the differences in the disclosure content,and then puts forward preliminary suggestions for optimizing the quality of information disclosure.To sum up,researching the lack of usefulness of risk information disclosure in the prospectus of companies on the Sci-Tech Innovation Board is the first step to improve the quality of information disclosure.The conclusion provides meager reference value for other companies to improve the quality of information disclosure.