了解上市公司年報風險信息披露的佳作。

　　上市公司風險信息披露質量研究，是國內外研究的前沿和熱點問題，能彌補相關文獻空缺，能應用到提高上市公司風險信息披露、投資者的投資決策、政府監(jiān)管部門的監(jiān)管和相關政策的制定。首先，風險信息披露質量可以用委托代理理論、市場約束與政府監(jiān)管理論、經(jīng)濟學供求理論等多重理論解釋；第二，研究我國上市企業(yè)的風險信息披露質量，可以從理論和實證的雙重角度評價我國上市企業(yè)風險披露的現(xiàn)狀和存在的問題；第三，影響我國上市企業(yè)風險信息披露因素很多，可以從公司治理、風險管理委員會和高管特征等方面進行分析；第四，上市公司披露的風險信息如果是有用的、有效的，且被投資者或潛在信息使用者獲取，就會帶來如實反映風險管理水平、提升風險管理能力和降低股價波動率等經(jīng)濟后果；第五，中外上市公司風險信息披露質量的比較，包括雙重上市公司境內外風險信息披露質量的一致性分析和境內外上市公司風險信息披露差異的分析；第六，典型行業(yè)風險信息披露質量分析，包括制造業(yè)、金融業(yè)和房地產行業(yè)；第七，上市公司風險信息披露質量的治理，包括政府監(jiān)管、公司自身治理和社會監(jiān)管。

　　張曾蓮，湖南長沙人，北京科技大學東凌經(jīng)濟管理學院財會系副教授，研究方向為風險管理與內部控制、教育經(jīng)濟與管理、政府與非營利組織會計。擔任中國會計學會政府與非營利組織會計分會委員。已出版教材4部、專著2部，在《會計研究》等刊物發(fā)表學術論文多篇。主持國家自科基金1項，主持國家社科基金1項，已主持教育部人文社科項目等省部級項目6項。

三、信號傳遞對風險信息披露的影響············································27 

第二節(jié)市場約束與政府監(jiān)管理論 ·················································27 

一、市場約束對風險信息披露的影響············································27 

二、政府監(jiān)管對風險信息披露的影響············································28 

第三節(jié)經(jīng)濟學供求理論 ·····························································29 

一、從經(jīng)濟學角度看風險信息的需求············································29 

二、從經(jīng)濟學角度看風險信息的供給············································30 

第三章上市公司風險信息披露質量的評價 ··································33 

第一節(jié)上市公司風險信息披露質量指標體系的構建 ·························34 

一、風險信息披露質量指標體系構建的依據(jù) ··································34 

二、風險信息披露質量指標體系的構建·········································37 

第二節(jié)研究設計 ······································································39 

一、數(shù)據(jù)來源與樣本選擇···························································39 

二、研究方法——內容分析法·····················································40 

第三節(jié)評分結果及分析 ·····························································41 

一、評分結果··········································································41 

二、總體評分分析····································································43 

三、分項評分分析····································································45 

四、行業(yè)分析··········································································52 

五、年度分析··········································································53 

六、上市地點分析····································································54 

七、上市板塊分析····································································55 

八、是否為ST類公司分析··························································55 

九、風險類型與排序分析···························································56 

第四節(jié)風險信息披露質量現(xiàn)狀評價 ··············································57 

一、風險信息披露取得的成績·····················································57 

二、風險信息披露存在的問題·····················································57 

三、風險信息披露現(xiàn)狀的原因·····················································59 

第四章上市公司風險信息披露質量的動因 ··································61 

第一節(jié)動因一：公司治理 ·························································62 

一、研究假設··········································································62 

二、數(shù)據(jù)與樣本·······································································64 

三、變量與模型·······································································65 

四、實證分析··········································································67 

五、結論················································································95 

第二節(jié)動因二：風險管理委員會 ················································95 

一、引言················································································95 

二、文獻回顧··········································································96 

三、研究假設··········································································97 

四、變量與模型·······································································99 

五、樣本與數(shù)據(jù) ····································································· 101 

六、實證結果分析·································································· 102 

七、結論與建議 ····································································· 113 

第三節(jié)動因三：高管特征 ······················································· 115 

一、引言 ·············································································· 115 

二、文獻回顧 ········································································ 115 

三、研究假設 ········································································ 116 

四、變量與模型 ····································································· 118 

五、樣本與數(shù)據(jù) ····································································· 120 

六、實證結果分析·································································· 120 

七、結論與建議 ····································································· 132 

第五章上市公司風險信息披露質量的后果 ································ 135 

第一節(jié)后果一：如實反映風險水平 ··········································· 136 

一、引言 ·············································································· 136 

二、研究假設 ········································································ 136 

三、樣本與數(shù)據(jù) ····································································· 137 

四、變量的衡量 ····································································· 138 

五、結果分析 ········································································ 139 

六、結論與建議 ····································································· 153 

第二節(jié)后果二：提升風險管理能力 ··········································· 153 

一、引言 ·············································································· 153 

二、理論與假設 ····································································· 154 

三、變量與數(shù)據(jù) ····································································· 155 

四、實證分析 ········································································ 157 

五、結論與建議 ····································································· 164 

第三節(jié)后果三：降低股價波動率 ·············································· 165 

一、引言 ·············································································· 165 

二、文獻回顧 ········································································ 165 

三、研究假設 ········································································ 166 

四、變量與模型 ····································································· 166 

五、樣本與數(shù)據(jù) ····································································· 167 

六、實證結果分析·································································· 167 

七、結論與建議 ····································································· 170 

第六章中外上市公司風險信息披露質量的比較 ························ 171 

第一節(jié)雙重上市公司境內外風險信息披露質量一致性分析 ·············· 172 

一、引言 ·············································································· 172 

二、三地風險信息的披露要求··················································· 173 

三、研究假設 ········································································ 173 

四、變量與模型 ····································································· 175 

五、數(shù)據(jù)與樣本 ····································································· 175 

六、雙重上市公司風險信息披露質量的評價 ································ 184 

七、一致性的初步描述分析········190 

八、一致性的相同率與一致率分析····201 

九、一致性的兩配對樣本T檢驗 ···· 206 

十、一致性影響因素的回歸分析·····209 

十一、結論與建議····211 

第二節(jié)境內外上市公司風險信息比較 ·····212 

一、引言 ··· 212 

二、研究假設 ····213 

三、數(shù)據(jù)與樣本 ······214 

四、變量與方法 ····218 

五、初步描述性分析······219 

六、配比樣本的T檢驗 ·········230 

第七章典型行業(yè)風險信息披露質量及其動因分析 ······ 241 

第一節(jié)制造業(yè)上市公司風險信息披露質量分析 ······242 

一、基本情況 ·····242 

二、風險分類統(tǒng)計···· 243 

三、風險匯總 ·····245 

四、結論與建議 ····· 245 

第二節(jié)房地產行業(yè)上市公司風險信息披露質量及影響因素分析 ········ 246 

一、引言 ···· 246 

二、我國房地產上市公司風險信息披露質量的評分 ··· 247 

三、我國房地產上市公司風險信息披露質量的評分結果分析 ·····247 

四、我國房地產上市公司風險信息披露質量的影響因素分析 ···· 251 

第三節(jié)金融行業(yè)上市公司風險信息披露質量及其影響因素分析 ····262 

一、披露風險信息的金融業(yè)上市公司·· 262 

二、我國金融業(yè)上市公司風險信息披露質量的評分結果分析 ··· 263 

三、境內外金融業(yè)上市公司風險信息披露質量的比較分析 ····· 272 

第八章上市公司風險信息披露質量的治理 ····· 279 

第一節(jié)政府對風險信息披露的監(jiān)管措施 ····· 280 

一、規(guī)范監(jiān)管方的風險披露制度和標準·· 280 

二、加強監(jiān)管部門的監(jiān)管力度···· 282 

三、建立配套的機制··· 283 

第二節(jié)上市公司對風險信息披露的改進 ·· 283 

一、上市公司完善風險管理機構·······283 

二、增強上市公司風險信息披露的廣度與深度 ···· 284 

三、逐步推行定量風險分析方法····284

四、建立風險管理控制系統(tǒng)····285 

五、確定風險管理原則···285 

六、完善上市公司內部的風險管理系統(tǒng)····· 285 

七、培養(yǎng)專業(yè)化的風險管理人才····· 286 

八、構建先進的風險管理文化······ 286

第三節(jié)社會監(jiān)督對風險信息披露的改進 ········ 286 

一、重視注冊會計師對風險信息披露的外部監(jiān)督 ······ 286 

二、提高市場參與主體對風險信息披露的重視程度 ····· 287 

參考文獻········· 289