了解上市公司年報(bào)風(fēng)險信息披露的佳作。

　　上市公司風(fēng)險信息披露質(zhì)量研究，是國內(nèi)外研究的前沿和熱點(diǎn)問題，能彌補(bǔ)相關(guān)文獻(xiàn)空缺，能應(yīng)用到提高上市公司風(fēng)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(guān)政策的制定。首先，風(fēng)險信息披露質(zhì)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(jì)學(xué)供求理論等多重理論解釋；第二，研究我國上市企業(yè)的風(fēng)險信息披露質(zhì)量，可以從理論和實(shí)證的雙重角度評價我國上市企業(yè)風(fēng)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(fēng)險信息披露因素很多，可以從公司治理、風(fēng)險管理委員會和高管特征等方面進(jìn)行分析；第四，上市公司披露的風(fēng)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(shí)反映風(fēng)險管理水平、提升風(fēng)險管理能力和降低股價波動率等經(jīng)濟(jì)后果；第五，中外上市公司風(fēng)險信息披露質(zhì)量的比較，包括雙重上市公司境內(nèi)外風(fēng)險信息披露質(zhì)量的一致性分析和境內(nèi)外上市公司風(fēng)險信息披露差異的分析；第六，典型行業(yè)風(fēng)險信息披露質(zhì)量分析，包括制造業(yè)、金融業(yè)和房地產(chǎn)行業(yè)；第七，上市公司風(fēng)險信息披露質(zhì)量的治理，包括政府監(jiān)管、公司自身治理和社會監(jiān)管。

　　張?jiān)?，湖南長沙人，北京科技大學(xué)東凌經(jīng)濟(jì)管理學(xué)院財(cái)會系副教授，研究方向?yàn)轱L(fēng)險管理與內(nèi)部控制、教育經(jīng)濟(jì)與管理、政府與非營利組織會計(jì)。擔(dān)任中國會計(jì)學(xué)會政府與非營利組織會計(jì)分會委員。已出版教材4部、專著2部，在《會計(jì)研究》等刊物發(fā)表學(xué)術(shù)論文多篇。主持國家自科基金1項(xiàng)，主持國家社科基金1項(xiàng)，已主持教育部人文社科項(xiàng)目等省部級項(xiàng)目6項(xiàng)。

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

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

第三節(jié)經(jīng)濟(jì)學(xué)供求理論 ·····························································29 

一、從經(jīng)濟(jì)學(xué)角度看風(fēng)險信息的需求············································29 

二、從經(jīng)濟(jì)學(xué)角度看風(fēng)險信息的供給············································30 

第三章上市公司風(fēng)險信息披露質(zhì)量的評價 ··································33 

第一節(jié)上市公司風(fēng)險信息披露質(zhì)量指標(biāo)體系的構(gòu)建 ·························34 

一、風(fēng)險信息披露質(zhì)量指標(biāo)體系構(gòu)建的依據(jù) ··································34 

二、風(fēng)險信息披露質(zhì)量指標(biāo)體系的構(gòu)建·········································37 

第二節(jié)研究設(shè)計(jì) ······································································39 

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

二、研究方法——內(nèi)容分析法·····················································40 

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

一、評分結(jié)果··········································································41 

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

三、分項(xiàng)評分分析····································································45 

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

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

六、上市地點(diǎn)分析····································································54 

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

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

九、風(fēng)險類型與排序分析···························································56 

第四節(jié)風(fēng)險信息披露質(zhì)量現(xiàn)狀評價 ··············································57 

一、風(fēng)險信息披露取得的成績·····················································57 

二、風(fēng)險信息披露存在的問題·····················································57 

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

第四章上市公司風(fēng)險信息披露質(zhì)量的動因 ··································61 

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

一、研究假設(shè)··········································································62 

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

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

四、實(shí)證分析··········································································67 

五、結(jié)論················································································95 

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

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

二、文獻(xiàn)回顧··········································································96 

三、研究假設(shè)··········································································97 

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

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

六、實(shí)證結(jié)果分析·································································· 102 

七、結(jié)論與建議 ····································································· 113 

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

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

二、文獻(xiàn)回顧 ········································································ 115 

三、研究假設(shè) ········································································ 116 

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

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

六、實(shí)證結(jié)果分析·································································· 120 

七、結(jié)論與建議 ····································································· 132 

第五章上市公司風(fēng)險信息披露質(zhì)量的后果 ································ 135 

第一節(jié)后果一：如實(shí)反映風(fēng)險水平 ··········································· 136 

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

二、研究假設(shè) ········································································ 136 

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

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

五、結(jié)果分析 ········································································ 139 

六、結(jié)論與建議 ····································································· 153 

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

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

二、理論與假設(shè) ····································································· 154 

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

四、實(shí)證分析 ········································································ 157 

五、結(jié)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(xiàn)回顧 ········································································ 165 

三、研究假設(shè) ········································································ 166 

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

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

六、實(shí)證結(jié)果分析·································································· 167 

七、結(jié)論與建議 ····································································· 170 

第六章中外上市公司風(fēng)險信息披露質(zhì)量的比較 ························ 171 

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

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

二、三地風(fēng)險信息的披露要求··················································· 173 

三、研究假設(shè) ········································································ 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(fēng)險信息披露質(zhì)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(yàn) ···· 206 

十、一致性影響因素的回歸分析·····209 

十一、結(jié)論與建議····211 

第二節(jié)境內(nèi)外上市公司風(fēng)險信息比較 ·····212 

一、引言 ··· 212 

二、研究假設(shè) ····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(yàn) ·········230 

第七章典型行業(yè)風(fēng)險信息披露質(zhì)量及其動因分析 ······ 241 

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

一、基本情況 ·····242 

二、風(fēng)險分類統(tǒng)計(jì)···· 243 

三、風(fēng)險匯總 ·····245 

四、結(jié)論與建議 ····· 245 

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

一、引言 ···· 246 

二、我國房地產(chǎn)上市公司風(fēng)險信息披露質(zhì)量的評分 ··· 247 

三、我國房地產(chǎn)上市公司風(fēng)險信息披露質(zhì)量的評分結(jié)果分析 ·····247 

四、我國房地產(chǎn)上市公司風(fēng)險信息披露質(zhì)量的影響因素分析 ···· 251 

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

一、披露風(fēng)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(fēng)險信息披露質(zhì)量的評分結(jié)果分析 ··· 263 

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

第八章上市公司風(fēng)險信息披露質(zhì)量的治理 ····· 279 

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

一、規(guī)范監(jiān)管方的風(fēng)險披露制度和標(biāo)準(zhǔn)·· 280 

二、加強(qiáng)監(jiān)管部門的監(jiān)管力度···· 282 

三、建立配套的機(jī)制··· 283 

第二節(jié)上市公司對風(fēng)險信息披露的改進(jìn) ·· 283 

一、上市公司完善風(fēng)險管理機(jī)構(gòu)·······283 

二、增強(qiáng)上市公司風(fēng)險信息披露的廣度與深度 ···· 284 

三、逐步推行定量風(fēng)險分析方法····284

四、建立風(fēng)險管理控制系統(tǒng)····285 

五、確定風(fēng)險管理原則···285 

六、完善上市公司內(nèi)部的風(fēng)險管理系統(tǒng)····· 285 

七、培養(yǎng)專業(yè)化的風(fēng)險管理人才····· 286 

八、構(gòu)建先進(jìn)的風(fēng)險管理文化······ 286

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

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

二、提高市場參與主體對風(fēng)險信息披露的重視程度 ····· 287 

參考文獻(xiàn)········· 289