Empirical Study on Risk Information Disclosure and the Characteristics of Risks in Listed Companies:based on Signaling Theory

摘要：

　　This paper use the listed companies of main board in Shenzhen Stock Exchange of China as to explore the relationship between the probability of risk information disclosure and companys risk.The results of Logit regression model indicates that the probability of risk information disclosure is negatively related to companys operating risk and auditing risk.In particular, companies with higher growth rate of prime operating revenue, poorer operation capability and the ST companies are less likely to disclose risk information voluntarily, and companies that have disclosed auditing reports on internal control are more likely to disclose risk information.Meanwhile, the empirical evidence indicates that the probability of risk information disclosure is positively related to companys financial risk.In conclusion, probability of voluntary disclosure of risk information is negatively related to companys risk.

关键词： Risk Information disclosure Signaling Listed company

作者: Guo Baochun Xu Lu

作者单位: The Shanghai University of Finance and Economics, Shanghai, P.R.China 200433 ; Management School, Ji Management School, Jinan University, Guangzhou, P.R.China 510632

会议类型: 国际会议

会议名称: The 5th Conference on Chinas Economic Operation Risk Management(2011`Shanghai)(第五届中国立信风险管理论坛)

会议地点: 上海

会议语种:英文

页码: 56-63

在线出版日期: 2011-11-04（万方平台首次上网日期，不代表论文的发表时间）