风险信息披露、风险感知与资本市场风险识别行为

项目名称： 风险信息披露、风险感知与资本市场风险识别行为

项目编号： No.71472188

项目类型： 面上项目

立项/批准年度： 2015

项目学科： 管理科学

项目作者： 王雄元

作者单位： 中南财经政法大学

项目金额： 61万元

中文摘要： 信息披露能降低信息风险进而降低投资者预期、分析师预测偏差及审计师收费，企业风险能影响上述市场参与者的风险评估进而影响其决策行为,而风险信息披露有助于降低信息风险与提高风险感知水平，因此能对市场风险识别行为产生影响。本项目以风险管理、风险感知与信息披露理论为基础，通过对年报风险信息的文本分析，构建2级分项指标-1级分类指标-0级综合指标三位一体的风险信息披露指标，全面考察风险信息披露的影响因素与经济后果。项目预期：竞争越激烈，管理者能力越强，公司治理越好，风险信息披露水平越高；风险信息披露水平越高，信息风险越低，风险感知水平越高，投资预期收益、分析师预测偏差、审计收费越低；宏观经济波动性越弱，信息不对称程度越低，风险识别能力越强，上述效应越强。本项目以风险信息披露的异质特征为切入点，结合风险感知理论解释市场风险识别行为，有助于丰富信息披露与风险管理文献，对完善风险信息披露制度也有价值。

中文关键词： 信息披露；风险感知；风险识别；信息不对称；信息风险

英文摘要： Information disclosure can reduce investors' expectation, deviation of analysts' prediction and auditing fees by decreasing information risk; risk may increase investors' expectation, deviation of analysts' prediction and auditing fees. Disclosure of information about risk can influence risk identification behavior of markets' participants by influencing their risk perception. Based on risk management theory and disclosure theory, through text analysis on risk information disclosed in annual report of listed company, by structuring risk information disclosure indexes including Level 2 subentry indicator-Level 1 sort indicator-Level 0 integration indicator, our project will carry out research on factors influencing information disclosure level and also economic consequences of it. We anticipate that risk information disclosure level will be higher with greater competitiveness, bigger ability of top managers and better corporate governance. Meanwhile, by the lowering of information risk, investors' expectation, deviation of analysts' prediction and auditing fees will also decrease with enhancing risk perception level. Furthermore, this effect will be stronger with greater macro-environment volatility, lower information risk and stronger identification ability of market participants. Our study contributes to both risk management theory and disclosure theory. Our study may also offer reference of the revision of standards about risk information disclosure.

英文关键词： disclosure;risk perception;risk identification;information asymmetric;information risk