Research On The IPO Risk Information Disclosure Based On Intention Analysis

All along, the disclosure of information is one of the issues have a significantimpact on the securities industry. For a long time, the investors, listed companies andregulatory agencies are highly valued. In recent years, with the development of China’scapital market, China’s stock issue of information disclosure system is constantlycomplete. The IPO issuers in the prospectus risk information disclosure, made greatprogress, but also revealed a number of problems. The problem like disclosure untrue,incomplete disclosure, not strictly in accordance with the disclosure requirements and soon, is long standing. Thus, it’s very necessary to make a comprehensive and detailedanalysis of the risk information disclosed in the IPO company’s prospectus by using themethod of intonation analysis. Through this analysis, it is possible to verify whether thereare promotional, rendering or exaggerated statements on the advantage of the enterpriseand other aspects. And to verify whether there are touch on lightly or statementinsufficient on the disadvantage of the enterprise and the risk, accordingly to determinehis "implication".Intent analysis as an important part of the method of content analysis，has animportant role in the analysis. Based on content analysis, this article is trying to analysisthe risk information disclosed in the prospectus by the companies which listed in January1,2007to December31,2010.After careful analysis, we found the company to be listed,there are some problems to be solved in terms of information disclosure prospectus. Ourresearch on the basis of the above, made further proposal to standard and improve theenterprise showing the risk information. The research method is through the analysis ofthe risk factors section of the prospectus, to contrast the companies disclosed their ownadvantages, for business aspects of the representations and their own weaknesses, astatement on the negative aspects of the enterprise. Identify the keywords in theenterprise advantage, the positive aspects of the statement of the enterprise and theenterprise disadvantage, the negative aspects of the statement of the enterprise. Thesekeywords reveal the emotions information, which the writers want to pass to the investor. The paper is divided into five chapters contents to discuss. the text frame structure isas follows: Firstly, the article expounds the background of the intention analysis. Itnarrates the significance briefly, from the theoretical and practical significance. Thearticle makes a brief introduction to the full text of the research framework. Secondly, thearticle analyzes the theoretical system of intention analysis, cite the intention analysisresearch results by domestic and intent scholar. Thirdly, the article combines to the studypractical, build a relatively complete system of vocabulary for obtaining research data.The article makes the empirical analysis to the472stock, which on the main boardmarket and the small plates, to verifying the hypotheses. Finally, based on the results, thearticle proposes specification opinion and proposal of the prospectus risk disclosure.