| Since the establishment of the securities market,the disclosure of risk information has been the focus of attention of regulators and investors.Since 1997,the SEC has required listed companies to disclose risk information about financial instruments.After 2005,the SEC has asked listed companies to elaborate on the major risk issues they may face on the front page of their annual reports.In the 2007 Annual Report Content and Format issued by China's regulators,for the first time,the domestic listed companies are required to elaborate on the process of strategic development and the risks that may arise in the course of operation,and to continuously strengthen the requirements of risk information disclosure in 2012 and 2014,which not only stipulates the risk information cap.The scope of exposure also regulates the format of risk information disclosure.Since then,the disclosure of risk information in China's annual reports has basically been consistent with mature markets such as the United States.However,from the actual disclosure,compared with the large amount of risk information in the annual reports of Listed Companies in the United States,the disclosure of risk information in the annual reports of Listed Companies in China is slightly weak.In the aspect of how to improve the disclosure of risk information in the annual reports of listed companies,foreign scholars have done a lot of research,in which improving corporate governance structure to improve the disclosure of risk information has been supported by theory and empirical research.Domestic scholars mainly focus on the influencing factors of information disclosure in the motherboard market,but few on the individual risk information disclosure.And compared with foreign mature markets and domestic mainboard markets,it is a question to be studied whether emerging securities markets such as domestic GEM which have been established for a short time also support this conclusion.In view of the above problems,this paper takes the annual reports of 340 GEM listed companies in China from 2013 to 2017 as a sample,according to the principalagent theory,stakeholder theory and existing literature,summarizes the influencing factors in corporate governance structure into three aspects: board characteristics,executive incentives and equity structure,and studies them.The influence of six variables on risk information disclosure of annual reports.At the same time,the sample data are divided into state-owned and non-state-owned groups to study the impact of corporate governance structure on risk information disclosure.On the quantitative method of risk information disclosure in annual report,this paper uses text analysis method to count the word frequency of "risk" and "uncertainty" in annual report,and excludes the situation of "no","no" and "low" in the first five fields,and calculates the risk of annual report with the total word number of the full text as the denominator.The frequency of information disclosure can directly reflect the risk information disclosure of listed companies' annual reports.The results show that the size of board of directors,the proportion of independent directors and the combination of two powers of chairman and general manager have no significant impact on the disclosure of risk information in annual report;the proportion of executive stock ownership in executive incentives has no significant impact on the disclosure of risk information in annual report;the proportion of executive compensation has significant impact on the disclosure of risk information in annual report.The degree of ownership concentration in the ownership structure has a significant positive impact on the disclosure of risk information in the annual report.Further research based on the nature of equity shows that in the state-owned group,the effect of executive compensation ratio on the frequency of disclosure of risk information in annual reports is not significant,and the impact of ownership concentration on the frequency of disclosure of risk information in annual reports is also significantly reduced.The number of boards of directors and the proportion of independent directors have an impact on the frequency of disclosure of risk information in annual reports.In the non-state-owned group,the impact of each variable on the frequency of disclosure of risk information in the annual report has not changed.In order to verify the reliability of the above results,the robustness test is carried out in this paper,and the test results are basically consistent with the study. |
