| In today’s highly volatile stock market environment,market participants are increasingly demanding risk information.Regulators all over the world have mandatory requirements for listed companies to disclose risk information.China began to mandatory disclosure of risk information in 2007.Then the Securities Regulatory Commission made clear requirements for risk information disclosure again in 2012 and 2014.In the new COSO-ERM framework issued by COSO in 2016,the role of risk management will also be upgraded to a level parallel to organizational strategy,so as to make risk management and group.Linkages between organizational performance increased.Based on the heterogeneity of risk information,risk information disclosure can improve information quality,alleviate information asymmetry,enhance investor confidence and thus improve enterprise value.However,due to the uncertainty of risk information,risk information disclosure may also cause market panic,resulting in market participants’ biased interpretation of information,which has a negative impact on enterprise value.At present,the impact of risk information disclosure on corporate value has not yet been determined.Whether risk information disclosure can improve corporate value is worth studying.Based on information asymmetry theory,stakeholder theory and principal-agent theory,this paper explores the impact of risk information disclosure on corporate value in the annual reports of Listed Companies in China.Firstly,on the basis of the research literature on risk information disclosure and enterprise value published at home and abroad,this paper finds out the entry point of the article,and then leads to the research topic.Secondly,it expounds the theory of risk information disclosure and enterprise value,analyses and demonstrates the relationship between them,and puts forward the research hypothesis of this paper.Finally,based on the above analysis and research,it chooses the research topic.Taking 2594 A-share listed companies in Shanghai and Shenzhen from 2014 to 2016 to continuously disclose risk information data,this paper establishes an empirical model of risk disclosure and enterprise value,verifies the relationship between risk information disclosure degree and different types of risk information disclosure and enterprise value through multiple regression method,and makes further analysis on different property rights and different types of risk information disclosure.Based on the above analysis,this paper draws the following conclusions:(1)risk information disclosure has a positive impact on enterprise value;(2)external risk information disclosure has a negative impact on enterprise value;(3)internal risk information disclosure has a positive impact on enterprise value;(4)risk response information has a positive impact on enterprise value.Based on the above research,this paper puts forward some suggestions to enhance the value of enterprises from the perspective of risk information disclosure:(1)strengthening the regulatory means of risk information disclosure at the government level;(2)improving the willingness of enterprises to disclose risk information. |
