【作者】 程锋；

【导师】 李秉成；

【作者基本信息】 武汉科技大学 ， 企业管理， 2005， 硕士

【摘要】 1984年11月,我国第一家公开发行股票的企业——“飞乐音响”发行上市,为我国资本市场的发展历程写下新的一页。同时,我国上市公司的风险问题成为了众多投资者和券商等发行和管理机构共同关心的重要问题。 自改革开放以来,证监会发布了一系列的法规,为我国股票市场的规范有序运行提供了有力的制度保障。尤其是新千年交替之际,上市公司的信息披露得到了进一步的重视,颁布施行了一系列信息披露准则,并多次对如《公开发行证券的公司信息披露内容与格式准则第2号<年度报告的内容与格式>》等相关准则进行修改,更进一步明确了上市公司的风险等信息披露的基本要求和实施规范。 本文共分为四章,分别为“财务风险的含义、分类及风险信息披露理论”、“重大风险因素对上市公司经营业绩的影响”、“上市公司特别风险披露现状的研究”、“上市公司特别风险提示内容的改进”四个部分的内容。 在第一章,作者介绍了国内外著名经济学家、管理学家对风险及财务风险含义的界定,并从各种观点的不同出发点进行了详细的剖析,并对上市公司的风险进行了适应上市公司风险构成的分类,为随后的上市公司经营业绩影响因素分析和风险披露现状的研究奠定了基础。另外,本章还简要介绍了学术界现有的关于企业风险信息披露的理论及有关观点。 在第二章,作者以2001年被确认为ST的68家上市公司作为研究样本,在其年度报告中提取关于“经营中遇到的困难和解决办法”的内容,进行分析总结然后归类,分别得到各上市公司在被确认为ST上市公司的前一年年报中的“经营困难”提示项目,据此进行逐项统计,得到这些ST上市公司“经营困难提示”的一般特征,从而得出影响上市公司经营业绩的重大风险因素,为最后上市公司风险披露的改进提供有力依据。 那么笔者利用第三章的篇幅,重点介绍和分析了我国上市公司特别风险披露的现状,主要表现在历史遗留股增发股票操作时未尽披露或者补充披露招股说明书义务和“信息披露准则”对要求披露的特别风险项目界定过于粗略和笼统,不利于投资者和其他外部信息利用者准确评估上市公司的风险因素及风险度等。 在最后一章,笔者综合前述各章节的内容,笔者阐述了我国进行上市公司风险披露改进的必要性和可能性,并在本文研究的基础上建立了风险披露的框架。 纵观全文,由于本文作者水平有限,在许多方面还不尽人意,不当之处,恳请指正。更多还原

【Abstract】 In November 1984, Feile-Yinxiang, as the first stock in China, which wrote a new paper on the history of Chinese capital market development, was issued and came into the securities market. In addition, Risk of listed companies became a very important problem, which was paid great attention by all the investors and all the issuance and governmental institutions.Since nationwide reformation and opening, CSRC (China Securities Regulatory Commission) had promulgated a series of rules of law, which strongly guaranteed our stock market running regularly. Especially in the turnover of new millennium, farther importance was attached to information disclosure of listed companies. A lot of rules of information disclosure were ordered. Some of them like the NO2 rule of content and format on information disclosure of listed companies-Annual reports’content and format were modified to farther definitude the basic requirement of disclosure and advice for practice.This paper composed of four chapters. They are 1) the meanings and classification of financial risks and theories of risk information disclosure. 2) great risk factors’ effects on listed companies’ performance. 3) actuality research of listed companies’ risk information disclosure. 4) improvement on risk information disclosure of listed companies.In the first chapter, the author introduced how the risk and financial risk were defined by worldwide famous economists and supervisors. Every basis of the viewpoint was analyzed. All the risks of listed companies are classified, which would become the base of the research of affecting factors on listed companies’ performance and would become the base of the actuality research of listed companies’ risk information disclosure. Otherwise, some leading theories and viewpoints of enterprise risk information disclosure are introduced solely.In chapter two, the author selected sixty-eight listed companies that were recognized as ST in 2001 as the research sample. The relevant contents about work difficulty and solving ways were picked up, classified-and summed up. The common characters of working difficulties items in those ST companies’ were concluded in succession. Accordingly, we could draw some fatal risk factors that affected listed companies performance. It was also the powerful gist of improvement on risk information disclosure of listed companies.The author then taking advantage of the length of chapter three analyzed the actuality of listed companies’ risk information disclosure. The primary problems were following: 1) the bequeathal stock did not disclose or renew the narration of raising capital by floating shares when they issued incremental stocks; 2) the rules of content and format on information disclosure of listed companies defined careless and simple special risk items. All the flaws did not benefit investors and others who needed external information to distinctly evaluate the risk factors and the risk degree.In the last chapter, the author expatiated the necessities and probabilities by synthesizing all above contents in chapter one to chapter three. Then a new framework of risk information disclosure of-listed companies was built up.Because of my limited knowledge there must have a lot of error. I hope it would be corrected after you read. Thank you!更多还原