上市公司风险信息披露质量研究，是国内外研究的前沿和热点问题，能弥补相关文献空缺，能应用到提高上市公司风险信息披露、投资者的投资决策、政府监管部门的监管和相关政策的制定。首先，风险信息披露质量可以用委托代理理论、市场约束与政府监管理论、经济学供求理论等多重理论解释；第二，研究我国上市企业的风险信息披露质量，可以从理论和实证的双重角度评价我国上市企业风险披露的现状和存在的问题；第三，影响我国上市企业风险信息披露因素很多，可以从公司治理、风险管理委员会和高管特征等方面进行分析；第四，上市公司披露的风险信息如果是有用的、有效的，且被投资者或潜在信息使用者获取，就会带来如实反映风险管理水平、提升风险管理能力和降低股价波动率等经济后果；第五，中外上市公司风险信息披露质量的比较，包括双重上市公司境内外风险信息披露质量的一致性分析和境内外上市公司风险信息披露差异的分析；第六，典型行业风险信息披露质量分析，包括制造业、金融业和房地产行业；第七，上市公司风险信息披露质量的治理，包括政府监管、公司自身治理和社会监管。
张曾莲，湖南长沙人，北京科技大学东凌经济管理学院财会系副教授，研究方向为风险管理与内部控制、教育经济与管理、政府与非营利组织会计。担任中国会计学会政府与非营利组织会计分会委员。已出版教材4部、专著2部，在《会计研究》等刊物发表学术论文多篇。主持国家自科基金1项，主持国家社科基金1项，已主持教育部人文社科项目等省部级项目6项。
三、信号传递对风险信息披露的影响············································27
第二节市场约束与政府监管理论 ·················································27
一、市场约束对风险信息披露的影响············································27
二、政府监管对风险信息披露的影响············································28
第三节经济学供求理论 ·····························································29
一、从经济学角度看风险信息的需求············································29
二、从经济学角度看风险信息的供给············································30
第三章上市公司风险信息披露质量的评价 ··································33
第一节上市公司风险信息披露质量指标体系的构建 ·························34
一、风险信息披露质量指标体系构建的依据 ··································34
二、风险信息披露质量指标体系的构建·········································37
第二节研究设计 ······································································39
一、数据来源与样本选择···························································39
二、研究方法——内容分析法·····················································40
第三节评分结果及分析 ·····························································41
一、评分结果··········································································41
二、总体评分分析····································································43
三、分项评分分析····································································45
四、行业分析··········································································52
五、年度分析··········································································53
六、上市地点分析····································································54
七、上市板块分析····································································55
八、是否为ST类公司分析··························································55
九、风险类型与排序分析···························································56
第四节风险信息披露质量现状评价 ··············································57
一、风险信息披露取得的成绩·····················································57
二、风险信息披露存在的问题·····················································57
三、风险信息披露现状的原因·····················································59
第四章上市公司风险信息披露质量的动因 ··································61
第一节动因一：公司治理 ·························································62
一、研究假设··········································································62
二、数据与样本·······································································64
三、变量与模型·······································································65
四、实证分析··········································································67
五、结论················································································95
第二节动因二：风险管理委员会 ················································95
一、引言················································································95
二、文献回顾··········································································96
三、研究假设··········································································97
四、变量与模型·······································································99
五、样本与数据 ····································································· 101
六、实证结果分析·································································· 102
七、结论与建议 ····································································· 113
第三节动因三：高管特征 ······················································· 115
一、引言 ·············································································· 115
二、文献回顾 ········································································ 115
三、研究假设 ········································································ 116
四、变量与模型 ····································································· 118
五、样本与数据 ····································································· 120
六、实证结果分析·································································· 120
七、结论与建议 ····································································· 132
第五章上市公司风险信息披露质量的后果 ································ 135
第一节后果一：如实反映风险水平 ··········································· 136
一、引言 ·············································································· 136
二、研究假设 ········································································ 136
三、样本与数据 ····································································· 137
四、变量的衡量 ····································································· 138
五、结果分析 ········································································ 139
六、结论与建议 ····································································· 153
第二节后果二：提升风险管理能力 ··········································· 153
一、引言 ·············································································· 153
二、理论与假设 ····································································· 154
三、变量与数据 ····································································· 155
四、实证分析 ········································································ 157
五、结论与建议 ····································································· 164
第三节后果三：降低股价波动率 ·············································· 165
一、引言 ·············································································· 165
二、文献回顾 ········································································ 165
三、研究假设 ········································································ 166
四、变量与模型 ····································································· 166
五、样本与数据 ····································································· 167
六、实证结果分析·································································· 167
七、结论与建议 ····································································· 170
第六章中外上市公司风险信息披露质量的比较 ························ 171
第一节双重上市公司境内外风险信息披露质量一致性分析 ·············· 172
一、引言 ·············································································· 172
二、三地风险信息的披露要求··················································· 173
三、研究假设 ········································································ 173
四、变量与模型 ····································································· 175
五、数据与样本 ····································································· 175
六、双重上市公司风险信息披露质量的评价 ································ 184
七、一致性的初步描述分析········190
八、一致性的相同率与一致率分析····201
九、一致性的两配对样本T检验 ···· 206
十、一致性影响因素的回归分析·····209
十一、结论与建议····211
第二节境内外上市公司风险信息比较 ·····212
一、引言 ··· 212
二、研究假设 ····213
三、数据与样本 ······214
四、变量与方法 ····218
五、初步描述性分析······219
六、配比样本的T检验 ·········230
第七章典型行业风险信息披露质量及其动因分析 ······ 241
第一节制造业上市公司风险信息披露质量分析 ······242
一、基本情况 ·····242
二、风险分类统计···· 243
三、风险汇总 ·····245
四、结论与建议 ····· 245
第二节房地产行业上市公司风险信息披露质量及影响因素分析 ········ 246
一、引言 ···· 246
二、我国房地产上市公司风险信息披露质量的评分 ··· 247
三、我国房地产上市公司风险信息披露质量的评分结果分析 ·····247
四、我国房地产上市公司风险信息披露质量的影响因素分析 ···· 251
第三节金融行业上市公司风险信息披露质量及其影响因素分析 ····262
一、披露风险信息的金融业上市公司·· 262
二、我国金融业上市公司风险信息披露质量的评分结果分析 ··· 263
三、境内外金融业上市公司风险信息披露质量的比较分析 ····· 272
第八章上市公司风险信息披露质量的治理 ····· 279
第一节政府对风险信息披露的监管措施 ····· 280
一、规范监管方的风险披露制度和标准·· 280
二、加强监管部门的监管力度···· 282
三、建立配套的机制··· 283
第二节上市公司对风险信息披露的改进 ·· 283
一、上市公司完善风险管理机构·······283
二、增强上市公司风险信息披露的广度与深度 ···· 284
三、逐步推行定量风险分析方法····284
四、建立风险管理控制系统····285
五、确定风险管理原则···285
六、完善上市公司内部的风险管理系统····· 285
七、培养专业化的风险管理人才····· 286
八、构建先进的风险管理文化······ 286
第三节社会监督对风险信息披露的改进 ········ 286
一、重视注册会计师对风险信息披露的外部监督 ······ 286
二、提高市场参与主体对风险信息披露的重视程度 ····· 287
参考文献········· 289
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