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A Study on the Impact of Information Disclosure Quality of Hedging on Risk Control

Author: ZhangJieLin
Tutor: LiMing
School: Chongqing University of Technology
Course: Accounting
Keywords: hedging information disclosure quality risk control impact
CLC: F832.51;F224
Type: Master's thesis
Year: 2011
Downloads: 84
Quote: 0
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Abstract


Since the global financial crisis, the financial market becomes highly volatile and the risk increases. The news of huge losses, which is led by the companies using financial derivatives to hedge, continues to be exposed. The reason is largely due to the lack of disclosure of hedging information. Demand of the business using derivative financial instruments to hedge has been increasing. In order to regulate hedge operations, improve business management and risk prevention, China has successively promulgated the "Accounting Standard No. 24 - Hedging", "internal Control standards" and other norms and institutions, but the theory and practice is not perfect. It is worth further exploration. Based on the empirical research, this paper still in normative research methods. First, there is an overview of domestic and foreign literatures, and some relevant theories will be represented, including information economics, asymmetric information theory, risk management theory, and risk-predicted theory. Moreover, this article demonstrates specific analysis in three aspects, which are respectively the market risk, operational risk and financial risk, namely expounding hedging quality of information disclosure on these three risks in the fourth chapter. On this basis, the demonstration of Chapter 5 uses the "content analysis" of the hedging quality of information disclosure for statistical analysis, to find the problem of hedging, while using the multiple regression model, which uses empirical data of listed companies to verify the correctness of the theoretical analysis. It reveals the mutual effecting relationship of hedging information diclosure quality and risk control. Finally, it confirms the low quality of information disclosure in China hedge, and addresses improvement recommendations for these issues, then making some suggestions of risk control by the hedging information diclosure.The innovative points:First, quantifying the quality of hedging information disclosure in a targeted method for the first time, and directly certifying the low quality of Chinese hedging information disclosure through the application of China’s capital market data.Second, from the new perspective of information economics to explain the interaction between quality of hedging information disclosure and the risk control.Third, use empirical methods to prove a negative impact on the relationship between the quality of hedging information disclosure and market risk, operational risk.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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