企業風險揭露之研究

Abstract

由於商業環境日趨複雜以及對資訊的需求增加，企業風險揭露的課題越來越受到重視，故本論文欲探討風險揭露對於資訊使用者的重要性、定義適當揭露的範圍及風險種類，並提供企業風險模型架構以助企業衡量其風險，進而了解風險與公司表現的關係為何。風險揭露模型包含了自然災害風險、財務風險、營運風險以及策略風險四個構面，並藉由三個不同產業的公司年度報表之研究了解如何以此架構衡量並揭露公司所面臨的風險。最後，透過實證分析的方法檢視揭露的風險與公司表現間的關係。

Enterprises risk disclosure has become important issue since the business environment is more complicated, information needed for investment is required wider range. The purpose of this paper is to illustrate the importance of risk disclosure to users, define the scope and types of risks should be disclosed, provide the framework of enterprise risk model to facilitate enterprise evaluating its risks, and examine how risk factors relate to the performance of company. Four dimensions of risks such as hazard, financial, operational, and strategic risk are included in the enterprise risk model for risk assessment. Followed by the model, three cases are studied to understand how to apply the evaluation by framework to information provided in annual reports. Finally, empirical research for regression analysis is done to examine the relationship between risks disclosed and the performance of company.