公司通讯金融风险.pdf

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1、AccountingandFinance50(2010)417–446CorporatecommunicationoffinancialriskGrantleyTaylor,GregTower,JohnNeilsonSchoolofAccounting,CurtinBusinessSchool,CurtinUniversityofTechnology,Perth,WesternAustralia,AustraliaAbstractThisstudyprovidesinsightsontheFinancialRiskManagementDisclosure(FRMD)pattern

2、sofAustralianlistedresourcecompaniesforthe2002–2006per-iodleadinguptoandimmediatelyfollowingadoptionoftheInternationalFinancialReportingStandards(IFRS).RegressionanalysisdemonstratesthatcorporategovernanceandcapitalraisingsoffirmsaresignificantandpositivelyassociatedwithFRMDpatterns.Incontrast

3、,overseasstockexchangelistingoffirmsissignificantlynegativelyassociatedwithFRMDpatterns.ThefindingsshowthattheintroductionofIFRSchangescorporation’swillingnesstocom-municateriskinformation.Keywords:Financialriskmanagement;IFRS;Corporategovernance;Capitalraisings;Overseaslisting;Auditqualificatio

4、nJELclassification:M49doi:10.1111/j.1467-629X.2009.00326.x1.IntroductionExtractiveresourcecompaniesaresubjecttoarangeoffinancialrisksthatariseasaresultofextensiveexploration,productionandfinancingactivities.Financialrisksincludeforeignexchange,commodityprice,credit,liquidityandinterestraterisks

5、(AASB,1999,2004a).Financialriskmanagementisconcernedwiththeidentificationofthesefinancialrisksbyboththemanagementofthefirmandtheboardofdirectorsandtheassessmentofexposurestoensureopera-tionsarenotjeopardisedthroughfinancialmismanagement.InadequatefinancialTheauthorsarethankfulforthecommentsmadeby

6、participantsatthe2007AFAANZannualconferencewhereanearlierversionofthispaperwaspresentedandthesugges-tionsofthediscussantatthatconference,AssociateProfessorAlanRamsayaswellasthevaluablecommentsfromthejournals’anonymousreviewers.Received28August2008;accepted10September2009byIanZimmer(DeputyEdi

7、tor).ÓTheAuthorsJournalcompilationÓ2009AFAANZ418G.Tayloretal./AccountingandFinance50(2010)417–4461riskmanagementhascontributedtothecollapseofseveralminingcompaniesinAustralia.Effectivefinancialriskmanagementincludesadequatelycommunicat-ingexposuresor