| Summary: | 碩士 === 中原大學 === 會計研究所 === 90 === The present study aims to investigate the association between financial analysts’ risk perceptions and Financial Statement Information. It verifies that the Financial Statement Information explains financial analysts’ risk perceptions. And then, it verifies that analysts perceive higher risk in companies expected to exhibit a decline in earnings. The financial analysts’ risk perceptions were taken to be the mean of the response received.
The body of the present study was referred to related literatures. Recipients of the questionnaires were requested to assess the risk of each of the 63 companies on a scale of 1（low）to 9（high）,assuming that the stock was added to a diversified portfolio. In November 2000, Securities Investment Trust and Consulting Association of Republic of China including the members of fund managers in Securities Investment Trust Co., Ltd were 281 and of analysts in Investment Consulting Co., Ltd were 201. The total questionnaires were 486. Completed questionnaires were received within four weeks from 100 analysts. Respectively, representing response rate of 21 percent.
This research questions were investigated using correlation analysis and regression analysis. The results support the hypotheses. Analyses from a survey of risk perceptions among analysts reveal that：
1.Financial Statement Information explains financial analysts’ risk perceptions.
2.Higher financial analysts’ risk perceptions are found associated with lower expected earnings growth.
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