| Summary: | 碩士 === 輔仁大學 === 會計學系碩士班 === 95 === Although disclosure of information about financial instruments and derivatives could help investor judge risk, some researches, however, indicate that such kind of information can't really achieve the objective. For this reason, this research used experiments to explore the problem and try to propose an amendment to the disclosure approach. In the result of the first experiment, we found that investor giving the explanation of the disclosed information depends on the types of and using purpose of financial instruments firms bought, For instance, investors won't consider real economic meanings of the derivatives when managers use it for risk hedge. Investors only care about how much existing risk the derivatives can offset. In advance, we add description of what fair value risk is and what cash flow risk is. The results indicate the kind of information couldn't have incremental information contents. In the second experiment, we add additional exposure position (potential gain and loss) information. In this section, we try to figure out whether informing investor of the strategy for risk management, and increasing the transparency of disclosures will influence investors thinking. We find that investors have different risk judgement for the information and investors are more sensitive to the bad news which potential loss greater than potential gain. Thus, in the related amendment, we suggest government should require companies disclosing both potential gain and loss.
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