公司通讯的金融风险

CorporatecommunicationoffinancialriskGrantleyTaylor,GregTower,JohnNeilsonSchoolofAccounting,CurtinBusinessSchool,CurtinUniversityofTechnology,Perth,WesternAustralia,AustraliaAbstractThisstudyprovidesinsightsontheFinancialRiskManagementDisclosure(FRMD)patternsofAustralianlistedresourcecompaniesforthe2002–2006per-iodleadinguptoandimmediatelyfollowingadoptionoftheInternationalFinancialReportingStandards(IFRS).RegressionanalysisdemonstratesthatcorporategovernanceandcapitalraisingsoffirmsaresignificantandpositivelyassociatedwithFRMDpatterns.Incontrast,overseasstockexchangelistingoffirmsissignificantlynegativelyassociatedwithFRMDpatterns.ThefindingsshowthattheintroductionofIFRSchangescorporation’swillingnesstocom-municateriskinformation.Keywords:Financialriskmanagement;IFRS;Corporategovernance;Capitalraisings;Overseaslisting;AuditqualificationJELclassification:M49doi:10.1111/j.1467-629X.2009.00326.x1.IntroductionExtractiveresourcecompaniesaresubjecttoarangeoffinancialrisksthatariseasaresultofextensiveexploration,productionandfinancingactivities.Financialrisksincludeforeignexchange,commodityprice,credit,liquidityandinterestraterisks(AASB,1999,2004a).Financialriskmanagementisconcernedwiththeidentificationofthesefinancialrisksbyboththemanagementofthefirmandtheboardofdirectorsandtheassessmentofexposurestoensureopera-tionsarenotjeopardisedthroughfinancialmismanagement.InadequatefinancialTheauthorsarethankfulforthecommentsmadebyparticipantsatthe2007AFAANZannualconferencewhereanearlierversionofthispaperwaspresentedandthesugges-tionsofthediscussantatthatconference,AssociateProfessorAlanRamsayaswellasthevaluablecommentsfromthejournals’anonymousreviewers.Received28August2008;accepted10September2009byIanZimmer(DeputyEditor).TheAuthorsJournalcompilation2009AFAANZAccountingandFinance50(2010)417–446riskmanagementhascontributedtothecollapseofseveralminingcompanies1inAustralia.Effectivefinancialriskmanagementincludesadequatelycommunicat-ingexposuresorlikelyexposurestostakeholders(ASXCorporateGovernanceCouncil,2007a).TheboardrequiresmanagementtoconductitsfinancialriskmanagementactivitiesinaccordancewithCorporationLaw,corporategovernancecodesandboardapprovedlimitsofauthority.Ultimatelytheboardisresponsibleforsee-ingthatthereareappropriatepoliciesinplacedealingwithriskoversightandmanagementandinternalcontrol(ASXCorporateGovernanceCouncil,2007b).Financialriskmanagementfocusesontheunpredictabilityoffinancialandcom-moditymarketsandseekstominimisepotentialadverseeffectsonthefinancialperformanceofcompanies(AASB,1999,2004a).Thesignificanceoffinancialriskstoresourcecompaniesandtheirdisclosurepolicyinrespectofthoserisksisdependentonacomplexarrayoffactorsinclud-inginterestratesandthecurrenciesofborrowings,levelofcash,liquidinvest-mentsandborrowingsandtheirtermandmaturity,andproportionofinvestmentsandborrowingsderivedfromforeigncapitalmarkets(AASB,1999,2004a).AdoptionoftheInternationalFinancialReportingStandards(IFRS)on1January2005inAustraliahashadaprofoundimpactontherecognition,mea-surementanddisclosureoffinancialinstruments(Honey,2004;Jubb,2005,2006).SeveralkeyIFRSincludingAASB1322FinancialInstruments:DisclosureandPresentationandAASB139FinancialInstruments:RecognitionandMeasure-mentchangedthequantumofexistingliabilitiesandequityandresultedintherecognitionofnewliabilitiesandequityinthebalancesheet(AhmedandGood-win,2006).Resourcefirmscommonlyparticipateinhedgingofcommodityprices,interestratesandforeignexchangeratesandoftenutilisecomplexfinan-cialderivativestohedgetheirexposuretofinancialrisk(PwC,2005).Thesefirmsregularlyseekaccesstocapitalmarketstofundnewdevelopmentsoracquisi-tionsandmayusederivativefinancialinstrumentsasadirectorindirectconse-quenceofenteringintothesefundingarrangements(PwC,2005).These1SonsofGwaliaLtdandCroesusMiningLtdareexampleswhererisksrelatingtohedg-ingarrangementscontributedtothecollapseofthesecompanies.Potentiallyimportantinformationrelatingtorisksrevolvingaroundhedgerestructuring,creditlimitsandcashflowsmaynothavebeenfullydisclosedtovariousstakeholdergroups.Thesecollapsesandtheassociatedmediaattentionmayprovideincentiveformanagementandtheboardofdirectors,togetherwiththeauditorsofresourcecompaniestopaycloserattentiontofinancialriskmanagementtransparencyanddisclosures.2FinancialinstrumentdisclosurespriortoformalIFRSadoptionwererequiredunderAustralianAccountingStandardsBoard(AASB)1033PresentationandDisclosureofFinancialInstruments(AASB,1999).FollowingformalIFRSadoption,financialinstru-mentdisclosureswereinitiallyrequiredunderAASB132FinancialInstruments:DisclosureandPresentation.ThedisclosurerequirementsinAASB132havenowbeentransferredtoAASB7FinancialInstruments:DisclosuresleavingAASB132withpresentationrequire-mentsonly.418G.Tayloretal./AccountingandFinance50(2010)417–446TheAuthorsJournalcompilation2009AFAANZobservationssupportthefocusofthisstudyonfinancialriskmanagementdisclo-suresmadebycompanieswithintheminingandpetroleum(oilandgas)sub-industries.Section2outlinestheresearchquestionsandsignificanceofthestudy,corpo-ratefinancialriskmanagementpractices