创业板上市公司的高科技性、高成长性等特点使证监会对其风险信息的披露有着特殊的规定。对于创业板上市公司风险信息披露,其上市时的招股说明书和上市后每年披露的年报提供了显性的风险内容,本文基于内容分析法对其中披露的风险信息部分进行了剖析。首先,对上市公司招股说明书及年报的风险信息部分的规范性程度进行分析,分析其披露形式及内容是否符合证监会规定的披露标准;其次,考察风险信息披露载体即招股说明书和年报对投资者的引导作用,看其披露的风险信息是否影响到投资者进行投资决策。研究发现,创业板上市公司的招股说明书和年报的风险信息披露在形式和内容上正日趋完善,但仍有一些问题有待解决;而在披露质量上,风险信息并没有对投资者的决策产生重要影响,质量不高。 GEM high-tech companies, high growth and other characteristics of the Commission on its disclosure of risk information has a special provision. For venture capital information disclosure of GEM, its listing prospectus and the annual report disclosed after the listing provide explicit risk content. This article analyzes the risk information disclosed in it based on the content analysis method. First of all, it analyzes the normativeness of the risk information part of the prospectus and annual report of listed companies, and analyzes whether the disclosed form and contents conform to the disclosure standards prescribed by the CSRC. Secondly, examine the disclosure of risk information, namely prospectus and annual report, The guiding role to see whether the disclosure of risk information to investors to make investment decisions. The study found that the information disclosure of prospectuses and annual reports of listed companies in GEM are becoming more and more perfect in form and content, but there are still some problems to be solved; while in the quality of disclosure, the risk information does not have an important impact on the investors’ decision-making Impact, quality is not high.