أثر الإفصاح عن المخاطر وتكلفة التمويل علي قيمة الشركة " دراسة تطبيقية "

Abstract

After the multiple series of financial crises that occurred to many companies and the accompanied financial collapses that occurred in many countries around the world, the occurrence of the global financial crisis are still so far, which resulted in the bankruptcy of many international companies and banks. Also the tremendous changes in the business environment and losses in large commercial enterprises, led to attracting the attention of owners and stakeholders to the importance of sources of information used and disclosed in general "cases of doubt and uncertainty regarding information about risks in particular". The reason behind that is the lack of adequate disclosure of information in companies, which emphasized the importance of transparency of information and the need for strong administrative authority. The application of corporate governance requirements, should be committed to apply standards when preparing reports and lists. Financial statements and reports are the last link in the chain of the accounting system. It is the way which financial information could be communicated to the beneficiaries of this information after being appropriately processed. The annual report of the company represents a primary source of information to stakeholders in order to make better decisions. it is found that the traditional financial section related to disclosure of financial information is insufficient to provide the information to cover the needs of stakeholders, and accordingly, many studies have called for using non-financial section related to disclosure of non-financial information in Annual report to provide the necessary additional disclosures, especially disclosure of risks. Based on the main objective of the business; which is to maximize the share price in the market -as maximizing the value of the company- leads to maximizing the wealth of shareholders. Therefore it is necessary to study the factors that affect wealth, as it is important not only for shareholders but also for the company and society as a whole. It has been shown that the greater the disclosure of information, the lower the cost of financing, as disclosure reduces transaction costs and increases investor confidence because of the reduction in information asymmetry that leads to higher demand for shares and improves liquidity, which in turn reduces the cost of capital. And also reduces the uncertainty, the risks of appreciation of the stakeholders and the beneficiaries and benefits the value of the company. The importance of the current study is identifying the risk disclosure and its impact in the environment of Egyptian companies and the cost of capital on Company’s Value. Especially after the issuance and approval of standards Egyptian Authority 2015. An Applied study has been conducted on companies listed on the Egyptian Stock Exchange. ii. The Problem of the Study: Given the lack of agreement in much of the accounting literature on the impact of risk disclosure and the cost of capital on company’s value, the problem of the study is that there is a research gap in Egypt; lacks the practical aspect of measurement and risk disclosure. That is due to a set of internal or external determinants that are the reason for the lack of disclosure of information related to risks and that it does not convey the real situation in the financial reports, which leads to a deficiency in risk disclosure in the reports. That constitutes an obstacle for decision-makers to take appropriate decisions that are based on complete and