2014年4月，臺灣股市發生一件震驚投資人之事件，F-再生遭到外資克勞格斯降低評等，指出其財務報表所揭露之營業收入，與實際營業收入不符，而導致許多投資人受損失。本文在看到這樣的情況後，認為F股所含的風險很大，因此進行對F股風險的研究，而我國法規，也似乎較無法管制F股之資訊揭露，因此本文針對F股資訊揭露程度以及其風險進行研究。本文先比較本土企業以及F股之資訊揭露程度，發現F股資訊揭露程度確實比本土企業差，但風險的部分沒有顯著的差異。而在主要研究中，F股的資訊揭露與本文使用的風險指標呈現顯著負相關，因此本文認為，投資人在選擇F股標的時，可以透過資訊揭露評鑑，選擇適當的F股進行投資。

An astonishing event happened on April 2014. The stock price of Asia Plastic Recycling Holding Ltd. was dramatically decreased, because of its operating income disclosure on financial statement did not accord with its actual situation. After this situation, we started our research on the risk of F-Shares. However, our regulation can’t control their disclosure strictly. Therefore, we specially research on the relationship between its risk and information disclosure level. We started to compare the information disclosure level with local companies, the fact is the level is significant lower than local companies. Then we investigate the risk, and we found the risk is not in a significant different. In our main research, we found the risk and information disclosure levels are significantly negative. We think that when investors choose their investment, they can consider of using the information disclosure evaluation.

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