本研究係以「公開募集發行有價證券公開說明書應記載事項準則」第9條對於風險因素揭露之規範為主體，同時參酌RogierDeumes（2008）所使用之風險因素揭露項目索引表，建構出風險因素項目揭露索引表。針對2005年1月1日至2013年12月31日首次上市櫃公司之公開說明書中關於風險因素之揭露進行評分，探討首次上市櫃公司風險因素揭露行為之影響因素。關於影響風險因素揭露行為之因素的實證結果發現，非屬電子產業者之公開說明書的風險因素揭露水準較高；初次上市櫃公司之查核會計師事務所產業市佔率排名愈前面，其公開說明書風險因素揭露水準愈高；公司規模愈大之公司其風險因素揭露水準愈低；營業毛利率愈高之公司其風險因素揭露水準愈高。針對內部控制缺失、風險揭露程度與上市後兩年績效關聯性之實證分析顯示，內部控制缺失與後續績效無顯著關聯性，且強制性風險 揭露分數與上市後兩年之經營績效呈顯著負向關係，均不符研究預期。但自願性之額外風險揭露分數與上市後兩年之經營績效呈著正向關係，與預期相符。本研究認為，上市前揭露有無內部控制缺失與強制性之風險揭露，其性質屬於強制性，可能流於形式，但自願額外揭露風險資訊之公司可能較願意正視其所面對之風險，有較好之風險因應措施，故而有較佳之上市後經營績效。 This study investigates the effect of disclosures of riskrelated information in IPO prospectus quality on post-IPO performance for IPO companies by controlling for their internal control weakness. The presence of risk can deter the accomplishment of business goals. However, confrontation of business risk is inevitable for business operations. Risk management is therefore essential for companies. Moreover, disclosure of risk is an integrated part to risk management process. The relevance of information disclosed depends greatly on the integrity of management, and prospectus is a concrete demonstration of such integrity. Under the extant regulations governing the issuance of securities, IPO companies are required to unambiguously disclose the risk-related information to the public. Insufficient risk disclosures may lead to misallocation of resources decisions made by the capital market participants. Under the IPO incentives, it is important to learn whether the risk-related information disclosed in the prospectus is just another formality. An effective internal control system and a sound risk management system are cornerstones of good corporate governance. The practice of a sound risk management relied on an effective internal control system to overcome the obstacles deterring the achieving of business goals. The empirical results on the determinants of risk disclosure behavior show that firms not in the electronic industries, firms audited by Big 4 accounting firms, and firms with higher gross profit margin tend to disclose more information of risk facing, while firms with bigger size tend to disclose less risk-related information. With respect to the effect of risk disclosure behavior on the subsequent operating performance under the control of internal control weakness, the findings indicate that IPO firms disclose basic (extra) risk-related information in addition to mandatory information are significantly and negatively (positively) associated with their subsequent operating performance. However, it is as expected only limited to cases that firms disclose extra risk-related information have higher performance. The finding in this study may imply that firms willing to say more may actually much well-prepared to their confronting risks and therefore result in better performance.