上市公司差异化信息披露制度

发布时间：2018-07-14 12:09

【摘要】：文章立足于我国证券市场的实际,详细论述了差异化信息披露制度的基本原则、上市公司的分类以及分类基础上的差异化安排,并且提出了完善我国上市公司差异化信息披露制度的建议。除引言和结语外,本文分6部分展开:第一部分,上市公司差异化信息披露制度的原则。满足投资者多元化信息需求的同时,还应力图降低信息披露的成本,是差异化信息披露制度应当遵循的两项基本原则。第二部分,上市公司的类型化。本部分通过论述上市公司分类标准的确定、分类标准的考量因素、上市公司的分类,认为应当以风险水平为标准,并具体考量公司治理、财务质量、信息披露行为以及盈利能力和成长性四个因素,将上市公司分为高、低两个风险类别。第三部分,上市公司信息披露与否的差异化。从结果上看,信息披露与否表现为信息的强制披露与自愿披露。为实现披露与否的差异化,应当减少对低风险水平上市公司的强制披露要求,鼓励其自愿披露;而对高风险水平的上市公司则应当增加强制披露义务,限制其自愿披露的空间。第四部分,上市公司信息披露内容的差异化。按照不同标准,上市公司披露的信息可分为财务信息与非财务信息、历史性信息与预测性信息、通用信息与特色信息。为实现披露内容的差异化,应当减少对低风险水平上市公司财务信息、历史性信息与通用信息的披露要求,鼓励其对非财务信息、预测性信息及特色信息的披露;而对高风险水平上市公司,则应提高其对财务信息、历史性信息及通用信息的披露要求,限制其进行非财务信息、预测性信息的披露。第五部分,上市公司信息披露形式的差异化。按依附载体的不同,信息披露形式可以分为报纸期刊、互联网、专门的电子信息披露系统。为实现披露形式的差异化,应当鼓励低风险类别上市公司使用信息披露直通车系统、“互动易”等披露形式,而在一定程度上限制高风险水平上市公司的使用。第六部分,完善上市公司差异化信息披露制度的建议。完善差异化信息披露制度,应当秉持满足投资者多元化信息需求和降低上市公司信息披露成本的原则,明确以风险水平为上市公司的分类标准,实现“披露与否的差异化”、“披露内容的差异化”、“披露形式的差异化”三个要求。
[Abstract]:Based on the reality of China's securities market, this paper discusses in detail the basic principles of the differential information disclosure system, the classification of listed companies and the differentiation arrangement on the basis of classification. And put forward the suggestion of perfecting the differential information disclosure system of listed companies in our country. In addition to the introduction and conclusion, this paper is divided into six parts: the first part, the principles of differentiated information disclosure system of listed companies. At the same time, we should try to reduce the cost of information disclosure, which is the two basic principles that should be followed in the differential information disclosure system. The second part, the typology of listed companies. This part discusses the determination of the classification standard of listed companies, the factors of the classification criteria, the classification of listed companies, and thinks that the risk level should be taken as the standard, and the corporate governance and financial quality should be considered concretely. The information disclosure behavior, profitability and growth of listed companies are divided into high and low risk categories. The third part is the differentiation of information disclosure of listed companies. From the result, information disclosure or not is the compulsory disclosure of information and voluntary disclosure. In order to realize the differentiation of disclosure or not, we should reduce the mandatory disclosure requirements of the listed companies with low risk level and encourage their voluntary disclosure, while the listed companies with high risk level should increase their compulsory disclosure obligations and limit their space of voluntary disclosure. The fourth part, listed company information disclosure content difference. According to different standards, the information disclosed by listed companies can be divided into financial information and non-financial information, historical information and predictive information, general information and characteristic information. In order to realize the difference of disclosure content, we should reduce the disclosure requirements of financial information, historical information and general information of listed companies with low risk level, and encourage them to disclose non-financial information, predictive information and characteristic information. However, for listed companies with high risk level, the disclosure requirements of financial information, historical information and general information should be raised, and the disclosure of non-financial information and predictive information should be restricted. The fifth part is the differentiation of information disclosure of listed companies. According to the dependent carrier, information disclosure can be divided into newspaper and periodical, Internet, special electronic information disclosure system. In order to realize the differentiation of the disclosure form, we should encourage the low-risk listed companies to use the information disclosure through train system, "interactive easy" and so on, but to some extent limit the use of the high risk level listed companies. The sixth part, the suggestion of perfecting the differential information disclosure system of listed companies. To perfect the differential information disclosure system, we should adhere to the principle of satisfying the diversified information needs of investors and reducing the cost of information disclosure of listed companies, make clear that the risk level is the classification standard of listed companies, and realize the differentiation of disclosure or not. "the difference of the disclosure content", "the difference of the disclosure form" three requirements.
【学位授予单位】：西南政法大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D922.287

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