我国上市公司信息披露违规问题研究

发布时间：2018-01-02 07:21

本文关键词：我国上市公司信息披露违规问题研究　出处：《东华大学》2011年硕士论文　论文类型：学位论文

【摘要】：上市公司信息披露制度是证券市场有效运行的一个重要保障,信息披露违规行为对证券市场的健康发展和投资者的利益都存在着不利的影响。我国随着证券市场的发展从法律法规上进行了相应的规范,但是信息披露违规现象仍然比较严重。本文以信息披露违规的上市公司作为研究对象,通过理论分析和实证分析来研究上市公司信息披露违规的相关问题。本文总结我国目前的信息披露制度规范体系,对信息披露违规的涵义与表现形式进行了解释和分析。从理论上分析信息披露违规行为的产生原因。对信息披露违规行为的现状进行描述性统计,分析违规公司的规模特征,财务特征以及股权特征等,发现违规上市公司具有的一些共性特征。本文的主体部分通过建立实证模型分析对上市公司信息披露违规产生影响的因素。已有的研究文献大多仅从公司治理的角度来研究信息披露违规这一问题,本文将企业的财务压力作为一个重要影响因素加以分析。从股权结构,董事会特征和财务压力三个方面选择八个指标建立Logistic回归模型,得出以下结论：民营上市公司更倾向于信息披露违规,适中的董事会规模可以抑制公司信息披露违规行为,负债压力大的公司更倾向于信息披露违规。针对分析的结果提出监督治理信息披露违规行为的若干建议。研究方法上,全文采用理论分析、案例分析、描述性统计,logistic回归分析等方法。本文的创新点主要有：一,已有对上市公司信息披露违规的影响因素问题的研究多集中于法律制度监管的层面上,大多是分析外部监管对抑制公司信息披露违规的作用因素。对于内部因素的分析集中与公司治理结构和信息披露的关系,本文将财务压力作为一个重要的因素,体现在logistic回归模型中。二,通过大量的数据搜集工作,把2005年-2009年受到信息披露违规方面处罚公司的信息进行归类整理,从不同的角度进行分析,发现其中的规律和特征。三,对于实证研究的数据选择,之前的研究都是以上市公司违规被处罚年度的前一年的数据来研究,但是违规处罚与违规行为发生是有一定时间间隔,短则几个月,长则两三年,本文采取企业违规当年的数据,确保研究结论的科学性。
[Abstract]:The information disclosure system of listed companies is an important guarantee for the effective operation of the securities market. The violation of information disclosure has a negative impact on the healthy development of the securities market and the interests of investors. However, the phenomenon of information disclosure violations is still relatively serious. This paper takes listed companies as the research object, through theoretical analysis and empirical analysis to study the related issues of information disclosure violations of listed companies. This paper summarizes the current information disclosure system in China. The meaning and manifestation of information disclosure violations are explained and analyzed. The causes of information disclosure violations are theoretically analyzed. The current situation of information disclosure violations is described. This paper analyzes the scale, financial and equity characteristics of illegal companies, and finds some common features of illegal listed companies. The main part of this paper through the establishment of empirical model to analyze the impact of listed companies on information disclosure violations. Most of the existing research literature only from the perspective of corporate governance to study the issue of information disclosure violations. This paper analyzes the financial pressure of the enterprise as an important factor. From three aspects of ownership structure, board characteristics and financial pressure, eight indicators are selected to establish the Logistic regression model. Draw the following conclusion: private listed companies are more inclined to information disclosure violations, moderate board size can inhibit corporate information disclosure violations. Companies with high debt pressure tend to break the rules of information disclosure. According to the results of the analysis, some suggestions are put forward to supervise and manage the violations of information disclosure. Theoretical analysis, case study, descriptive statistical logistic regression analysis and so on are used in this paper. The main innovations of this paper are as follows: first, the research on the influencing factors of information disclosure violation of listed companies is mostly focused on the level of legal system supervision. Most of the analysis of the external supervision on the suppression of corporate information disclosure violations of the role of factors. For internal factors focused on the relationship between corporate governance structure and information disclosure, this paper takes financial pressure as an important factor. Reflected in the logistic regression model. Second, through a large number of data collection work, the information of companies punished by information disclosure violations from 2005 to 2009 are classified and sorted out. From different angles of analysis, found that the law and characteristics. Third, for empirical research data selection, the previous research is based on the listed companies were punished by the year before the data to study. However, there is a certain time interval between the punishment of violation and the occurrence of illegal behavior, short for a few months and longer for two to three years. This paper adopts the data of the year of enterprise violation to ensure the scientific nature of the conclusion of the study.
【学位授予单位】：东华大学
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：F275

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