鲁北化工信息披露违规后积极应对之案例分析

发布时间：2018-07-04 11:43

本文选题：信息披露违规 + 负面影响　；参考：《江西财经大学》2017年硕士论文

【摘要】：在市场上信息一直在不断的流动,而证券市场就是一个信息流通的市场,其的基本要求有三个:公开、公平、公正。随着经济的不断发展,证券为我国的经济发展做出了巨大的贡献,证券市场已经成为全球金融市场上至关重要的一部分,可见整体经济健康良性发展无法离开证券市场的健康与良好发展。因此如何保证证券市场良好发展已经逐渐成为一个世界性重要议题,同时它也成为了世界各国各地区的经济发展首要要务。纵观世界各国证券市场演变的历史进程,证券市场的发展离不开信息披露制度的完善,同时提高了投资者利益的重视程度和对其利益更好的保护。其实,所谓信息披露就是指上市公司对外披露公司的一些信息借以达到和利益相关者以及投资者相互沟通的目的。信息披露的作用在于避免证券市场出现欺诈和不公平现象,同时也能提高证券市场的透明度和公信力,增强投资者在证券市场上投资时的信心,确保在资源配置中资本市场能有效发挥作用,最终达到证券市场的健全完善,国民经济的良好发展的结果。中国的信息披露制度的发展已经有二十多年的历史,从《中华人民共和国证券法》设立开始制度就在不断的完善,我国的信息披露机制在建设和完善程度上都取得了长足的进步。但是近些年来,上市公司被曝出信息披露违规的现象还是日益严重,愈来愈多的违规公司受到相关部门的违规惩罚。虽然世界上各个证券市场都存在各类违规问题,但是从美国的安然事件到中国的银广夏事件证明无论是较为成熟的发达国家的证券市场还是新兴的发展中国家证券市场,违规信息披露违规的现象在各类违规行为中尤为严重。大量的信息披露违规事件致使投资者以及其他利益相关者在信息披露违规事件中个人利益蒙受严重损害,使得各国证券市场运行的正常秩序受到严重扰乱,证券市场资源发挥配置功能受到限制。虽然针对这个现象监管部门也采取各种处罚措施,包括警告,罚款,甚至追究一部分责任人的刑事责任,但是仍然有众多上市公司报着侥幸心理知法犯法。对于上市公司而言,不容忽视的是一旦公司出现信息披露违规遭到谴责或是处罚都会在对公司的发展产生或多或少的不利的影响。虽然违规处罚对公司百利而无一害,但是令人诧异的是每年都有许多公司因为不同原因受到相关监管机构的处罚。无论是因为在市场的规范程度越来越高,还是经济活动种类越来越多越来越复杂,实际中出现违规尤其是因信息披露而违规的公司的数量在连年上升。那么当违规受处罚已经发生了,如何以最快的速度最有效的降低违规处罚带来的负面影响变得至关重要。本文选取了鲁北化工公司信息披露违规的案例,通过介绍鲁北化工公司在出现信息披露违规的情况后积极的采取应对措施,包括积极与外界沟通、撤换管理层以及修改公司内部制度等措施。通过分析这些措施的作用,说明它们是如何快速的降低证监会和上交所处罚所带来的不利影响的,并进一步得出结论。首先本文介绍了信息披露的现状,通过数据对于信息披露违规的趋势进行了分析,其次本文汲取国内外相关学者对信息披露制度以及信息披露违规后公司整改的研究成果为文章打下理论基础。接下来本文简单的介绍了鲁北化工公司的公司情况、信息违规的事件经过以及证监会和上交所对它的处罚。第三部分就是对鲁北化工在信息披露违规后采取的许多措施的介绍,包括积极的面对更换公司的管理层,整改公司的内部制度,进行资产重组等。针对公司采取的这些措施本文后续从财务绩效,市场反应等多方面进行分析,证明了通过这些措施鲁北化工成功的降低了由于信息披露违规被有关监管机构谴责导致的不利影响。最后本文进行归纳总结,建议在因信息披露违规受到处罚后不同公司要采取不同的应对手段。其实无论是谴责还是处罚是给公司的错误不规范的做法敲响了警钟,但是知错能改善莫大焉,如何尽量在短时间内消除不良影响,找出违规的真正原因并且改正,恢复投资者的信心,才是面对违规处罚应该抱有的积极态度与正确行为。本文希望通过对于鲁北化工的案例分析给予其他因为信息披露违规受到处罚的上司公司一点启示。通过鲁北化工公司的成功整改,不仅摆脱了ST的帽子,还逐步恢复盈利。这正是可以给其他受到处罚尤其是由于信息披露违规受到处罚的公司借鉴的。
[Abstract]:In the market, information has been constantly flowing, and the securities market is a market of information circulation, its basic requirements are three: open, fair, fair. With the continuous development of the economy, securities have made great contributions to the economic development of our country, the securities market has become a vital part of the global financial market, but The sound and healthy development of the overall economic health can not leave the health and good development of the securities market. So how to ensure the good development of the securities market has gradually become an important issue in the world. At the same time, it has also become the primary priority of economic development in all regions of the world. The development of the market can not be separated from the perfection of the information disclosure system, at the same time, the importance of the interest of the investors and the better protection of its interests are raised. In fact, the so-called information disclosure means that the listed companies disclose some of the information of the company to achieve the purpose of communicating with the stakeholders and the investors. In order to avoid fraud and unfair phenomenon in the securities market, it can also improve the transparency and credibility of the securities market, enhance the confidence of investors in the stock market, and ensure that the capital market can play an effective role in the allocation of resources, and ultimately achieve the sound improvement of the securities market and the result of the good development of the national economy. The information disclosure system of the country has been developed for more than 20 years. The system of the beginning of the "People's Republic of China Securities Law" has been continuously perfected. The information disclosure mechanism of China has made great progress in the construction and improvement. However, in recent years, the public company has been exposed to the phenomenon of information disclosure violations or the day. More and more illegal companies are punished by relevant departments. Although all securities markets in the world have all kinds of irregularities, from the Enron event in the United States to China's silver Guangxia event, it is proved that the securities market of the more mature developed countries is also a newly emerging developing country securities market. The phenomenon of irregularities in interest disclosure is particularly serious in all kinds of irregularities. A large number of information disclosure violations cause investors and other stakeholders to suffer serious personal interests in information disclosure violations, making the normal order of the operation of the securities market seriously disturbed and the allocation function of the stock market resources. Limited. Although the regulatory authorities have taken various penalties, including warning, fines, or even the criminal responsibility of a part of the responsible person, there are still many listed companies reporting a fluke of the law. For listed companies, it is not to be ignored that once the company appears to be condemned to disclose information disclosure violations. The punishment will have more or less adverse effects on the development of the company. Although the violation penalty has no harm to the company's Bailey, it is surprising that many companies are punished by the relevant regulators for different reasons every year. Whether it is in the market, the rules of Fan Chengdu are increasing, or the type of economic activity. More and more more and more complex, the actual number of violations, especially the disclosure of information, is increasing in number of companies. Then when the violation is punished, it is very important to reduce the negative impact of the violation punishment at the fastest speed. This paper selects the information disclosure of the Shandong chemical company. The case of the regulation is introduced by introducing the positive response measures of Lubei chemical company after information disclosure violations, including actively communicating with the outside world, replacing management and modifying the internal system of the company. Through the analysis of the role of these measures, it shows how quickly they reduce the punishment of the SFC and the Shanghai Stock Exchange. First of all, this paper introduces the status of information disclosure, analyzes the trend of Information Disclosure Violation through data. Secondly, this paper draws the theoretical foundation for the article to draw the theoretical foundation for the article by the relevant scholars at home and abroad on the information disclosure system and the results of the corporate rectification after the disclosure of information. This article briefly introduces the company situation of Lubei chemical company, the events of information violation and the punishment of the SFC and the Shanghai Stock Exchange. The third part is the introduction to many measures taken after the violation of information in Lu Bei chemical industry, including the active face to change the management of the company, the internal system of the company, and the management of the company. According to the measures taken by the company, the following measures are analyzed in terms of financial performance, market reaction and so on. It is proved that the success of the chemical industry in Shandong Province has been successfully reduced because of the adverse effects caused by the information disclosure violations being condemned by the relevant regulatory agencies. Different companies should take different measures after being punished. In fact, whether it is condemnation or punishment is a warning to the wrong and nonstandard practice of the company, but the mistakes can be changed, how to eliminate the bad effects in a short time, to find out the true cause of the violation and to correct the investor's confidence, It is hoped that through the analysis of the case of the chemical industry in Lubei, this article hopes to give some other revelation to the company who has been punished because of the information disclosure violation. Through the successful rectification of Lubei chemical company, it is not only rid of the ST's hat, but also gradually restore the profit. This is what can be given to it He was punished, especially because the company punished by information disclosure was used for reference.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.7;F406.7

【参考文献】