金亚科技公司虚假信息披露研究

发布时间：2018-12-21 17:04

【摘要】：我国为构建多层次的资本市场体系于2009年10月底创建了创业板,由于创业板入市门槛较低,主要关注企业的成长性,使上市公司质量无法得到保证,另外上市公司面临着较大的风险,也使得投资者本身也要面临着一定的风险。为了使投资者的利益受到一定程度的保护,将上市公司的真实信息及时地披露出来显得更为重要,信息披露问题确实从某种程度上促进了创业板的稳定发展。考虑到我国创业板的上市公司违法的信息披露现象屡禁不止,加上创业板市场本身就存在着较大的风险,因此完善创业板上市公司的信息披露制度对于减少投资者风险有较大的推动作用。如今,创业板上市公司财务造假事件的情况时常会有所出现,所以创业板市场面临着较大的危机,降低了投资者对于创业板市场的热情。低迷的市场让中小企业融资存在着较大的困难,企业要想发展无法取得足够的资金,最终使得企业的利润不高。为了让更多的人进行投资,企业使用财务欺诈的手段,最终导致了严重的后果。若企业不对上市财务公司的造假行为加以规范,就难以保证上市公司的总体质量,并对创业板市场的全面发展产生一定的影响。本文以案例分析为基础,事件与理论相结合的方式,辅之于适当的数据与图表,针对金亚科技股份等提出了有关虚假信息披露、财务造假过程中的各项问题进行研究。除了把其中有关的虚假信息披露的方法及表现列举出来之外,还就上市公司的虚假信息、财务造假的动机及其能成功实施的原因进行阐述。动机主要包括大股东利益输送,掩盖业绩不及预期的困境、避免特别风险提示,取得增发资格、实施资本快速扩张。原因主要是公司内部治理制度不完善、审计机构连续失职、监管体系薄弱、违约成本与高额效益不对称。最后指出上市公司要对内部控制加以优化,通过使其治理结构得到一定程度的调整,完善监管制度,建立相应的法律法规来保证各项工作的顺利实施。本论文仅针对金亚科技虚假信息披露进行分析,时间跨度短且缺乏该公司内部第一手资料,公信力不强且不具备泛化能力。随着创业板市场的快速推行,就会出现更多未知的问题,所以要对创业板公司所需要披露的信息进行研究,分析新问题,以便找到更好的解决方案。
[Abstract]:In order to build a multi-level capital market system, China established the gem at the end of October 2009. Due to the low entry threshold of the gem, it is mainly concerned about the growth of enterprises, which makes the quality of listed companies unable to be guaranteed. In addition, listed companies are facing greater risks, which also make investors themselves face certain risks. In order to protect the interests of investors to a certain extent, it is more important to disclose the real information of listed companies in time. The problem of information disclosure has indeed promoted the steady development of gem to some extent. Considering that the phenomenon of illegal information disclosure of listed companies on the gem in China is not prohibited despite repeated prohibitions, and that there is a greater risk in the gem market itself, Therefore, perfecting the information disclosure system of gem listed companies has a great role in reducing investor risk. Nowadays, the financial fraud of listed companies on the gem often occurs, so the gem market is facing a greater crisis, which reduces the enthusiasm of investors for the gem market. The depressed market makes the financing of small and medium-sized enterprises more difficult. If enterprises want to develop, they can't get enough capital, and the profits of enterprises will not be high in the end. In order to allow more people to invest, the use of financial fraud, ultimately leading to serious consequences. If enterprises do not regulate the fraud behavior of listed financial companies, it will be difficult to ensure the overall quality of listed companies, and will have a certain impact on the overall development of the gem market. On the basis of case analysis, this paper combines event with theory, with appropriate data and charts, and puts forward some problems in the process of disclosing false information and financial fraud in view of the shares of Jinya Science and Technology. Besides enumerating the methods and manifestations of disclosing false information, this paper also expounds the false information of listed companies, the motivation of financial fraud and the reasons for its successful implementation. The motivation mainly includes conveying the interests of large shareholders, concealing the predicaments that the performance falls short of expectations, avoiding special risk cues, obtaining additional issuance qualifications, and implementing rapid capital expansion. The main reasons are the imperfect internal governance system, continuous dereliction of duty of audit institutions, weak supervision system, asymmetric cost of breach of contract and high efficiency. Finally, it is pointed out that the listed company should optimize the internal control, adjust its governance structure to a certain extent, perfect the supervision system, and establish the corresponding laws and regulations to ensure the smooth implementation of the work. This paper only analyzes the false information disclosure of Jinya Technology. It has a short time span and lacks of internal first-hand information. The credibility of the company is not strong and it does not have the ability to generalize. With the rapid implementation of the gem market, there will be more unknown problems, so we should study the information that the gem companies need to disclose, analyze the new problems, in order to find a better solution.
【学位授予单位】：华东交通大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F832.51;F426.6;F406.7

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