基于信息供应链视角的上市公司年报披露及时性研究

发布时间：2018-03-29 18:46

本文选题：年报披露　切入点：及时性　出处：《西南财经大学》2014年硕士论文

【摘要】：上市公司年报最能体现公司的运营状况和投资价值,年报中所承载的信息作为资本市场信息的一部分,其质量的高低除了对监管部门的监管、公司自身的稳定以及资本市场的健康发展和资源配置效率的提高等方面具有非常重要的作用以外,它还能够在一定程度上降低年报信息使用者的搜寻成本、减少其在决策过程中面临的不确定性。上市公司能否及时披露年报直接关系到年报信息使用者的利益以及资本市场的有序运行。年报信息使用者越来越重视年报披露的及时性,尤其是随着现代信息技术以及互联网技术在会计、审计工作中的广泛运用,年报信息使用者对公司披露的年报在及时性方面提出了更高的要求。上市公司只有及时披露年报,才能在一定程度上提高年报质量,增强年报的使用价值；才能帮助年报信息使用者做出科学的判断和合理的决策,维护年报信息使用者的权益；才能保证监管机构对年报信息的有效监管,降低监管难度和监管成本。我国法规要求上市公司在每年的会计年度结束之后的四个月内披露公司年报,上市公司在年报披露的时间上具有很大的自主选择权,公司管理层有能力通过选择年报披露时间的方式实现自身利益最大化,这种行为在一定程度上损害了年报信息使用者的利益,扰乱了资本市场秩序,扭曲了资本市场上的资源配置。通过对2009--2012年全部A股上市公司年报披露时间进行统计分析发现,4年共8670家上市公司中,3月份和4月份披露年报的上市公司数量达到44.6%和45.94%,且呈逐年上升的趋势,尤其是4月份,选择在4月份披露年报的上市公司数量增涨的趋势非常明显。尽管年报预约披露制度的实施目的是为了均衡上市公司年报披露时间,增强年报披露时间的透明度,防止上市公司利用信息优势进行内幕交易等行为的发生,促使上市公司及时披露公司年报。但本文通过研究发现,年报预约披露制度并没有达到预期的效果。2009—2012年全部A股共8669家上市公司中,有18.45%的上市公司变更过年报预约披露时间,在这18.45%的上市公司中,有近一半的上市公司推迟年报预约披露时间。81.54%的按预约披露时间披露年报的上市公司中,有近90.82%的上市公司首次预约年报披露的时间就在3、4月份,仍然存在大量上市公司集中披露年报,要求上市公司均衡披露年报的目的没有实现,促使上市公司及时披露年报的目的同样没有实现。年报披露不及时的现象普遍存在,无论是对年报所承载的信息的价值而言,还是对年报信息使用者而言,亦或是证券监管部门而言,都是非常不利的。因此,如何改善目前上市公司年报披露不及时的现状,成为当前理论界和实务界亟待解决的一个非常重要的问题。针对目前上市公司年报披露不及时的严峻现状,大多数国内外学者都是从公司规模、董事会规模、独立董事比例、第一大股东持股比例、审计意见、预约披露制度等方面实证研究其对年报披露及时性的影响。这些研究大多局限于从公司治理的某个角度或年报产生过程的某个环节出发,研究其对年报披露及时性的影响。然而,上市公司年报从编制到最终传递到年报信息使用者手中的过程,是年报信息逐渐提供、流转的过程,是以上市公司年报编制为起点,在依次经历会计师事务所审计、董事会审核批准以及对外公开披露后,最终传递到年报信息使用者手中的过程,这个过程可以看作是一条信息供应链。在这条信息供应链中,年报的产生涉及到多个环节,每个环节的主要参与主体执行不同的工作,产生不同的信息,这些主要的参与主体在本环节内及时完成本职工作,及时、顺利的将年报信息递交至下一环节,确保信息供应链的通畅、有效运行,是年报最终能及时对外公开披露的重要基础保障。因此,研究年报披露及时性,应当将年报从编制到最终对外披露的这一过程看作一个整体,在充分运用供应链协同效应思想的基础上,通过逐一分析影响供应链中各环节主要参与主体不能及时完成工作的原因,进而控制制约各环节主要参与主体及时完成本职工作的因素,以从源头上约束上市公司不及时披露年报的行为,从而有效改善年报披露不及时的现状。本文基于信息供应链的视角,将年报的产生过程分为四个环节来研究上市公司年报披露及时性,具体主要从以下七个部分进行分析和研究：第一部分为引言,主要介绍我国上市公司年报披露及时性的研究背景、研究意义、研究思路和主要内容以及研究方法和创新四个方面的内容,采用规范、统计性分析和案例分析相结合的研究方法研究我国上市公司年报披露及时性。第二部分为文献综述,归纳和总结国内外相关学者对上市公司年报披露及时性的研究现状,并对已有研究成果进行简要述评,为本文分析思路的形成奠定基础。第三部分为年报披露及时性的理论分析。在这一部分中,结合本文的研究视角,先研究探讨年报披露及时性的理论基础,即公共产品理论、会计信息质量理论、信息经济学理论和供应链理论。本文将供应链理论引入到年报披露及时性的研究中,分析影响年报及时披露的因素,为从源头上改善上市公司不及时披露年报的行为提供依据。然后,在对国内外学术进行总结和分析的基础上,对年报披露及时性、信息供应链等的涵义进行界定。第四部分为上市公司年报披露及时性的总体状况分析,主要从年报披露的制度背景和年报披露的时间趋势两个方面,分析目前上市公司年报披露的总体状况,用统计分析及案例分析论证我国上市公司年报披露不及时的严峻现状,为后文探讨年报披露不及时的原因奠定基础。第五部分为信息供应链主要参与主体影响年报披露及时性的现状分析。在总体分析我国上市公司年报披露及时性的基础上,结合信息供应链各环节主要参与主体的工作状况,分析可能制约这些主要参与主体不能及时完成本职工作的因素,辅之以统计分析,找出影响各环节主要参与主体不能及时完成本职工作的最直接原因,同时结合相关案例进行具体的分析。第六部分为信息供应链视角下提升年报披露及时性的途径。主要是根据第五章分析出的影响各环节主要参与主体不能及时完成工作的原因,研究得到具备有针对性的、可操作性的促使各环节主要参与主体及时完成工作的建议或措施,从而提升上市公司年报披露的及时性,确保年报信息使用者能够及时获取到其所需的年报信息。第七部分为本文的研究结论、研究局限与进一步研究的展望,主要是归纳和总结前文的研究成果,据此分析本文在研究过程中存在的不足之处,并对未来进一步的研究提出展望。本文的创新之处在于基于信息供应链的视角,紧紧围绕信息供应链这条主线,以年报信息的产生过程为切入点,将年报信息的产生过程分为四个环节一编制、审计、审核批准和披露,采用规范研究方法,同时结合统计分析和案例分析,分别研究影响信息供应链各环节主要参与主体不能及时完成工作的原因,在此基础上探讨各环节主要参与主体提高其工作能力和工作效率的途径,从而提高信息供应链的整体效率,有效地协调信息供应链各环节主要参与主体之间的关系,使整个信息供应链处于流畅的运作之中,最终实现及时向年报信息使用者提供年报的目标。本文的不足之处在于：一、针对每个环节的特点,只界定了1-2个主要的参与主体,研究其不能及时完成自身工作的原因,对那些会影响各个环节工作效率的参与主体没有进行研究,也没有研究各主要参与主体之间可能存在的利益博弈关系,造成文本的研究不够全面；二,本文采用统计分析和案例分析对问题进行更好的分析,使之更具有说服力,但由于年报编制环节和审核批准环节的数据无法获得,与之有关的案例分析来自笔者对上市公司的公告来判断,具有一定的主观性,缺乏一定的说服力；三,受个人知识水平、实践经验等方面的限制,一方面,在分析信息供应链主要参与主体对年报披露及时性时,对问题的分析不够生动,另一方面,提出的个别解决措施或建议可能会不太恰当,在一定程度上缺乏可操作性。
[Abstract]:The annual report of listed companies can reflect the company ' s operating condition and investment value , and the information carried in the annual report plays a very important role as part of the capital market information . Besides , it can reduce the searching cost of the annual report information users and reduce their uncertainty in the decision - making process .
can help the annual report information users to make scientific judgment and reasonable decision - making , and maintain the rights and interests of the annual report information users ;
so as to ensure the effective regulation of the reporting information by the regulatory authorities , and reduce the regulatory difficulty and the supervision cost .

In the period of March and April , the number of listed companies that disclosed the annual report in April and April has not achieved the expected effect . In the period of March and April , the number of listed companies that disclosed the annual report in April and April has not achieved the expected effect .

This process can be regarded as an information supply chain .

Based on the angle of information supply chain , this paper divides the production process of the annual report into four links to study the timeliness of the annual report of listed companies , which is mainly analyzed and studied from the following seven parts :

The first part introduces the research background , the research significance , the research thinking and the main contents , the research methods and the innovations of the annual report of listed companies in our country , and studies the timeliness of the annual report of listed companies in our country by using the methods of standardization , statistical analysis and case analysis .

The second part summarizes the literature review , induces and summarizes the present situation of the research on the timeliness of the disclosure of the annual report of listed companies at home and abroad , and makes a brief comment on the existing research results , and lays a foundation for the formation of this paper .

The third part is the theoretical analysis of the timeliness of the publication of the annual report . In this part , based on the research of the theory of public goods , the theory of accounting information , the theory of information economics and the theory of supply chain , the paper analyzes the factors that influence the timely disclosure of the annual report , and provides the basis for improving the timely disclosure of the annual report from the source .

The fourth part is divided into the general situation analysis of the disclosure timeliness of the listed companies , mainly from two aspects of the system background and the time trend disclosed by the annual report .

The fifth part is the analysis of the present situation of the main part of information supply chain participating in the timeliness of the annual report disclosure . Based on the analysis of the timeliness of the annual report of listed companies in China , this paper analyzes the factors which may restrict the main part of the information supply chain from completing their work in a timely manner .

The sixth part is the way to improve the timeliness of the disclosure of the annual report under the view of information supply chain . It is mainly based on the analysis of the reasons that the main body cannot finish the work in time according to the analysis of the fifth chapter , so as to improve the timeliness of the disclosure of the annual report of the listed company , and ensure that the annual report information users can obtain the required annual report information in a timely manner .

The seventh part is the research conclusion , the research limitation and the prospect of further research , which is mainly to sum up and summarize the previous research results , so as to analyze the deficiency existing in the research process , and put forward the prospect of further research in the future .

The innovation of this paper is based on the information supply chain ' s perspective , closely surrounding the main line of the information supply chain , taking the production process of the annual report information as the entry point , and dividing the production process of the annual report information into four links , namely , compiling , auditing , approving and disclosing , adopting the standard research method , and combining the statistical analysis and case analysis , so as to improve the overall efficiency of the information supply chain and effectively coordinate the relationship between the main body of the information supply chain and the main part of the information supply chain , so as to ensure the whole information supply chain to be in a smooth operation , and finally , the annual report information is provided to the annual report information user .

The deficiency of this paper is : 1 . For each link , only 1 - 2 main participating subjects are defined , the reason why they can ' t finish their work in time , the participation subject which can influence the work efficiency of each link is not studied , and there is no research on the possible profit game relationship among the main participating entities , and the research on the text is not comprehensive ;
Second , this paper makes a better analysis of the problem by means of statistical analysis and case analysis , makes it more persuasive , but the case analysis related to the publication of the annual report and the approval process cannot be obtained . The case analysis related to it comes from the author ' s judgment on the public announcement of the listed company , which has certain subjectivity and lacks certain persuasion ;
Third , the limitation of personal knowledge level , practical experience and so on , on the one hand , when analyzing the main part of the information supply chain , the analysis of the problem is not vivid . On the other hand , the individual solutions or suggestions put forward may not be too appropriate to some extent lack of operability .

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F274;F275;F276.6

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