我国创业板上市公司自愿性信息披露研究

发布时间：2018-02-04 07:12

本文关键词： 创业板上市公司自愿性信息披露评价体系制度缺陷　出处：《东北财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：相比于主板市场,创业板市场具有较高的投资风险,监管机构不断出台各种政策、规章以规范这一市场。在信息披露方面,其强制性信息披露内容更多,监管更加严格,但这些举措似乎并没有明显提高信息披露的质量。这种情况引发笔者对创业板信息披露的思考。综观多国资本市场信息披露的发展历程,无不经历了自由放任阶段、强制性披露阶段、强制性披露与自愿性披露相结合的阶段。自愿性信息披露作为信息披露的重要组成部分,起到细化、补充强制性信息披露的作用,有助于信息披露质量的提高。并且引发创业板较高风险的因素多是一些前瞻性的、不确定性较大的信息,单独依靠强制性披露难以保证这些信息的披露质量。基于以上原因,对于创业板市场的信息披露,不应该仅集中于强制性披露的研究,也应该从长远发展的角度研究如何鼓励、规范自愿性信息披露。本文共包括以下五个部分：第一部分,导论。首先介绍本文的研究背景、研究意义；然后对国内外研究现状进行总结和评述,找出现有研究的不足之处,并在此基础上提出需要进一步研究的方向；最后介绍本文的研究思路、研究方法、可能的创新点。第二部分,创业板上市公司自愿性信息披露概述。首先针对创业板上市公司对自愿性信息披露的定义进行重新界定;接着介绍对创业板上市公司的披露行为影响较大的三个理论：代理理论、信息不对称和传递理论、超额收益理论；最后从创业板市场的整体特征和上市公司的内在动机两个方面分别探讨创业板上市公司自愿性信息披露的原因。第三部分,创业板上市公司自愿性信息披露现状、问题及原因分析。该部分专门构建创业板上市公司自愿性信息披露水平的评价体系,以119家上市公司2010年和2011年年报为研究对象,进行多层次统计分析以发现存在的问题,同时深入分析问题的原因,并提出制度存在缺陷、大量信息披露地位不明确是影响创业板上市公司自愿性信息披露水平的最根本原因。第四部分,加强创业板市场自愿性信息披露的对策建议。根据前一部分对问题原因的剖析与归类,本部分分两个层面提出加强创业板市场自愿性信息披露的建议。第一个层面,构建合理的创业板信息披露制度体系,以解决现有制度存在缺陷、各种信息的披露地位不明确这一问题。第二个层面,在解决了制度缺陷的基础上,提出其它能够促进创业板上市公司自愿性信息披露的建议。第五部分,研究结论与不足。提出本文研究可能存在的不足之处,为创业板市场自愿性信息披露的后续研究提供一些借鉴意义。本文主要采用规范研究的方法,综合运用文献研究法、统计分析法、定量与定性结合研究法和对比分析法,以期全面、准确地反映我国创业板上市公司的自愿性信息披露行为,使本文的结论有据可循,增强文章的说服力。本文的创新点主要集中在二、三、四部分。笔者专门针对创业板市场研究自愿性信息披露,填补了我国学者仅研究主板市场自愿性信息披露的空缺,并且为创业板信息、披露的研究开创一个全新的视角,使其不囿于现在仅要求不断加强强制性信息披露的单一论调。为了使研究能够顺利进行,本文根据创业板市场的具体情况对自愿性信息披露的定义、内容和评价方法进行了改进,这些新的研究方法能够更真实、完整反映创业板上市公司自愿性信息披露的状况。在提出对策建议时,笔者对现有制度的合理性提出质疑,并分三个层次提出完善制度的建议,弥补了以往学者不考虑制度合理性的缺陷。
[Abstract]:Compared to the motherboard market, the GEM market has a high investment risk, regulatory agencies have introduced various policies, rules and regulations to regulate the market. In the aspect of information disclosure, the mandatory disclosure of information content is more, more stringent regulation, but these measures did not seem to significantly improve the quality of information disclosure. This situation caused the author to think the gem information disclosure. During the developing process of multinational capital market information disclosure, have experienced laissez-faire stage, the stage of compulsory disclosure, mandatory disclosure and voluntary disclosure stage. The combination of voluntary disclosure of information as an important part of information disclosure, to refine, supplement the mandatory information disclosure, contribute to the quality of information disclosure improved. And lead to higher risk factors of gem are forward-looking, uncertain information, relying solely on strong Disclosure is difficult to guarantee the quality of information disclosure. Based on the above reasons, the information disclosure of the GEM market should not only focus on mandatory disclosure, but also from the perspective of long-term development, we should study how to encourage and standardize voluntary disclosure.
This article includes the following five parts:
The first part, introduction. Introduces the research background, the significance of this study; then summarizes and comments on domestic and foreign research present situation, find out the shortcomings of the present studies, and put forward the direction of further study; finally, introduces the research ideas, research methods and possible innovations.
The second part, an overview of the voluntary information disclosure of GEM listed companies. Firstly, the GEM listed companies on the definition of voluntary disclosure is re defined; then introduced the disclosure behavior of listed companies on the gem of three large theories: agency theory, information asymmetry theory and transfer theory, the excess return; finally, from two aspects of inside the overall characteristics and motivation of listed companies of gem respectively to explore the causes of voluntary information disclosure of listed companies on the gem.
The third part, the status of voluntary information disclosure of listed companies on the gem, analysis of the problems and the reasons. This part specially constructed the evaluation system of the level of voluntary information disclosure of GEM listed companies, 119 listed companies in 2010 and 2011 Annual Report as the research object, multi - statistical analysis to find the problems, and in-depth analysis of the cause of the problem, and puts forward the system defects, a lot of information disclosure status is not clear is the fundamental reason of the voluntary disclosure level of listed companies on the gem.
The fourth part, countermeasures and suggestions to strengthen the GEM market information disclosure. According to the classification and analysis of part of the reason of the problem, this part is divided into two aspects puts forward suggestions of strengthening the GEM market information disclosure. The first level, build a system of information disclosure of gem is reasonable, in order to solve the defects of the existing system all kinds of information, the disclosure status is not clear about this problem. The second level, in the base of solving the system defects, put forward to promote other voluntary information disclosure of listed companies on GEM.
The fifth part, the conclusions and shortcomings of the research, put forward the possible shortcomings of this study, and provide some reference for the follow-up research of voluntary information disclosure in the growth enterprise market.
This paper mainly adopts normative research method, the integrated use of literature research method, statistical analysis method, research method and comparative analysis method combined with quantitative and qualitative analysis, in order to fully and accurately reflect China's GEM listed companies voluntary information disclosure, so that the conclusions of this paper are to be followed, to enhance the persuasiveness of the article.
The innovation of this paper is mainly concentrated in two, three, four. The author focused on the GEM market of voluntary information disclosure, to fill the Chinese scholars only study the voluntary information disclosure of the motherboard market vacancy, and the gem information disclosure research to create a new perspective, which is not limited to now requires only a single continue to strengthen the argument of mandatory disclosure. In order to make the research to be carried out smoothly, according to the specific circumstances of the gem of the voluntary disclosure of information of the definition, contents and evaluation methods were improved, these new methods can be more realistic, reflect the integrity of the voluntary information disclosure of listed companies on GEM. Proposed in this paper the rationality of the existing system, put forward the question, and is divided into three levels put forward the suggestions to perfect the system, to make up for the previous scholars do not consider the rationality of the system Defects.

【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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