上市公司信息披露违规的处罚效果研究

发布时间：2018-04-15 01:00

本文选题：上市公司 + 信息披露　；参考：《天津财经大学》2012年硕士论文

【摘要】：信息是资本市场的核心要素,市场的定价效率或者股票价格的信息含量影响着资本市场的资源配置效率和使用效率。而在资本市场上,会计信息是投资者分析公司投资价值最为重要的信息,会计信息影响着股价的形成,从而影响资源配置效率。真实、完整、准确、公平的信息披露,是证券市场健康运行的基础。近年来,虽然我国的上市公司信息披露的整体质量在持续的改善,但是信息披露水平不稳定,信息披露的内容的真实性、准确性和完整性仍存在着较大的问题,损害了投资者的利益,影响了资本市场功能的发挥。文章在2006—2010年新会计准则实施、股权分置改革以及全球金融危机等重大事件发生,市场环境发生了比较大的变化的新背景下,以因信息披露违规而受到中国证监会、上海证券交易所和深圳证券交易所处罚的上市公司为研究对象,来分析监管机构对信息披露违规公司的处罚效果是否有新的变化,为进一步提高信息披露的监管水平提供参考。文章首先采用描述统计的方法分析了上市公司信息披露违规公司的整体状况、行业特征和财务特征,研究发现,近几年来,上市公司信息披露的质量在逐步改善,但是信息披露的水平并不稳定,仍有待提高：信息披露的质量与上市公司所处的行业有着一定的关系；规模比较小、盈利能力比较差、资产负债率比较高的上市公司更易出现信息披露违规的倾向。为进一步研究监管机构对上市公司信息披露违规行为的处罚效果,文章采用了事件研究法检验了因信息披露违规而被处罚的上市公司的日平均超额收益率,研究发现,在处罚公告日前后较短的时间内,被处罚公司的日平均超额收益率显著为负。文章采用多元回归模型进一步验证上市公司信息披露违规处罚的市场反应,研究发现,处罚事件对被处罚公司个股收益率有显著的影响,在描述性统计和实证研究的基础上,文章提出了信息披露监管的建议,以期为提高信息披露监管水平提供参考,
[Abstract]:Information is the core element of the capital market. The pricing efficiency of the market or the information content of the stock price affect the resource allocation efficiency and the utilization efficiency of the capital market.In the capital market, accounting information is the most important information for investors to analyze the investment value of a company. Accounting information affects the formation of stock price and the efficiency of resource allocation.True, complete, accurate and fair information disclosure is the basis of the healthy operation of the securities market.In recent years, although the overall quality of information disclosure of listed companies in our country is continuously improving, the level of information disclosure is unstable, and the authenticity, accuracy and completeness of the contents of information disclosure still have great problems.It damages the interests of investors and affects the function of capital market.In the context of the implementation of new accounting standards from 2006 to 2010, the reform of split share structure and the global financial crisis, the market environment has changed a lot.The listed companies punished by Shanghai Stock Exchange and Shenzhen Stock Exchange are taken as the research object to analyze whether there are new changes in the punishment effect of information disclosure violation companies by the regulators and to provide a reference for further improving the supervision level of information disclosure.Firstly, the paper analyzes the whole situation, industry characteristics and financial characteristics of the listed companies' information disclosure violation companies by using the method of descriptive statistics, and finds that the quality of information disclosure of listed companies is gradually improving in recent years.However, the level of information disclosure is not stable and still needs to be improved: the quality of information disclosure has a certain relationship with the industry in which the listed company is located, the scale is relatively small, the profitability is relatively poor,The listed companies with high asset-liability ratio tend to break the rules of information disclosure.In order to further study the punishment effect of the listed companies' information disclosure violations, the article uses the event study method to test the daily average excess return rate of listed companies who have been punished for information disclosure violations.Within a short period of time before and after the penalty announcement date, the average daily excess return rate of the penalized company is significantly negative.The article uses the multiple regression model to further verify the market reaction of the listed companies' information disclosure violation penalty, and finds that the punishment event has a significant impact on the individual stock return rate of the penalized company, on the basis of descriptive statistics and empirical research.This paper puts forward some suggestions on the supervision of information disclosure, in order to provide a reference for improving the level of information disclosure supervision.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

【参考文献】