基于内容分析法的IPO招股说明书中的风险信息披露研究

发布时间：2018-06-17 02:37

本文选题：信息披露 + 内容分析法　；参考：《山东财经大学》2012年硕士论文

【摘要】：信息披露一直是投资者和监管机构共同关注的问题之一，企业信息的披露，一方面有利于投资者及时、全面、准确地了解企业的经营运作情况，对投资者的投资决策有重要的引导作用；另外，信息披露还可以减少市场信息的不对称性，优化资源配置、提高资本市场的效率。近年来，随着我国资本市场的发展，我国的股票发行审核制度与信息披露制度一直在改革与完善，新股发行市场中的风险信息披露在取得巨大成绩的同时也暴露出了一些问题。造假上市、上市后企业效益出现大幅下滑、募集资金投向出现变更等情况仍时有发生。因此，有必要对新股发行人披露的风险信息进行考察。本文基于内容分析法，对企业拟上市时公开发行的招股说明书的风险信息部分进行剖析，主要是从两个方面入手的。从横向角度看，文章不仅对企业的招股说明书中的风险信息部分的规范性程度进行了分析，而且对主板、中小板、创业板市场的拟上市企业所披露的风险信息运用非参数分析的实证方法进行了比较；从纵向角度看，文章对我国2007年1月1日至2010年12月31日这四年期间上市公司拟上市时发行的招股说明书中披露的风险信息进行了趋势分析。通过以上分析，发现企业的招股说明书信息披露已取得了很大的进步，正在日趋完善，但也存在一些需要解决的问题。本文在上述分析的基础上，提出了进一步规范和完善企业招股说明书风险信息披露的建议。本文的研究方法有两个：一是运用内容分析法对企业招股说明书中的风险信息部分进行了比较分析和趋势分析。在比较分析时，主要是进行对信息披露的规范程度和不同市场拟上市企业信息披露的差异性进行了分析；二是基于内容分析法的基础之上，运用了非参数分析及描述性统计的方法，将理论分析与实证研究相结合。本文分六章进行了论述，，全文结构安排如下：第一章为导言。对本文要解决的主要问题、研究意义与方法、研究思路与框架以及本文的创新和不足之处进行介绍，从总体上把握全文布局。第二章为文献综述。在本章，从不同的角度介绍了有关学者的研究，并对他们的研究做了相应的评述。通过阅读有关文献可以发现，相对于国外来说，我国对证券市场有关信息的内容分析比较晚、相关文献数量较少。在指出上述我国相关研究存在局限性的同时，提出将运用内容分析法对我国企业招股说明书的风险信息部分进行研究。第三章为我国企业招股说明书中风险信息披露的规范性程度的分析。由于中国证券监督委员会（简称证监会）对创业板上市的企业的招股说明书有着特殊的规定，所以在进行规范性程度分析时，把主板、中小板和创业板三个市场分开进行了分析。在分析时，都是从证监会对企业招股说明书中风险信息部分的披露要求入手，然后，分析了企业招股说明书中风险信息部分披露的风险内容，并将两者进行比较，得出我国企业的风险信息披露是比较规范的但是也指出了其存在的问题。第四章为三个市场企业招股说明书中关于风险信息披露的比较分析。首先，本文比较了证监会对不同市场企业招股说明书中风险信息披露政策性规定的不同，其次，运用非参数分析及描述性统计等实证研究方法，检验了招股说明书中实际披露的风险信息的不同，最后得出了结论。第五章为企业招股说明书中风险信息披露的趋势分析。本文以2007年1月1日至2010年12月31日上市的625家公司拟上市时发行的招股说明书为样本，从风险类别、风险部分的字数、披露的风险的数量、披露风险的方法、针对风险的对策五个方面对我国企业风险信息披露的趋势进行了分析，得出这四年间我国企业风险信息的披露状况。第六章为完善企业招股说明书中风险信息披露的思考及建议。本文通过以上各章的分析，系统总结了我国企业风险信息披露的现状以及存在的问题，提出企业风险信息披露的发展和完善需要市场各参与方的共同努力。
[Abstract]:Information disclosure has always been one of the common concerns of investors and regulators. The disclosure of enterprise information, on one hand, is beneficial to investors in a timely, comprehensive and accurate understanding of the operation and operation of the enterprise, and has an important guiding role for the investment decision of the investors. In addition, the disclosure of information can also reduce the asymmetry of the market information. In recent years, with the development of China's capital market, the audit system and information disclosure system of China's stock issuance have been reform and perfected in recent years. The disclosure of risk information in the IPO market has also revealed some problems while making great achievements. There has been a sharp decline in interest rates and changes in the fund-raising investment. Therefore, it is necessary to investigate the risk information disclosed by new issuers.
Based on the content analysis method, this paper analyzes the risk information part of the prospectus publicly issued when the enterprise is on the market, mainly from two aspects. From the horizontal point of view, the article not only analyzes the normative degree of the risk information part of the enterprise's prospectus, but also to the main board, the small and medium board, the GEM board. The risk information disclosed by the listed companies in the market is compared with the empirical method of non parametric analysis. From the vertical point of view, the article analyzes the trend of risk information disclosed in the prospectus issued by listed companies during the four years from January 1, 2007 to December 31, 2010. It is found that the information disclosure of the Prospectus has made great progress and is becoming more and more perfect, but there are also some problems to be solved. On the basis of the above analysis, this paper puts forward some suggestions to further standardize and improve the disclosure of risk information of enterprise prospectus.
There are two research methods in this paper: one is to use the content analysis method to analyze and analyze the risk information part of the enterprise prospectus. In the comparison and analysis, the main part is to analyze the standard of information disclosure and the difference of information disclosure in different markets. The two is based on the content. Based on the analysis method, the theory of non parametric analysis and descriptive statistics is applied to combine theoretical analysis with empirical research.
This article is divided into six chapters, and the full text is arranged as follows:
The first chapter is the introduction. It introduces the main problems to be solved, the significance and methods of the study, the thinking and framework of the research, the innovation and inadequacies of this paper, and the overall grasp of the full text layout.
The second chapter is a literature review. In this chapter, we introduce the research of the relevant scholars from different angles and make a corresponding review of their research. Through reading the relevant literature, we can find that relative to the foreign countries, the analysis of relevant information on the securities market is relatively late and the number of relevant documents is relatively small. At the same time, it also puts forward the content analysis method to study the risk information part of our prospectus.
The third chapter is the analysis of the normative degree of the disclosure of risk information in the prospectus of Chinese enterprises. Since the China Securities Regulatory Commission (CSRC) has special regulations on the prospectus of the enterprise listed in the gem, the three markets of the main board, the medium and small board and the GEM board are separated into the standard analysis. The analysis is done. In the analysis, it starts with the disclosure requirements of the risk information part of the stock prospectus of the SFC. Then, it analyzes the risk content of the risk information disclosure in the enterprise prospectus, and compares the risk information between the two, and concludes that the risk information disclosure of the enterprises in our country is relatively standard but also points out the existence of the risk information. That's the problem.
The fourth chapter is the comparative analysis on the disclosure of risk information in the prospectus of three market enterprises. First, this paper compares the different policy provisions of the risk information disclosure in the prospectus of different market enterprises by the SFC. Secondly, it uses non parametric analysis and descriptive statistics to test the fact of the prospectus. The difference between the risk information of the international disclosure is concluded.
The fifth chapter is the trend analysis of the risk information disclosure in the enterprise prospectus. This article takes the prospectus of 625 companies listed on the market from January 1, 2007 to December 31, 2010 as samples, from the risk category, the number of words in the risk part, the amount of risk disclosed, the method of exposure risk, and the countermeasures against the risk in five aspects. The trend of risk information disclosure in Chinese enterprises is analyzed, and the disclosure of risk information in Chinese enterprises in the past four years is obtained.
The sixth chapter is to improve the disclosure of risk information in the prospectus of enterprises. Through the analysis of the above chapters, this paper systematically summarizes the current situation and existing problems of enterprise risk information disclosure in our country, and puts forward that the development and improvement of enterprise risk information disclosure needs the joint efforts of the participants in the market.
【学位授予单位】：山东财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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