基于违规动因的违规行为的实证研究

发布时间：2018-06-18 05:07

本文选题：违规动因 + 违规行为　；参考：《沈阳工业大学》2012年硕士论文

【摘要】：近年来，被披露的上市公司违规信息屡见不鲜，从2007年至2011年末被上海证券交易委员会、深圳证券交易委员会、中国证监会、财政部查处的上市公司违规行为共计693起，这给资本市场、投资者以及国家和人民造成了巨大伤害和严重损失。因此，防范、制约上市公司违规行为对资本市场的健康发展、保护投资者利益意义重大。本文首先在已有文献对上市公司违规行为研究的基础上进行深入分析，将违规行为具体划分为四种：非公允关联交易行为、内幕交易行为、违规使用募集资金行为和财务舞弊行为。并对每一种上市违规行为下的具体内容进行了深入的分析与研究。其次在对违规行为研究的基础上，深入探讨引发违规行为发生的动因，并将上市公司违规动因具体划分为以下三种：大股东实现私有收益最大化动因、获取及维持上市资格动因和获取超额收益动因，，并对每一种违规动因产生的背景及特点进一步分析与研究。最后，利用对应分析法对2007年至2011年违规的上市公司违规行为与违规动因间的关系进行研究，研究表明：大股东为实现私有收益最大化侵占上市公司利益时主要使用非公允关联交易行为；公司管理层基于获取上市资格、避免ST、增发、配股等原因盈余管理时，主要使用财务舞弊行为以达到相关法律法规的要求；上市公司及其高级管理人员、内部其他人员利用自身信息优势谋取上市公司利益时，主要通过内幕交易行为来获取更为直接的收益。本文通过对上市违规行为与违规动因的关系进行研究，一方面为广大投资者进一步理解上市公司违规行为特点及其发生动因提供依据，另一方面也对具有违规动因的上市公司的利益相关者起到一定的警示作用。
[Abstract]:In recent years, illegal information on listed companies has been frequently disclosed. From 2007 to the end of 2011, the Shanghai Securities and Exchange Commission, the Shenzhen Securities and Exchange Commission, the China Securities Regulatory Commission, and the Ministry of Finance investigated and dealt with a total of 693 violations by listed companies. This has caused enormous damage and serious losses to capital markets, investors, and countries and people. Therefore, it is of great significance to prevent and restrict the illegal behavior of listed companies to the healthy development of capital market and to protect the interests of investors. Firstly, based on the research of listed companies' violations, this paper divides them into four types: unfair related party trading, insider trading, and so on. Illegal use of fund-raising and financial fraud. And the specific content under each kind of listing violation behavior has carried on the thorough analysis and the research. Secondly, on the basis of the research on the illegal behavior, this paper probes into the cause of the violation, and divides the listed company's violation motivation into the following three kinds: the biggest shareholder realizes the maximization of the private income. The motivation of obtaining and maintaining listed qualification and obtaining excess return, and the background and characteristics of each kind of illegal motivation are further analyzed and studied. Finally, using the correspondence analysis method to study the relationship between the illegal behavior of listed companies from 2007 to 2011 and the motivation of violation. The research shows that: in order to realize the maximization of private income, the majority shareholders mainly use unfair related party transaction behavior, and the management of the company, based on obtaining listing qualification, avoiding STS, additional issuance, rights issue and other reasons, when earnings management, The main use of financial fraud to meet the requirements of relevant laws and regulations; listed companies and their senior management personnel, other personnel in the use of their own information advantages to seek the interests of listed companies, Mainly through insider trading behavior to obtain more direct income. Through the research on the relationship between the illegal behavior and the cause of the violation, this paper provides the basis for the investors to understand the characteristics of the illegal behavior of the listed company and the cause of the violation, on the one hand, On the other hand, it also serves as a warning to the stakeholders of listed companies.
【学位授予单位】：沈阳工业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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