我国金融类上市公司财务预测信息披露探讨

发布时间：2018-06-26 03:00

本文选题：金融类上市公司 + 财务预测信息披露　；参考：《江西财经大学》2012年硕士论文

【摘要】：随着我国经济的高速发展,资本市场在国民经济体系中的作用就愈发凸显,而信息披露制度则是资本市场得以存在和发展的基础,是实现证券市场公平、公正、公开和保护证券市场投资者利益的根本前提。在我国上市公司中金融行业地位举足轻重,所以金融业企业的信息披露对于资本市场稳定和健康发展取到了十分重大的作用。金融业的发展及其风险防范与信息披露也息息相关。前些年美国爆发的次贷危机的主要原因之一就来自于金融业信息披露的透明度不高,信息披露不充分、不及时对次贷危机的爆发产生了相当程度的负面影响。正是由于金融类上市公司信息披露对资本市场乃至经济的巨大影响,金融类上市公司信息披露制度的建立和完善已经成为证券市场发展和监管的重点领域。财务预测信息是对未来经济事项的反映,是管理当局对未来可能发生的事项或采取的行动的假设编制的信息,是对企业未来的财务状况、经营成果和现金流做出的最佳估计。财务预测信息的披露可以弥补公司管理当局与外部信息使用者之间的信息不对称,防止内幕信息和内幕交易对资本市场的危害,实现市场的“三公”。目前我国尚未建立起完善的财务信息披露体系,存在着财务预测信息披露质量不高、财务预测信息供给不足、财务预测信息披露不及时和不规范等问题。造成这些问题的原因是多方面的,可以总结归纳为六点：一是金融类上市公司治理结构不合理；二是财务预测信息供给成本较高；三是监管不到位；四是尚未建立财务预测编制和披露的准则；五是监管部门尚未建立免责制度；六是证券市场功能不完善。放眼国外,在美国这类证券市场比较发达、市场有效性比较高的国家,业已形成了较为完善的财务预测信息披露的制度体系。美国财务预测信息的披露经历了从禁止披露阶段到鼓励披露但非强制披露阶段,最后发展到现在的自愿披露与强制披露相结合的阶段。在历史发展过程中显示了其独特的优点,例如对不同的财务预测信息进行分类、引入预先警示原则和制定了安全港规则。美国财务预测信息披露的一些特点也可能给我国的制度体系建设提供很好的参考,使得我国在以后的财务预测信息披露上可以做到强制性与自愿性披露相结合,全面充分、及时规范地披露,同时建立重大差异的更新更正制度。在理解了财务预测信息的理论基础,分析了我国财务预测信息披露的现状和美国的先进经验后,得出了完善我国金融类上市公司财务预测信息披露的建议：第一,完善金融公司的治理结构,做到深化政企分离、明晰产权改革,引入机构投资者、平衡股权结构和完善独立董事制度,发挥独立董事的监督作用；第二,明确企业管理当局对财务预测信息的编制责任,包括建立企业内部财务预测信息质量保障体系和企业通过承诺书形式确认对财务预测信息的编制责任；第三,构建完善的财务预测信息披露制度体系,包括发展和完善证券市场,制定财务预测信息披露规范和建立适合中国国情的财务预测信息披露免责制度；第四,加强对财务预测信息披露的监管,包括加强对财务预测信息披露的审核,加强中介机构的监督作用和严格财务预测信息披露的法律责任。
[Abstract]:With the rapid development of China's economy, the role of capital market in the national economic system is becoming more and more prominent, and the information disclosure system is the basis for the existence and development of the capital market. It is the basic premise to realize the equity, fairness, openness and protection of the interests of the investors in the securities market. The information disclosure of the financial enterprises has played a very important role in the stability and healthy development of the capital market. The development of the financial industry and its risk prevention are closely related to the information disclosure. One of the main reasons for the United States subprime crisis in the previous years has come from the lack of transparency in the disclosure of information in the financial industry. Information disclosure is inadequate, and it does not have a negative impact on the outbreak of the subprime crisis in time. It is due to the huge impact of the information disclosure of financial listed companies on the capital market and the economy. The establishment and improvement of the information disclosure system of financial listed companies has become the key area for the development and supervision of the securities market.
The financial forecast information is the reflection of the future economic matters, the information of the management authorities' assumptions about the possible events or actions taken in the future. It is the best estimate of the future financial situation, the operating results and the cash flow of the enterprise. The disclosure of the financial forecast information can make up for the use of the management authorities and the external information. The information asymmetry between people can prevent insider information and insider trading from harming the capital market and realize the "three principles" of the market.
At present, our country has not established a perfect financial information disclosure system, there are many problems such as poor quality of information disclosure of financial forecast, insufficient supply of financial forecast information, untimely disclosure of financial forecast information and so on. There are many reasons for these problems, which can be summed up to six points: first, the governance of financial listed companies. The structure is not reasonable; two is the high cost of the financial forecast information supply; the three is the supervision is not in place; the four is the criterion for the establishment and disclosure of the financial forecast; five is the supervision department has not established the exemption system; and the six is the imperfect function of the securities market.
Foreign countries have developed a relatively perfect system of financial forecast information disclosure in the countries with relatively developed securities markets in the United States and relatively high market effectiveness. The disclosure of American financial forecast information has gone through the stage from the stage of prohibition of disclosure to the stage of encouraging disclosure but not compulsory disclosure, and finally developed to the present voluntary disclosure and disclosure. The combination of compulsory disclosure has shown its unique advantages in the course of historical development, such as the classification of different financial forecast information, the introduction of pre warning principles and the formulation of the safety port rules. The characteristics of the information disclosure of American financial forecast may also provide a good reference for the system construction of our country, so that I can make a good reference for the system construction of our country. In the future, the disclosure of financial forecast information can be combined with compulsory and voluntary disclosure, fully and fully, timely and standard disclosure, and the establishment of a major difference of the renewal and correction system.
After understanding the theoretical basis of financial forecast information and analyzing the present situation of financial forecast information disclosure in China and the advanced experience of the United States, some suggestions are given to improve the disclosure of financial forecast information in China's financial listed companies: first, to improve the governance structure of financial companies, to deepen the separation of the government and enterprises, to clarify the reform of property rights, and to introduce the institutions into the institutions. Investors, balance the structure of equity and perfect the independent director system, play the supervisory role of independent directors; second, make clear the responsibility of the enterprise management authorities to prepare the financial forecast information, including the establishment of the internal financial forecast information quality guarantee system and the establishment responsibility of the enterprise through the commitment book type confirmation to the financial forecast information. Three, establish a perfect system of financial forecast information disclosure system, including the development and improvement of the securities market, the formulation of financial forecast information disclosure standards and the establishment of financial forecast information disclosure exemption system suitable for China's national conditions; fourth, strengthening the supervision of the disclosure of financial forecast information, including strengthening the audit of financial forecast information disclosure, and adding The supervisory role of strong intermediaries and the strict legal responsibility for information disclosure of financial projections.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F830.42;F832.51

【参考文献】