我国制造业上市公司财务预测信息披露探讨

发布时间：2018-01-28 10:41

本文关键词： 制造业上市公司财务预测信息披露安全港规则　出处：《江西财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：我国制造业上市公司是证券市场上一个非常重要的组成部分。据统计,自2009年起至2012年,有612家制造业公司在沪深两市进行IPO,占该期间进行IPO的公司的69.23%；募集资金约5679.8亿元,占所有IPO公司募集资金的53.34%。截至2012年末,我国A股市场有制造业公司1489家,占A股市场公司的比例为60.28%。证券自身本并无价值,其价值皆来源其所代表的企业的未来价值。通过对外公布财务会计信息,企业将其未来的价值传递给证券市场的参与者,其中作为财务会计信息组成部分之一的财务预测信息显得尤其重要。一方面,相比于历史财务会计信息,财务预测信息传递了企业未来一定期间内的生产经营情况,对投资者预防或者规避风险、进行有效的投资决策意义更加重大,故投资者逐渐向由只关注历史信息向同时关注历史信息和预测信息转变。另一方面,企业为了能在竞争激烈的资本市场中谋求到生存发展所需要的资金,乐意主动向投资者披露乐观的财务预测信息来展现公司发展前景良好,以期吸引更多投资者。自此,会计理论界和实务界对财务预测信息披露问题的研究逐渐增多。然而,我国对财务预测信息的研究起步晚,实践时间不长,经验缺乏,使得财务预测信息披露出现种种问题,需要进一步探讨的地方很多。首先,本文对财务预测信息的含义进行了界定,在内容和特点方面将其与历史财务信息进行区分。其次,着重介绍了我国制造业上市公司财务预测信息披露的特点,并运用决策有用观理论、信息不对称理论等对我国制造业上市公司财务预测信息披露进行理论分析。本文通过搜集我国A股市场上制造业上市公司财务预测信息披露情况的相关数据,发现我国制造业上市公司财务预测信息披露存在供给不足、披露内容不全面、准确性差、虚假陈述、披露不及时、披露不规范等问题,究其原因,则可概括为制造业上市公司内部原因和外部原因。在内部原因方面,公司治理结构不合理、财务预测信息供给成本高、财务人员专业素质限制等因素造成制造业上市公司披露财务预测信息缺乏主动性；在外部原因方面,财务预测信息编制及披露制度不完善、财务预测信息披露的问责和免责法律制度不健全、社会监督(主要指来自注册会计师的审计监督和财务分析师队伍的专业分析)未提供应有的专业支持等则进一步导致我国制造业上市公司财务预测信息披露质量低下。由于美国证券市场比较发达,针对财务预测信息披露其已经形成了较为完善的制度体系,故本文在继分析我国制造业上市公司财务预测信息披露问题成因之后,具体阐释了美国采用的针对公众公司的财务预测信息披露制度的特征,其中包含财务预测信息披露的实质性内容及其预测期间,设立保护善意财务预测信息披露者的安全港规则及具备独立、权威的财务分析师队伍。本文从美国使用的针对公众公司的财务预测信息披露制度中得到启发,提出我国应创建完备的财务预测信息编制和披露标准,制定出安全港条例以及拥有一支独立、专业、具有权威性的财务分析师队伍。最后,针对本文前面提出的制造业上市公司财务预测信息存在的问题,本文从完善上市公司内部治理和上市公司外部治理两个方面系统性地提出了改善建议。在完善上市公司内部治理方面,应当优化公司治理结构,降低股权集中度和完善董事会制度,明确管理当局对财务预测信息的编制责任,提高财务预测信息编制人员的专业素质以及制造业上市公司披露财务预测信息的主动性；在提高上市公司外部治理方面,提出制订《财务预测信息编制准则》基本框架,创设财务预测信息披露免责制度,完善财务预测信息报告不实的民事责任制度,完善社会监督以提供专业支持以及提高财务预测信息使用者对财务预测信息的有效需求。
[Abstract]:Listed companies of China's manufacturing industry is a very important part of the securities market. According to statistics, from 2009 to 2012, there are 612 manufacturing companies in Shanghai and Shenzhen two IPO, accounting for IPO of the company during the 69.23%; to raise funds of about 567 billion 980 million yuan, accounting for all IPO companies to raise funds 53.34%. at the end of 2012, China's A-share market has A manufacturing company 1489, accounting for the proportion of the company's A stock market for the 60.28%. stock has no value, the value of all the sources represent the future of the enterprise value. Through the publication of financial accounting information of foreign enterprises, the future value passed to the securities market among the participants, as part of the financial accounting information of financial forecast information is particularly important. On the one hand, compared to the history of financial accounting information, financial forecast information transfer of the future of the enterprise in a certain period of production The camp, to prevent or avoid the risk of investors, the investment decision of significance is more significant, so investors gradually from only paying attention to historical information to simultaneously pay attention to change the historical information and forecast information. On the other hand, in order to enterprises in the fierce competition in the capital market to seek survival and development of the necessary funds, willing to take the initiative to investors optimistic about the disclosure of financial forecast information to show good prospects for the development of the company, in order to attract more investors. Since then, the accounting theory and practice of financial forecast information disclosure research gradually increase. However, the research on the financial forecast information started late in China, the practice time is not long, lack of experience, the financial forecast the information disclosure problems, many places need to further study.
First of all, the meaning of financial forecast information are defined in contents and characteristics and the historical financial information is distinguished. Secondly, the paper introduces the characteristics of financial forecast information disclosure of China's Listed Companies in the manufacturing industry, and the use of decision usefulness theory, information asymmetry theory of the Chinese manufacturing industry listed companies financial forecast information disclosure theory analysis. Through the collection of relevant data of China's manufacturing industry A stock market information disclosure of financial forecast of the listed company, found the insufficiency of financial forecast information disclosure of listed manufacturing companies in China, the disclosure content is not comprehensive, poor accuracy, false statements, the disclosure is not timely, the disclosure of irregularities and other issues and the reason can be summarized as manufacturing listed companies internal causes and external causes. In the internal reasons, corporate governance structure is not reasonable, the financial forecast information The supply of high cost, financial personnel professional quality restrictions caused by factors such as manufacturing listed companies disclosure of financial forecast information lack of initiative; in the external causes, and the preparation of financial forecast information disclosure system is imperfect, the financial forecast information disclosure accountability and exemption law system is not perfect, social supervision (mainly refers to the professional analysis from CPA the audit supervision and financial analyst team) did not provide the professional support will further lead to the low quality of financial forecast information disclosure of listed manufacturing companies in China. Because the U.S. stock market is relatively developed, according to the financial forecast information disclosure system has formed a complete system, so this paper after the analysis of information disclosure of the causes of the problem the financial forecast of listed manufacturing companies in China, illustrates the financial adopted by the United States against the public's forecast information disclosure The characteristics of dew system, which contains substantial content and forecast period of financial forecast information disclosure, the establishment of safe harbor rules to protect the goodwill of the financial forecast information disclosure and independent team, financial analysts. The financial authority from the United States used for public companies to forecast inspiration in information disclosure system, put forward the information preparation and disclosure standard of our country should create a complete financial forecast, develop safe harbor and have a professional team of financial analysts, independent, authoritative information. Finally, the problems of financial forecast manufacturing according to the front of the listed companies, this article from the perfect listed company internal governance and external governance of listed companies in two aspects systematically put forward the improvement suggestions. To improve the internal governance of listed companies, we should optimize the corporate governance structure, reduce ownership concentration And perfect the system of board of directors, clear responsibility preparation management of financial forecast information, financial forecast information disclosure initiative to improve the preparation of financial forecast information and the professional quality of the listed companies in the manufacturing industry; to improve the external governance of listed companies, puts forward the basic framework of the information criterion for preparation of < financial forecast, the creation of financial forecast the information disclosure exemption system, perfecting the financial forecast system of civil liability of false report information, improve the social supervision to provide professional support and improve the financial forecast information users on the effective demand of financial forecast information.

【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F406.7;F426

【共引文献】