掏空行为与信息披露研究

发布时间：2018-04-08 09:17

本文选题：掏空行为　切入点：信息披露　出处：《西南财经大学》2014年硕士论文

【摘要】：上世纪末,随着我国经济体制的转变,资本市场在稳步发展的基础上已经逐渐成为迈向市场化和优化资源配置的重要力量。现如今中国资本市场已经到达了高速发展的关键时期。但是由于我国资本市场起步较晚,上市公司还存在不少问题,特别是大股东通过关联交易、直接占款、操纵股价等手段掏空上市公司的案件,不但损害了中小股东的合法权益,还影响了上市公司自身正常的生产经营,严重扰乱了市场秩序。如何避免最终控制人掏空上市公司、保证上市公司的正常发展是目前我国资本市场亟待解决的大问题。信息披露质量的高低对于上市公司治理有着重大影响。对内,信息披露的质量能够在一定程度上反映管理层的治理水平；对外,提高信息披露质量可以提高筹资效率、保护中小股东和促进资本市场健康发展。近年来,我国上市公司整体的信息披露水平有了一定的提高,但是还有不少问题不容忽视,无论是上市公司自身、会计师事务所还是监管机构都还有很大的改善空间。高质量的信息披露既能够帮助投资者甄别掏空行为,也可以遏制大股东的掏空行为。所以本文选择从信息披露的角度来研究上市公司的掏空行为。 2010年紫鑫药业以人参贸易为托,借助吉林人参产业规划的政策东风,营业收入和利润大幅增长,推动股价节节飙升。但是在2011年8月,紫鑫药业却被曝涉嫌通过注册空壳公司,利用非正常关联交易操纵利润,最终控制人借此大肆掏空上市公司,被人们冠上了“银广夏第二”的称号。在我国资本市场稳步发展、信息披露制度逐步完善、监管日趋严格的今天,紫鑫药业掏空案的发生不由得引人深思。本文采用规范研究与案例分析相结合的研究方法来分析我国上市公司掏空行为和信息披露的问题。全文共分六章,第一章为导论部分,主要是介绍本文的研究背景、研究意义、研究方法等内容。第二章是文献综述,将对国内外关于掏空行为、关联交易和信息披露的现有研究成果进行总结。第三章为基础理论分析,主要是介绍与掏空行为、信息披露相关的基础理论。第四章对当前我国上市公司掏空行为的动机、手段、信息披露特征以及我国信息披露的现状、存在的缺陷等内容进行总结归纳。第五部分则是对吉林紫鑫药业掏空案进行介绍,并结合前文的理论论述进行详细的分析。最后第六部分是针对遏制大股东掏空上市公司提出的相关建议。
[Abstract]:At the end of last century, with the change of our country's economic system, the capital market has gradually become an important force of marketization and optimizing the allocation of resources on the basis of steady development.Now China's capital market has reached a critical period of rapid development.However, due to the late start of the capital market in our country, there are still many problems in the listed companies, especially the cases in which large shareholders empty the listed companies by means of related party transactions, direct appropriation of funds, manipulation of stock prices, etc., which not only damages the legitimate rights and interests of minority shareholders, but also damages the legal rights and interests of minority shareholders.It also affects the normal production and operation of listed companies and seriously disrupts the market order.How to avoid the ultimate control of the listed company and ensure the normal development of the listed company is a major problem to be solved urgently in the capital market of our country.The quality of information disclosure has a significant impact on the governance of listed companies.At home, the quality of information disclosure can reflect the management level to a certain extent, and to the outside, improving the quality of information disclosure can improve the efficiency of raising funds, protect the minority shareholders and promote the healthy development of the capital market.In recent years, the level of information disclosure of listed companies in our country has been improved, but there are still many problems that can not be ignored. No matter the listed companies themselves, accounting firms or regulatory bodies still have a lot of room for improvement.High-quality disclosure can help investors to identify tunneling behavior, but also can curb the tunneling behavior of large shareholders.So this paper chooses to study the tunneling behavior of listed companies from the perspective of information disclosure.In 2010, Zixin Pharmaceutical supported by the ginseng trade, with Jilin ginseng industry planning policy east wind, revenue and profit growth, driving the stock price skyrocketing.But in August 2011, it was revealed that Zixin Pharmaceutical Company was suspected of using abnormal related party transactions to manipulate profits through the registration of shell companies, and eventually the controller took advantage of this to empty out the listed company and was named "Silver Guangxia II".With the steady development of China's capital market, the gradual improvement of information disclosure system and the increasingly strict supervision, the occurrence of the tunneling case of Zixin Pharmaceutical Industry is thought-provoking.This paper uses the method of normative research and case analysis to analyze the tunneling behavior and information disclosure of listed companies in China.This paper is divided into six chapters, the first chapter is the introduction, mainly introduces the research background, research significance, research methods and so on.The second chapter is a literature review, which summarizes the existing research results on tunneling, related party transactions and information disclosure at home and abroad.The third chapter is the basic theory analysis, mainly introduces the basic theory related to tunneling behavior and information disclosure.The fourth chapter summarizes the motives, means, characteristics of information disclosure, the current situation of information disclosure and the defects of the current tunneling behavior of listed companies in China.The fifth part introduces the tunneling case of Jilin Zixin Pharmaceutical Co., Ltd.Finally, the sixth part is to curb the large shareholders tunneling listed companies put forward the relevant recommendations.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F830.42

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