从功能文体学角度分析美股市场招股说明书

发布时间：2018-09-08 16:17

【摘要】：长期以来,美国经济一直是世界经济的“风向标”。同样,美国的证券市场也是全球化最高的证券市场。在近几年A股市场估值泡沫严重、B股和H股市场一蹶不振的状态下,美股市场逐渐成为我国机构、个人投资者以及渴望上市企业的首要目标。而作为上市公司信息披露最重要的文献之一,招股说明书是投资者了解首次公开发行(IPO)的公司、评估上市公司的股票价值和决定投资的唯一可以信赖的文件,也反映了证券交易委员会(SEC)对其信息披露的基本要求。通过一份完整而规范的招股说明书,上市公司可以进行公开募股融资,从而扩大企业规模。美股市场有其独特的发行制度和信息披露规定,包括披露侧重点和用语规范等。因此对于期望在美股市场进行经济活动公司和投资者来说,充分认识并分析美股招股说明书有着非常重要的意义。截止目前,学者们对招股说明书的研究主要是从经济学和内容分析的角度出发,从语言学角度对其进行探讨的研究相对较少。基于此,本文以韩礼德的功能文体学的元功能为理论框架,分别从纳斯达克交易所和纽约证券交易所选取了6家中美不同行业最具代表性的上市公司招股说明书进行功能文体分析,探讨三大元功能如何实现。同时与语域理论相结合,总结出其文体特征,旨在对承销商及上市公司对美股招股说明书的撰写提供文体学方面的建议,使其能通过功能文体分析更好地掌握美股招股说明书的文体特点,为顺利通过美股IPO打下部分基础。同时,本文对美股投资者在阅读招股说明书方面也有一定指导意义。本文定性与定量分析相结合,通过例证和统计数据使得分析客观化。分析发现,招股说明书对于其概念功能的实现主要通过物质过程和关系过程的频繁应用,而心理过程和言语过程的使用则相对较少,从而加强客观活动描述,反映客观事实,披露业务的真实信息,评价公司业绩,增加可信度。同时在词汇方面大量运用证券和法律等领域的专业术语,为专业投资者提供正确的投资指引。在对人际功能的分析中发现,招股说明书主要运用现在时和过去时,合理运用将来时,全面客观地描述公司的过去、现状和展望；人称方面则以第一人称和第三人称为主。由于招股说明书作者与读者社会距离较大,陈述句的大量使用反映信息传递为其主要功能,少量祈使句则用于明晰法律权责。情态意义的表达主要由情态动词实现。除了对法律条文的引用以外,招股说明书内容方面以中低水平的情态助词居多,并在陈述客观业绩事实的基础上表明公司看好未来业绩的坚定以及乐观的态度。在词汇和句子上,古语词和外来语借词的运用对承销商和投资者的语言功底有一定的要求；而在未来规划描述中合理少量地运用信息表达的模糊性也符合SEC规定中允许上市公司进行自我保护的条例。语篇方面,招股说明书主要通过词汇重复和指称代词等照应实现衔接,使文本流畅；就主位结构而言,招股说明书倾向于无标记主位和简单主位,概念主位多于人际主位和语篇主位,同时以标记主位作为大量补充。在词汇上,大量运用缩写词为招股说明书节省了篇幅和阅读时间,也为语篇的衔接提供便利,同时也对承销商和投资者的相关专业性有了更高的要求。本文期待能为招股说明书的研究贡献力量。通过功能文体学分析,作者对个人投资者阅读和承销商撰写美股招股说明书提出了一些文体方面的建议和参考意见。
[Abstract]:The U.S. economy has long been the "vane" of the world economy. Similarly, the U.S. securities market is also the highest globalized securities market. Objectives. As one of the most important documents on information disclosure of listed companies, the prospectus is the only credible document for investors to understand the companies with initial public offerings (IPOs), evaluate the value of listed companies'stocks and decide their investments. It also reflects the basic requirements of the Securities and Exchange Commission (SEC) on information disclosure. The U.S. stock market has its unique issuing system and information disclosure provisions, including disclosure emphasis and terminology. Therefore, for companies and investors looking for economic activities in the U.S. stock market, full understanding and analysis. Up to now, scholars have done little research on the prospectus from the perspective of economics and content analysis. Based on this, this paper takes Halliday's meta-function of functional stylistics as the theoretical framework and takes Nash's meta-function as the theoretical framework, respectively. Duck Exchange and New York Stock Exchange selected six most representative Prospectuses from different industries in China and the United States for functional stylistic analysis to explore how the three metafunctions can be realized. In addition, this paper also has some guiding significance for American investors to read the prospectus. This paper combines qualitative and quantitative analysis, through examples and unification. It is found that the realization of the concept function of prospectus is mainly through the frequent application of material and relational processes, while the use of psychological and verbal processes is relatively small, so as to strengthen the description of objective activities, reflect the objective facts, disclose the true information of business, evaluate the company performance and increase. In the analysis of interpersonal function, the prospectus mainly uses the present tense and the past tense, uses the future tense rationally, describes the past, the present situation and the prospects of the company comprehensively and objectively. As the author of the prospectus is far away from the reader's society, the main function of declarative sentences is to convey information. A small number of imperative sentences are used to clarify legal rights and responsibilities. In terms of content, most of them are moderate and low-level modal auxiliaries. On the basis of stating objective performance facts, the company shows a firm and optimistic attitude toward future performance. In terms of discourse, the prospectus mainly uses lexical repetition and referential pronouns to achieve cohesion, making the text fluent; in terms of thematic structure, the prospectus tends to be marked thematic and simple. In terms of vocabulary, the use of abbreviations saves space and reading time for prospectuses, facilitates the cohesion of texts, and at the same time requires higher specialization of underwriters and investors. Through functional stylistic analysis, the author puts forward some stylistic suggestions for individual investors to read and write Prospectuses for U.S. stocks.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：H315

【相似文献】