创业板上市公司风险信息披露研究

发布时间：2018-01-24 11:43

本文关键词： 创业板风险信息内容分析法披露质量　出处：《山东财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：风险信息披露一直是监管机构和投资者共同关注的问题之一，而且创业板上市公司多为高科技、高成长性的企业，其往往具有业绩不稳定、经营风险高等特点，证监会据此也发布了适应创业板上市公司特点的披露内容和披露标准，以充分披露上市公司的风险信息。对于创业板上市公司风险信息披露，其上市时的招股说明书和上市后每年披露的年报提供了显性的风险内容，本文就基于内容分析法首先对其中披露的风险信息部分进行了剖析，主要从内容和实质两方面入手。第一，对上市公司招股说明书及年报的风险信息部分的规范性程度进行分析，分析其披露形式及内容是否符合证监会规定的披露标准；第二，文章旨在分析作为风险信息披露载体的招股说明书和年报对投资者的引导作用，其披露的风险信息是否影响到投资者进行投资决策，即分析其风险信息披露的质量。通过上述分析，，发现创业板上市公司的招股说明书和年报的风险信息披露在形式和内容上正日趋完善，但仍有一些问题有待解决；而在其实际的披露质量上，风险信息并没有对投资者的决策产生重要影响，质量不高。文章在这些分析的基础上，提出了相应的改进建议。
[Abstract]:Risk information disclosure has always been one of the common concerns of regulators and investors, and gem listed companies are mostly high-tech, high growth enterprises, its performance is often unstable, high risk management and other characteristics. The CSRC has also issued the disclosure contents and disclosure standards adapted to the characteristics of gem listed companies in order to fully disclose the risk information of listed companies. For the risk information disclosure of gem listed companies, the prospectus at the time of listing and the annual report disclosed annually after listing provide explicit risk content. In this paper, based on the content analysis of the first part of the disclosure of risk information is analyzed, mainly from the content and substance of two aspects. First. This paper analyzes the normative degree of the risk information part of the prospectus and annual report of the listed company, and analyzes whether the disclosure form and content conform to the disclosure standard stipulated by the CSRC. Secondly, the paper aims to analyze the guiding role of prospectus and annual report as a carrier of risk information disclosure to investors, and whether the disclosure of risk information affects investors' investment decisions. Through the above analysis, we find that the prospectus of gem listed company and the risk information disclosure of annual report are becoming more and more perfect in form and content. However, there are still some problems to be solved; However, in the actual disclosure quality, the risk information does not have an important impact on investors' decision-making, and the quality is not high. On the basis of these analyses, the paper puts forward corresponding suggestions for improvement.
【学位授予单位】：山东财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F272.3;F832.51;F276.6

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