新股发行招股说明书风险信息披露的多案例研究

发布时间：2018-03-31 14:32

本文选题：案例分析　切入点：新股发行　出处：《山东财经大学》2014年硕士论文

【摘要】：目前在全球范围内的资本市场上，企业首次公开发行股票的招股说明书存在信息披露质量问题是一个普遍存在的现象，我国证券市场也同样存在着招股说明信息披露质量有待提高的问题，尤其是风险信息的披露质量。企业在招股说明书存在信息披露瑕疵的情况下进行上市的情况时有发生，对此媒体的新闻报道也时常出现。但国内学者多从单一案例出发，分析个别企业存在的信息披露问题，得出结论缺乏普遍性。本文运用互联网搜集有媒体曝光的1990年12月至2011年12月31日间向中国证监会递交招股说明书存在风险信息披露问题的所有企业作为样本企业，通过对样本企业逐一进行案例分析发现，风险信息披露主要在财务信息披露、关联交易风险信息、专利技术风险信息和募集资金投向等方面的披露存在问题，而问题主要表现为隐瞒信息、虚假披露信息和信息披露详细程度低。接着运用内容分析法和统计方法归纳总结风险信息披露存在问题的普遍特征，归纳企业招股说明书风险因素部分信息披露的详细程度，以及每种问题被披露时的意向分析。针对内容分析和统计分析的结果，对招股说明书风险信息披露存在问题的原因进行探讨。通过对招股说明书风险因素信息披露的研究，本文认为应当丰富投资者获取企业信息的渠道，完善企业信息披露制度。同时，中国证监会加大执法力度，引入专业人员审核招股说明书机制，并加强企业严格按照规定进行信息披露。对招股说明书风险信息披露存在问题的研究，丰富和完善了我国证券市场信息披露制度。
[Abstract]:At present, in the global capital market, it is a common phenomenon that the prospectus of an enterprise's initial public offering stock has the problem of information disclosure quality. In China's securities market, there is also the problem that the quality of information disclosure needs to be improved, especially the quality of disclosure of risk information. However, domestic scholars often analyze the problems of information disclosure in individual enterprises from a single case, and draw a conclusion that it is lacking in universality. This paper uses the Internet to collect all the enterprises that submitted the prospectus to the CSRC between December 1990 and December 31, 2011, which have been exposed by the media. Through the case analysis of the sample enterprises, it is found that the disclosure of risk information is mainly in the aspects of financial information disclosure, related transaction risk information, patent technology risk information and the investment of raised funds, etc. The main problem is concealment of information, false disclosure of information and low level of detail disclosure. Then the use of content analysis and statistical methods to summarize the general characteristics of risk information disclosure problems, Summarizing the degree of detail of some of the risk factors in the prospectus of an enterprise, as well as the analysis of the intention of each issue when it is disclosed, according to the results of the content analysis and statistical analysis, This paper probes into the reasons for the problems in the disclosure of risk information in prospectus. Through the research on risk factors disclosure of prospectus, this paper holds that investors should enrich the channels of obtaining enterprise information and improve the system of enterprise information disclosure. At the same time, CSRC has stepped up enforcement of the law. This paper introduces the mechanism of professional examination and verification of prospectus, and strengthens the enterprises to disclose information strictly according to the regulations. The research on the problems of risk information disclosure of prospectus enriches and perfects the information disclosure system of China's securities market.
【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】：F832.51;F275

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