IPO公司财务信息预披露质量影响因素研究

发布时间：2018-04-04 11:18

本文选题：IPO　切入点：财务信息　出处：《哈尔滨商业大学》2017年硕士论文

【摘要】：随着我国市场经济的不断发展,首次公开募股(IPO)已经成为众多公司除信贷融资之外越发倾向的融资选择,投资机构与普通投资者也以求通过购买首发新股获取超额收益增厚财富。公司进行首次公开股票发行涉及资金数目多、影响范围广,易对资本市场稳定造成波动,也关系到众多投资者的切身利益,受到市场、媒体、公众等多方重视。然而公司在申请第一次公开上市前后因财务信息预披露质量不高被处罚的现象高频发生,因此为了保障IPO公司财务信息预披露质量,促进IPO过程中市场参与者各尽其责,对目前IPO财务信息披露质量状况以及其影响因素进行研究有一定理论意义和现实意义。论文以证监会列示的财务数据异常指标为依据得到IPO公司财务信息预披露质量代理变量,对2014-2015年我国主板、中小板及创业板IPO公司财务信息预披露的质量进行判断,运用因子分析和多元回归分析法,对行业性质、股权集中度、融资规模、VC/PE背景四个方面对IPO公司财务信息预披露质量的影响展开研究。研究发现目前新股上市公司IPO阶段的财务信息预披露质量仍旧不高,存在利润表内盈利异常增长和盈利指标与资产负债表、现金流量表相关项目缺少勾稽关系的现象。从影响IPO公司财务信息预披露质量因素来看,垄断性行业、股权集中度越高公司的IPO财务信息预披露质量越高;融资规模越大、具有VC/PE背景公司的IPO财务信息预披露质量越低。论文以实证研究结果为依据提出但并不局限于影响因素的有建设性的政策建议,可以对今后IPO信息预披露制度的完善提供借鉴与参考,为构建以信息披露为核心的市场体系做出贡献,保证发行制度由核准制向注册制的平稳过渡。
[Abstract]:With the development of market economy in our country, IPO (initial public offering) has become a more and more inclined financing choice in addition to credit financing for many companies.Investment institutions and ordinary investors are also looking to buy IPO shares to gain more wealth from excess returns.The IPO of companies involves a large number of funds, a wide range of influence, easy to cause volatility to the capital market stability, but also related to the vital interests of many investors, by the market, the media, the public and other attention.However, before and after applying for the first public listing, the company is punished frequently because the quality of financial information pre-disclosure is not high. Therefore, in order to ensure the quality of financial information pre-disclosure of IPO company and promote the market participants to do their part in the process of IPO,It is of theoretical and practical significance to study the quality of IPO financial information disclosure and its influencing factors.Based on the abnormal financial data index listed by CSRC, the paper obtains the quality agent variable of IPO company's financial information pre-disclosure, and judges the quality of financial information pre-disclosure of China's main board, small and medium-sized board and gem IPO in 2014-2015.By using factor analysis and multiple regression analysis, this paper studies the influence of industry nature, equity concentration, financing scale and VC / PE background on the quality of financial information pre-disclosure in IPO Company.It is found that the quality of pre-disclosure of financial information in the IPO stage of the new listed companies is still not high, and there exists the phenomenon of abnormal growth of profit in the profit statement, profit index and balance sheet, and lack of check relation between the related items in the cash flow statement.From the perspective of influencing factors of IPO company's financial information pre-disclosure quality, the higher the ownership concentration degree, the higher the IPO financial information pre-disclosure quality in monopoly industry; the larger the financing scale, the lower the IPO financial information pre-disclosure quality of the company with VC/PE background.Based on the results of empirical research, this paper puts forward constructive policy recommendations which are not limited to the influencing factors, which can provide reference and reference for the improvement of IPO information pre-disclosure system in the future.It contributes to the construction of the market system with information disclosure as the core and ensures the smooth transition from the approval system to the registration system.
【学位授予单位】：哈尔滨商业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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