基于意向分析法的IPO招股说明书中风险信息披露研究

发布时间：2018-04-19 05:28

本文选题：意向分析法 + 风险因素　；参考：《山东财经大学》2014年硕士论文

【摘要】：一直以来，信息披露在证券行业都是具有重大影响的问题之一，长期受到投资者、上市企业和监管机构的高度重视。近年来，随着中国资本市场的发展，中国的股票发行信息披露制度一直在不断完备，新股发行人对于招股说明书中的风险信息披露在取得巨大进步的同时也暴露出了不少问题。披露不实、披露不全、不按照规定严格披露等问题长期存在。因此，采用语调分析的方法，对IPO公司在招股书中披露的风险信息进行全面细致的分析，，就显得十分必要。通过这种分析方法，能够验证招股书里是否存在对企业优势等方面有宣传性、渲染性或比较夸张的陈述的倾向，而对企业劣势、风险方面，存在轻描淡写或陈述不足的情况，从而判断其“言外之意”。意向分析作为内容分析法的一个重要组成部分，在研究分析中具有重要地位。本文基于内容分析法，试图对2007年1月1日至2010年12月31日之间的上市企业发行的招股说明书中披露的风险信息进行意向分析。经过细致分析，发现拟上市公司在披露招股说明书信息方面存在一些亟待解决的问题，我们在上述研究的基础上，提出了进一步规范和健全企业进行风险信息披露的建议。本文的研究方法是通过对招股说明书中风险因素部分的分析，将企业披露的自身优势、对企业有利方面的陈述与企业自身劣势、对企业不利方面的陈述相对比；并将对企业有利因素的陈述、不利因素的陈述，与相关财务指标变量进行回归验证。找出企业优势、对企业有利方面的陈述与企业劣势、对企业不利方面的陈述的关键词，这些关键词透露出撰写者想传递给投资者的情感（tone）信息。本文分五个章节的内容进行了论述，全文框架结构如下：首先，阐述了本次意向分析研究的背景，从理论意义和现实意义两个方面简要叙述了研究的意义，简单介绍了全文的研究框架。其次，分析了意向分析法的理论体系，列举了国内外运用意向分析法取得的研究成果。再次，结合本次研究实际，构建了相对完善的词汇体系，进而获得研究数据，对主板市场和中小板市场的472只股票进行实证分析，从而验证假设是否成立。最后，根据研究结果，提出规范我国招股说明书风险信息披露的意见建议。
[Abstract]:All along, information disclosure is one of the most important issues in the securities industry, which has been attached great importance by investors, listed enterprises and regulators for a long time.In recent years, with the development of China's capital market, China's stock issuance information disclosure system has been constantly complete, new stock issuers have made great progress in the disclosure of risk information in the prospectus, but also exposed a lot of problems.Disclosure is not true, disclosure is incomplete, not in accordance with the provisions of strict disclosure and other problems exist for a long time.Therefore, it is necessary to analyze the risk information disclosed by IPO Company in the prospectus by means of intonation analysis.Through this analysis method, we can verify whether the prospectus has the tendency of propagandizing, exaggerating or exaggerating statements about the advantages of the enterprise, while understating or understating the disadvantages and risks of the enterprise.In order to judge its "implication".As an important part of content analysis, intention analysis plays an important role in research and analysis.Based on content analysis, this paper attempts to analyze the risk information disclosed in the prospectus of listed enterprises from January 1, 2007 to December 31, 2010.After careful analysis, it is found that there are some problems to be solved in the disclosure of prospectus information of listed companies. On the basis of the above research, we put forward some suggestions to further standardize and perfect the disclosure of risk information in enterprises.The research method of this paper is to analyze the risk factors in the prospectus and compare the advantages and disadvantages of the enterprise disclosure with those of the enterprise itself and the enterprise disadvantage.The statements of favorable factors and unfavorable factors are verified by regression with relevant financial index variables.Find out the key words of the advantages and disadvantages of the enterprise and the negative side of the enterprise. These keywords reveal the emotional message that the writer wants to pass on to the investor.This paper is divided into five chapters, the structure of the full text is as follows: firstly, the background of this study is expounded, and the significance of the study is briefly described from two aspects: theoretical and practical significance.This paper briefly introduces the research framework of this paper.Secondly, the theoretical system of intention analysis is analyzed, and the research results of intention analysis at home and abroad are listed.Thirdly, combining with the actual situation of this study, a relatively perfect lexical system is constructed, and then the research data are obtained, and the empirical analysis of 472 stocks in the main board market and the small and medium-sized board market is carried out to verify the validity of the hypothesis.Finally, according to the research results, the paper puts forward some suggestions to standardize the disclosure of risk information in the prospectus of our country.
【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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