PT博元信息披露屡屡违规的动机探究

发布时间：2018-06-15 20:33

本文选题：信息披露违规 + 违规倾向　；参考：《江西财经大学》2017年硕士论文

【摘要】：资本市场是一个信息流动的市场。真实、全面、及时和完整的信息披露已被公认为是保护中小投资者利益、提高市场公信力和促进市场功能有效发挥的基础和根本保障。随着资本市场进入新的发展阶段,我国资本市场从法律法规上进行了相应的规范,证监会于2014年10月17日更是实行了新的一轮退市制度改革,发布的《退市意见》明确规定对重大信息披露违法的公司实行强制退市。然而,我国信息披露违规现象仍然比较严重,呈现出一种有增无减的趋势,相当一部分上市公司的违规行为更是屡禁不止。据统计,在2001~2015年被中国证监会和沪深交易所处罚的上市公司违规行为共计2010起,其中信息披露违规所占比重高达90.35%,信息披露违规中被处罚两次以上的占比为45.97%,这给证券市场和投资者造成了巨大的伤害和严重的损失。此外,信息披露违规的行为出现了新的变化,违规手段更加复杂多样,违规行为背后所潜藏的违规动机也更加隐蔽,这将会直接影响广大投资者的切身利益。上交所相继发布“退市新规”之后,2015年3月27日,珠海市博元投资股份有限公司(600656)(以下简称“PT博元”)成为退市新政落地后我国首家被强制启动退市制度的第一案。2016年3月21日,上交所宣布对PT博元做出终止上市决定,结束了PT博元在十几年来屡屡违规又不断浴火重生的传奇,PT博元就此成为A股市场首例因重大违法被强制退市的上市公司。PT博元的退市可以说是具有里程碑式的意义,开创了我国上市公司因涉嫌信息披露违法而退市的先河。在新的市场环境下,PT博元的信息披露违法违规呈现出违规时间长、违规手段隐蔽复杂、涉案金额大和影响面广的特点,违规披露虚假信息的动机也更加复杂,与实际控制人操纵市场、内幕交易和利益输送相结合的倾向性更加明显,性质恶劣,代表性强。但是,PT博元绝非个案,资本市场的信息不对称性的日益加剧具有广泛性,相当一部分上市公司践踏信息披露制度,披露虚假的或选择性的会计信息,甚至是不披露已成为寻常现象。因此,本文通过对PT博元的信息披露违规的动因展开具体的讨论。本文首先在现有国内外文献对信息披露违规存在问题、市场反应和动因的研究的基础上进行回顾和梳理,遵循从理论到案例的研究路线,对我国上市公司信息披露违规的动因进行了重点研究。其次,在对信息披露违规的现状进行分析时,将信息披露违规行为分为不真实、不及时、不充分和不规范四种类型;从类型分析、行业特征、财务特征和市场交易特征四个方面对信息披露违规的特征进行分析;介绍了信息披露违规的基础理论。最后,在上述研究的基础上,引入PT博元信息披露违法违规的案例,对PT博元从创立到接连被三任实际控制人操纵的发展历史进行梳理,接着对PT博元长达十几年连续8次违规披露信息的方式和手段进行分析,认为PT博元的信息披露违规几乎涵盖了所有的违规方式,主要包括虚列资产、虚增利润、重大遗漏、延迟披露或不披露,最后剖析了PT博元屡屡违规背后的动因,将其违规的动因主要划分为三种:为了获取和维持上市资格、为了配股和获取信贷资金再融资和为了满足实际控制人的一己私利。此外,本文以PT博元信息披露违规案作为研究,得出了PT博元信息披露违规方式多样、违规动机明显和违规行为具有明显的状态依存性的结论。并且据此得出维持上市资格是上市公司信息披露违规主要动机、控制权转移后上市公司的信息披露违规会呈现新的违规动机的重要启示。因此,本文的贡献就在于本文以违规经历长达十余年的PT博元作为研究对象,具有一定的代表性,通过对PT博元的信息披露违规行为和违规动因进行研究,一方面为帮助广大投资者进一步理解上市公司信息披露违规行为的方式、手段及其背后的动因提供依据,另一方面也对具有信息披露违规倾向的上市公司的广大利益相关者起到一定程度的警示作用。
[Abstract]:The capital market is a market of information flow. Real, comprehensive, timely and complete information disclosure has been recognized as the basis and fundamental guarantee for protecting the interests of small and medium investors, improving the market credibility and promoting the effective use of market functions. With the new development stage of capital market, China's capital market is carried out from laws and regulations. According to the corresponding standards, the SFC implemented a new round of delisting system reform in October 17, 2014, and the release of the delisting opinion clearly stipulates compulsory delisting for companies whose major information disclosure is illegal. However, the phenomenon of information disclosure irregularities in China is still relatively serious, showing an unabated trend and a considerable number of listed companies. According to statistics, 2010 of the listed companies are punished by the China Securities Regulatory Commission and the Shanghai and Shenzhen Stock Exchange in 2001~2015, of which the proportion of information disclosure violations is as high as 90.35%, and more than two times in the information disclosure violation is 45.97%, which has caused the securities market and investors. There are great damage and serious losses. In addition, new changes have been made in information disclosure violations, the means of violation are more complex, and the hidden motives behind violations will be more concealed. This will directly affect the vital interests of the investors. After the "new regulations" of "delisting", March 27, 2015, the Shanghai Stock Exchange Boyuan investment Limited by Share Ltd (600656) (600656) (hereinafter referred to as "PT Bo Yuan") became the first case of the first forced start of the delisting system in China after the landing of the new deal, the first case in March 21st.2016, the Shanghai Stock Exchange announced the decision to stop the listing of PT Bo Yuan, and ended the legend of the PT Bo Yuan in ten years of repeated violations and continuous rebirth of the legend, PT Bo. This is the first example of the delisting of.PT Bo Yuan, the first listed company in the A stock market, which has been forced to withdraw from the market. It has a milestone significance. It pioneered the delisting of Listed Companies in China on suspicion of illegal information disclosure. In the new market environment, the information disclosure of PT Bo Yuan has shown a long time and violation of rules and regulations. The means of concealment is complicated, the amount of money involved in the case is large and the influence is wide, and the motive of disclosure of false information is more complicated. The tendency of combining the actual controller to manipulate the market, the insider trading and the benefit transport is more obvious, the nature is bad, and the representative is strong. However, the PT Bo Yuan is not a case, and the information asymmetry of the capital market is increasing day by day. The play is widely used, a considerable number of listed companies trampling the information disclosure system, disclosing false or selective accounting information, even non disclosure has become a common phenomenon. Therefore, this paper discusses the causes of Information Disclosure Violation of PT Bo Yuan. On the basis of the research on the market reaction and the motivation, we should review and comb it, follow the research route from the theory to the case, and focus on the motivation of the Information Disclosure Violation of the listed companies in our country. Secondly, when analyzing the current situation of the Information Disclosure Violation, the Information Disclosure Violation is divided into untrue, not timely and inadequate. And non standard four types; from four aspects of type analysis, industry characteristics, financial characteristics and market transaction characteristics, the characteristics of Information Disclosure Violation are analyzed, and the basic theory of information disclosure irregularities is introduced. Finally, on the basis of the above research, the cases of PT Bo Yuan information disclosure illegal and illegal are introduced, and the PT Bo Yuan is created from the establishment to the connection. The development history of the three actual controllers was combed, and then the way and means of the 8 consecutive disclosure of information by PT Bo Yuan for more than ten years was analyzed. It was believed that the Information Disclosure Violation of the PT Bo Yuan almost covered all the illegal ways, including the virtual assets, the false increase of profit, the major omission, the delay of disclosure or non disclosure. Finally, the reasons behind the repeated violations of PT Bo Yuan are analyzed, and the reasons for the violation are divided into three kinds: in order to obtain and maintain the listing qualification, to refinance the shares and obtain credit funds and to satisfy the private interests of the actual controllers. In addition, this paper takes the information disclosure violation case of PT Bo Yuan as a research, and draws the information of PT Bo Yuan. According to the conclusion, the main motivation of the listed companies' Information Disclosure Violation is that the listed company's Information Disclosure Violation will show the new violation motivation after the transfer of the listed companies. Therefore, the contribution of this article is to the conclusion. In this paper, PT Bo Yuan, which has gone through more than ten years of violation, has a certain representativeness, through the research on the information disclosure rules and regulations of the PT Bo Yuan, on the one hand, to help the majority of investors to further understand the way of information disclosure violations of the listed companies, the means and the motivation behind them. On the other hand, it also plays a warning role to the wide stakeholders of listed companies with the tendency of information disclosure violation.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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