上市公司审计与中小投资者保护
发布时间：2018-12-08 17:08
【摘要】： 中小投资者是证券市场中的弱势群体,而审计师则在保护中小投资者利益中起着不可替代的监督作用。为此,本文研究了投资者与上市公司投资契约形成前、形成后以及合作过程中审计对投资者的保护效果。本文通过具体案例分析发现,在合作形成前,公司在上市阶段存在与审计师合谋高估盈利预测的现象,我国上市公司在招股说明书中的盈利预测可靠性差。根据沪深两市2003年至2005年数据发现,在合作形成后,审计师对上市公司的财务状况出具了具有一定效用的审计报告。即投资者对关于首次被出具非标准审计意见的上市公司的信息极为敏感,而对于已经连续被出具非标准审计意见的上市公司再次被出具非标准审计意见时表现平淡。文章还系统总结出,在投资者投资过程中,大股东掏空中小投资者利益的表现形式主要分为:通过非公允价格进行关联购销和股权转让;通过资金占用和借款担保转移公司利益;侵占公司的发展机会。本文同时还发现大股东对上市公司的“支持”往往是为了使公司获得或保住上市资格以便于以后掏空上市公司。由此,本文认为要更好地保护中小投资者利益需要加强对审计师的监督和相应的法律处罚力度,提高审计师的风险意识。同时本文还提出了一些提高审计工作质量的具体措施,如:严格审计关联方间的购销、上市公司的往来账户、公司担保事项、募集资金投向和变动等。
[Abstract]:Middle and small investors are weak groups in the securities market, while auditors play an irreplaceable supervisory role in protecting the interests of small and medium investors. Therefore, this paper studies the effect of audit on investor protection before and after the formation of investment contract between investors and listed companies, as well as in the process of cooperation. Through the analysis of specific cases, it is found that the company colluded with auditors to overestimate the profit forecast in the stage of listing before the formation of cooperation, and the reliability of earnings prediction in the prospectus of listed companies in our country is poor. According to the data of Shanghai and Shenzhen stock markets from 2003 to 2005, the auditors issued an effective audit report on the financial situation of listed companies after the formation of the cooperation. That is, investors are extremely sensitive to the information about the listed companies that have been issued non-standard audit opinions for the first time, but the performance of the listed companies that have been issued non-standard audit opinions again is not so good when the listed companies have been issued non-standard audit opinions for the first time. The paper also concludes that in the process of investors' investment, the main forms of the interests of the minority investors are as follows: related purchase and sale and equity transfer through unfair price; Transfer the company's benefits through capital occupation and loan guarantee; encroach on the company's development opportunities. At the same time, this paper also finds that the "support" of the major shareholders to the listed company is usually to make the company obtain or keep the listing qualification so that the listed company can be hollowed out in the future. Therefore, in order to better protect the interests of small and medium-sized investors, we should strengthen the supervision of auditors and the corresponding legal penalties, and improve the auditor's risk awareness. At the same time, this paper also puts forward some concrete measures to improve the quality of audit work, such as strictly auditing the purchase and sale between related parties, the current accounts of listed companies, the company guarantee items, the investment and changes of raising funds, and so on.
【学位授予单位】：对外经济贸易大学
【学位级别】：硕士
【学位授予年份】：2007
【分类号】：F239.4;F832.51
本文编号：2368692
[Abstract]:Middle and small investors are weak groups in the securities market, while auditors play an irreplaceable supervisory role in protecting the interests of small and medium investors. Therefore, this paper studies the effect of audit on investor protection before and after the formation of investment contract between investors and listed companies, as well as in the process of cooperation. Through the analysis of specific cases, it is found that the company colluded with auditors to overestimate the profit forecast in the stage of listing before the formation of cooperation, and the reliability of earnings prediction in the prospectus of listed companies in our country is poor. According to the data of Shanghai and Shenzhen stock markets from 2003 to 2005, the auditors issued an effective audit report on the financial situation of listed companies after the formation of the cooperation. That is, investors are extremely sensitive to the information about the listed companies that have been issued non-standard audit opinions for the first time, but the performance of the listed companies that have been issued non-standard audit opinions again is not so good when the listed companies have been issued non-standard audit opinions for the first time. The paper also concludes that in the process of investors' investment, the main forms of the interests of the minority investors are as follows: related purchase and sale and equity transfer through unfair price; Transfer the company's benefits through capital occupation and loan guarantee; encroach on the company's development opportunities. At the same time, this paper also finds that the "support" of the major shareholders to the listed company is usually to make the company obtain or keep the listing qualification so that the listed company can be hollowed out in the future. Therefore, in order to better protect the interests of small and medium-sized investors, we should strengthen the supervision of auditors and the corresponding legal penalties, and improve the auditor's risk awareness. At the same time, this paper also puts forward some concrete measures to improve the quality of audit work, such as strictly auditing the purchase and sale between related parties, the current accounts of listed companies, the company guarantee items, the investment and changes of raising funds, and so on.
【学位授予单位】：对外经济贸易大学
【学位级别】：硕士
【学位授予年份】：2007
【分类号】：F239.4;F832.51
【引证文献】
相关硕士学位论文 前1条
1 胡艳华;中小投资者利益保护与股权结构的关系研究[D];浙江理工大学;2010年
，本文编号：2368692
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