财务报告透明度对投资者权益保护的影响研究

发布时间：2018-04-08 19:41

本文选题：财务报告透明度　切入点：投资者权益保护　出处：《河北经贸大学》2017年硕士论文

【摘要】：投资者权益被侵占的事件在我国上市公司屡禁不止。在新兴加转轨的市场背景下,无论是投资者权益保护的加强,还是资本市场持续发展的促进,关键都在于财务报告透明度的提高。在两权分离以及两权合一的情况下,财务报告透明度和投资者权益保护是否存在差异;在两种不同情况下,财务报告透明度如何影响投资者权益保护,以及影响结果如何是本文探讨的核心内容。本文分析了财务报告透明度和投资者权益保护的内涵,研究了投资者权益保护的相关理论,阐述了投资者权益被侵害的原因、侵害投资者权益的方式,理论论证了两权分离和两权合一的不同情况下,利益侵害的差异以及财务报告透明度影响投资者权益保护的作用机理。文章首先构建了一个较为全面的财务报告透明度评价指标体系;然后按照公司所有权归属于第一大股东或实际控制人,经营权归属于董事长或总经理的标准,划分了两权分离和两权合一两组样本,选取2011—2015年沪深A股上市公司的相关数据,证实了两组不同样本中,财务报告透明度和投资者权益保护存在差异,并进一步检验了两组样本的财务报告透明度对投资者权益保护的影响;最后针对实证结果,就财务报告透明度的提升和投资者权益保护的加强提出了对应的建议。本文的主要结论如下:(1)在两权分离的公司,财务报告透明度能够很好的约束管理层的利益侵占,缓解管理层与投资者之间的代理问题,保护投资者权益。(2)在两权合一的公司,财务报告透明度对大股东利益侵占的约束有限,难以缓解大股东与中小投资者之间的代理问题,无法充分发挥保护中小投资者权益的作用。(3)现阶段,不管是在两权分离还是在两权合一的公司,财务报告透明度对投资者权益的保护作用主要通过公司治理水平的改善实现,投资者理解以及行政监管与处罚难以发挥保护作用。
[Abstract]:Investors' rights and interests are encroached on in our country's listed companies repeatedly prohibited.Under the background of emerging and transforming market, whether it is the strengthening of investor's rights and interests protection or the promotion of the sustainable development of capital market, the key is to improve the transparency of financial report.Whether there are differences between the transparency of financial reports and the protection of investors' rights and interests under the circumstances of separation of two rights and the integration of two rights, and how transparency of financial reports affects the protection of investors' rights and interests in the two different situations,And how to influence the results is the core content of this paper.This paper analyzes the connotation of the transparency of financial reports and the protection of investors' rights and interests, studies the relevant theories of investor's rights and interests protection, expounds the reasons why investors' rights and interests are infringed, and the ways of infringing investors' rights and interests.The theory demonstrates the difference of interest infringement and the mechanism that the transparency of financial report affects the protection of investors' rights and interests under the different circumstances of separation of two rights and the unity of two rights.This paper first constructs a comprehensive evaluation index system of financial report transparency, then according to the standard that the ownership of the company belongs to the largest shareholder or actual controller, and the management right belongs to the chairman or general manager.Two groups of samples are divided into two groups: separation of two rights and integration of two rights. The relevant data of Shanghai and Shenzhen A-share listed companies from 2011-2015 are selected. It is proved that there are differences in transparency of financial reports and protection of investors' rights and interests in the two groups of different samples.The paper further examines the impact of transparency of financial reports on the protection of investors' rights and interests of two groups of samples, and puts forward corresponding suggestions on the enhancement of transparency of financial reports and the strengthening of protection of investors' rights and interests in the light of the empirical results.The main conclusions of this paper are as follows: (1) in a company with two separate powers, the transparency of financial reports can well constrain the interests of management, ease the agency problem between management and investors, and protect the rights and interests of investors.The transparency of financial statements has limited restrictions on the encroachment of large shareholders' interests, which is difficult to alleviate the agency problem between large shareholders and small and medium-sized investors, and to give full play to the role of protecting the rights and interests of small and medium-sized investors at this stage.No matter in the company where the two rights are separated or the two rights are combined, the financial report transparency can protect the investor's rights and interests mainly through the improvement of the corporate governance level, the investor's understanding and the administrative supervision and punishment are difficult to play the protective role.
【学位授予单位】：河北经贸大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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