我国上市银行招股说明书信息披露研究

发布时间：2018-02-27 09:29

本文关键词： 上市银行招股说明书信息披露内容分析法　出处：《山东大学》2013年硕士论文　论文类型：学位论文

【摘要】：无须赘言,信息是证券市场的核心,有效的信息披露制度是市场运行的基石,信息不对称和信息不完全会导致市场低效率,因此证券市场也被称作“信息市场”。证券市场高度发展的今天要求信息披露完整、真实、准确和及时,信息披露制度的建设是我国证券市场提高市场有效性的重要方式之一。作为上市公司信息披露最重要的法律文献之一,招股说明书是对投资者,监管者的参考以及对公司首次公开发行时信息的表达,是上市公司和承销机构做出的承诺,是投资者对于认识首次公开发行(Initial Public Offering, IPO)的公司、评估上市公司的股票价值和到决定投资的唯一可以信赖的文件,也反映了监管部门对其信息披露的基本要求。尽管我国的股票发行审核制度与信息披露制度一直在改革与完善,但上市后企业效益出现大幅下滑、募集资金投向出现变更、“包装”上市、投资者不能掌握上市公司信息的问题和现象依然存在。商业银行又是我国社会主义经济建设的重要部门,因此,剖析我国新股发行的信息披露状况,探寻深层次的问题并提出改善的建议,对于规范发行人和投资银行等中介机构的信息披露行为、优化信息披露监管机制以及保护投资者的利益等均具有重要的现实意义。本文基于我国沪市上市银行,对其发行阶段招股说明书信息披露进行了量化和实证分析,考察了上市银行招股说明书中披露的信息,得到上市银行在IPO阶段信息披露的特点和质量。首先,本文统计了我国上市银行首次公开发行的概况,对其信息披露质量的考核设立了评判标准；其次,统计了我国上市银行的发行阶段的状况和监管部门对我国上市银行发行阶段的法规规范、监管部门等；再次,本文最重要的内容是应用内容分析法对各个因素的一系列的实证分析,得到上市公司某些方面如风险、财务的信息披露与银行上市短期盈利的关系,公司治理方面的考察是从实证、统计的角度得到其信息披露的程度,对上市银行发行阶段财务会计信息的考察是基于功效系数法；最后是未来研究和展望,该领域的研究和探索具有长期性和实用性。本文运用内容分析法,对招股说明书中披露的信息因素进行定性和定量的分析。此外,辅助运用一元、多元回归分析法、功效系数法、德尔菲法、赋值法等,结合新股发行后的财务数据、股票价格等指标,对主要因素进行统计、实证研究,以此检验上市银行招股说明书中信息披露的特点的质量。本文的应用价值在于：对新股尤其是银行股发行审核制度的完善、信息披露监管机制的优化具有现实意义；对鼓励上市银行进行风险及其他信息因素自愿性披露具有应用价值；为上市银行提供利于其健康发展的应用依据；能够规范发行者和中介者信息披露行为,为监管部门提供信息披露监管机制的应用基础,此外,对于保护投资者尤其是中小投资者的利益等均具有现实意义。本文的创新之处为：基于招股说明书分析、研究我国沪市上市银行在发行阶段的状况信息披露的质量是较为罕见的；本文综合考察了招股说明书中有代表性的风险因素、内部控制因素、公司治理结构因素和财务会计信息四个方面,考察了我国沪市上市银行新股发行时信息披露内容的规范性和完整性；招股说明书中的非财务信息都是文字的表述,本文对其进行了量化,并在此基础上进行了实证分析,这是对运用内容分析法的创新；得到了我国沪市银行新股发行风险信息披露的质量与股票上市首日收益率之间的关系。
[Abstract]:Needless to say, the information is the core of the securities market, the effective information disclosure system is the cornerstone of the operation of the market, asymmetric information and incomplete information will lead to the low efficiency of market, so the stock market has also been referred to as "information market". The height of the development of the securities market information disclosure requirements today complete, true, accurate and timely information, construction the disclosure system of the securities market of our country is an important way to improve the effectiveness of the market.
As the information disclosure of listed companies is one of the most important legal documents, the prospectus is for investors, regulators and the expression of the reference for the issuance of corporate information publicly for the first time, is to make the listed company and the underwriting institution's commitment to investors for understanding the IPO (Initial Public, Offering, IPO) of the company, the evaluation of listed companies the value of the stock and the only reliable file decided to invest, but also reflects the basic regulatory requirements for information disclosure. Although China's stock issuance system and information disclosure system has been in the reform and improvement, but after the listing of enterprise efficiency decline, raise funds appear to change, "packaging" listing investors can not grasp the information of listed companies and the problems still exist. The commercial bank is an important sector of socialist economic construction of our country, therefore, Analysis of information disclosure of the issue of new shares in China, explores the deep-seated problems and puts forward improvement suggestions, for the specification of the issuer and the investment bank and other intermediary agencies of information disclosure has important practical significance to optimize the information disclosure supervision mechanism and protect the interests of investors.
In this paper, China's Shanghai Listed Banks Based on the issue of the prospectus disclosure stage of quantitative and Empirical Analysis on listed banks, the information disclosed in the prospectus, have listed banks in the characteristics and quality of IPO information disclosure. First, overview of the statistics of China's listed banks IPO, set up the evaluation standard of the information disclosure quality assessment; secondly, the state issued statistics stage of China's listed banks and regulatory authorities on the regulation of China's listed banks issuing stage, supervision department; thirdly, the content of this paper is the most important application of content analysis on various factors of a series of empirical. From some aspects such as the risk of listed companies, financial information disclosure and listed banks short-term earnings, corporate governance is investigated from the empirical statistical point to To the extent of information disclosure, the investigation of financial accounting information in the issuing stage of listed banks is based on the efficacy coefficient method. Finally, it is the future research and prospect. The research and exploration in this field is long-term and practical.
This paper uses content analysis method, qualitative and quantitative analysis of the factors of information disclosure of the prospectus in. In addition, the use of a secondary element, the multiple regression analysis, efficacy coefficient method, Delphy Fa, assignment method, combined with the financial data after the IPO, the stock price index, the main factors of the empirical statistics, study on the quality, in order to test the characteristics of information disclosure of listed banks offering in the specification.
The application value of this paper lies in: the new banking stocks in particular the issuance examination system is of practical significance to optimize the information disclosure supervision mechanism; to encourage listed banks and other risk factors has the application value of voluntary disclosure of information; application of listed banks to provide the basis for its healthy development; can regulate the behavior of issuers and intermediaries information disclosure, application, provide information disclosure supervision mechanism for the supervision department in addition, for the protection of investors is of great realistic significance. The innovation in this article is: Based on the analysis of the prospectus, the quality research of listed banks information disclosure in the distribution stage is relatively rare this paper examines; risk factors representative of the prospectus, the factors of the internal control, corporate governance structure factors The financial and accounting information from four aspects, and complete specification investigates China's Shanghai Listed Bank IPO information disclosure in the prospectus; non financial information is text representation, this paper for the quantification, and based on the empirical analysis, this is the innovation of the content analysis; the quality and stock IPO in China Shanghai Bank Risk information disclosure of listed among the first day return relationship.

【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.5

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