上市公司差異化信息披露制度
發(fā)布時(shí)間：2018-07-14 12:09
【摘要】：文章立足于我國(guó)證券市場(chǎng)的實(shí)際,詳細(xì)論述了差異化信息披露制度的基本原則、上市公司的分類以及分類基礎(chǔ)上的差異化安排,并且提出了完善我國(guó)上市公司差異化信息披露制度的建議。除引言和結(jié)語(yǔ)外,本文分6部分展開:第一部分,上市公司差異化信息披露制度的原則。滿足投資者多元化信息需求的同時(shí),還應(yīng)力圖降低信息披露的成本,是差異化信息披露制度應(yīng)當(dāng)遵循的兩項(xiàng)基本原則。第二部分,上市公司的類型化。本部分通過論述上市公司分類標(biāo)準(zhǔn)的確定、分類標(biāo)準(zhǔn)的考量因素、上市公司的分類,認(rèn)為應(yīng)當(dāng)以風(fēng)險(xiǎn)水平為標(biāo)準(zhǔn),并具體考量公司治理、財(cái)務(wù)質(zhì)量、信息披露行為以及盈利能力和成長(zhǎng)性四個(gè)因素,將上市公司分為高、低兩個(gè)風(fēng)險(xiǎn)類別。第三部分,上市公司信息披露與否的差異化。從結(jié)果上看,信息披露與否表現(xiàn)為信息的強(qiáng)制披露與自愿披露。為實(shí)現(xiàn)披露與否的差異化,應(yīng)當(dāng)減少對(duì)低風(fēng)險(xiǎn)水平上市公司的強(qiáng)制披露要求,鼓勵(lì)其自愿披露;而對(duì)高風(fēng)險(xiǎn)水平的上市公司則應(yīng)當(dāng)增加強(qiáng)制披露義務(wù),限制其自愿披露的空間。第四部分,上市公司信息披露內(nèi)容的差異化。按照不同標(biāo)準(zhǔn),上市公司披露的信息可分為財(cái)務(wù)信息與非財(cái)務(wù)信息、歷史性信息與預(yù)測(cè)性信息、通用信息與特色信息。為實(shí)現(xiàn)披露內(nèi)容的差異化,應(yīng)當(dāng)減少對(duì)低風(fēng)險(xiǎn)水平上市公司財(cái)務(wù)信息、歷史性信息與通用信息的披露要求,鼓勵(lì)其對(duì)非財(cái)務(wù)信息、預(yù)測(cè)性信息及特色信息的披露;而對(duì)高風(fēng)險(xiǎn)水平上市公司,則應(yīng)提高其對(duì)財(cái)務(wù)信息、歷史性信息及通用信息的披露要求,限制其進(jìn)行非財(cái)務(wù)信息、預(yù)測(cè)性信息的披露。第五部分,上市公司信息披露形式的差異化。按依附載體的不同,信息披露形式可以分為報(bào)紙期刊、互聯(lián)網(wǎng)、專門的電子信息披露系統(tǒng)。為實(shí)現(xiàn)披露形式的差異化,應(yīng)當(dāng)鼓勵(lì)低風(fēng)險(xiǎn)類別上市公司使用信息披露直通車系統(tǒng)、“互動(dòng)易”等披露形式,而在一定程度上限制高風(fēng)險(xiǎn)水平上市公司的使用。第六部分,完善上市公司差異化信息披露制度的建議。完善差異化信息披露制度,應(yīng)當(dāng)秉持滿足投資者多元化信息需求和降低上市公司信息披露成本的原則,明確以風(fēng)險(xiǎn)水平為上市公司的分類標(biāo)準(zhǔn),實(shí)現(xiàn)“披露與否的差異化”、“披露內(nèi)容的差異化”、“披露形式的差異化”三個(gè)要求。
[Abstract]:Based on the reality of China's securities market, this paper discusses in detail the basic principles of the differential information disclosure system, the classification of listed companies and the differentiation arrangement on the basis of classification. And put forward the suggestion of perfecting the differential information disclosure system of listed companies in our country. In addition to the introduction and conclusion, this paper is divided into six parts: the first part, the principles of differentiated information disclosure system of listed companies. At the same time, we should try to reduce the cost of information disclosure, which is the two basic principles that should be followed in the differential information disclosure system. The second part, the typology of listed companies. This part discusses the determination of the classification standard of listed companies, the factors of the classification criteria, the classification of listed companies, and thinks that the risk level should be taken as the standard, and the corporate governance and financial quality should be considered concretely. The information disclosure behavior, profitability and growth of listed companies are divided into high and low risk categories. The third part is the differentiation of information disclosure of listed companies. From the result, information disclosure or not is the compulsory disclosure of information and voluntary disclosure. In order to realize the differentiation of disclosure or not, we should reduce the mandatory disclosure requirements of the listed companies with low risk level and encourage their voluntary disclosure, while the listed companies with high risk level should increase their compulsory disclosure obligations and limit their space of voluntary disclosure. The fourth part, listed company information disclosure content difference. According to different standards, the information disclosed by listed companies can be divided into financial information and non-financial information, historical information and predictive information, general information and characteristic information. In order to realize the difference of disclosure content, we should reduce the disclosure requirements of financial information, historical information and general information of listed companies with low risk level, and encourage them to disclose non-financial information, predictive information and characteristic information. However, for listed companies with high risk level, the disclosure requirements of financial information, historical information and general information should be raised, and the disclosure of non-financial information and predictive information should be restricted. The fifth part is the differentiation of information disclosure of listed companies. According to the dependent carrier, information disclosure can be divided into newspaper and periodical, Internet, special electronic information disclosure system. In order to realize the differentiation of the disclosure form, we should encourage the low-risk listed companies to use the information disclosure through train system, "interactive easy" and so on, but to some extent limit the use of the high risk level listed companies. The sixth part, the suggestion of perfecting the differential information disclosure system of listed companies. To perfect the differential information disclosure system, we should adhere to the principle of satisfying the diversified information needs of investors and reducing the cost of information disclosure of listed companies, make clear that the risk level is the classification standard of listed companies, and realize the differentiation of disclosure or not. "the difference of the disclosure content", "the difference of the disclosure form" three requirements.
【學(xué)位授予單位】：西南政法大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2015
【分類號(hào)】：D922.287
本文編號(hào)：2121599
[Abstract]:Based on the reality of China's securities market, this paper discusses in detail the basic principles of the differential information disclosure system, the classification of listed companies and the differentiation arrangement on the basis of classification. And put forward the suggestion of perfecting the differential information disclosure system of listed companies in our country. In addition to the introduction and conclusion, this paper is divided into six parts: the first part, the principles of differentiated information disclosure system of listed companies. At the same time, we should try to reduce the cost of information disclosure, which is the two basic principles that should be followed in the differential information disclosure system. The second part, the typology of listed companies. This part discusses the determination of the classification standard of listed companies, the factors of the classification criteria, the classification of listed companies, and thinks that the risk level should be taken as the standard, and the corporate governance and financial quality should be considered concretely. The information disclosure behavior, profitability and growth of listed companies are divided into high and low risk categories. The third part is the differentiation of information disclosure of listed companies. From the result, information disclosure or not is the compulsory disclosure of information and voluntary disclosure. In order to realize the differentiation of disclosure or not, we should reduce the mandatory disclosure requirements of the listed companies with low risk level and encourage their voluntary disclosure, while the listed companies with high risk level should increase their compulsory disclosure obligations and limit their space of voluntary disclosure. The fourth part, listed company information disclosure content difference. According to different standards, the information disclosed by listed companies can be divided into financial information and non-financial information, historical information and predictive information, general information and characteristic information. In order to realize the difference of disclosure content, we should reduce the disclosure requirements of financial information, historical information and general information of listed companies with low risk level, and encourage them to disclose non-financial information, predictive information and characteristic information. However, for listed companies with high risk level, the disclosure requirements of financial information, historical information and general information should be raised, and the disclosure of non-financial information and predictive information should be restricted. The fifth part is the differentiation of information disclosure of listed companies. According to the dependent carrier, information disclosure can be divided into newspaper and periodical, Internet, special electronic information disclosure system. In order to realize the differentiation of the disclosure form, we should encourage the low-risk listed companies to use the information disclosure through train system, "interactive easy" and so on, but to some extent limit the use of the high risk level listed companies. The sixth part, the suggestion of perfecting the differential information disclosure system of listed companies. To perfect the differential information disclosure system, we should adhere to the principle of satisfying the diversified information needs of investors and reducing the cost of information disclosure of listed companies, make clear that the risk level is the classification standard of listed companies, and realize the differentiation of disclosure or not. "the difference of the disclosure content", "the difference of the disclosure form" three requirements.
【學(xué)位授予單位】：西南政法大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2015
【分類號(hào)】：D922.287
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