本文關(guān)鍵詞： 創(chuàng)業(yè)板上市公司 自愿性信息披露 評價體系 制度缺陷　出處：《東北財經(jīng)大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：相比于主板市場,創(chuàng)業(yè)板市場具有較高的投資風(fēng)險,監(jiān)管機(jī)構(gòu)不斷出臺各種政策、規(guī)章以規(guī)范這一市場。在信息披露方面,其強(qiáng)制性信息披露內(nèi)容更多,監(jiān)管更加嚴(yán)格,但這些舉措似乎并沒有明顯提高信息披露的質(zhì)量。這種情況引發(fā)筆者對創(chuàng)業(yè)板信息披露的思考。綜觀多國資本市場信息披露的發(fā)展歷程,無不經(jīng)歷了自由放任階段、強(qiáng)制性披露階段、強(qiáng)制性披露與自愿性披露相結(jié)合的階段。自愿性信息披露作為信息披露的重要組成部分,起到細(xì)化、補(bǔ)充強(qiáng)制性信息披露的作用,有助于信息披露質(zhì)量的提高。并且引發(fā)創(chuàng)業(yè)板較高風(fēng)險的因素多是一些前瞻性的、不確定性較大的信息,單獨(dú)依靠強(qiáng)制性披露難以保證這些信息的披露質(zhì)量�；谝陨显�,對于創(chuàng)業(yè)板市場的信息披露,不應(yīng)該僅集中于強(qiáng)制性披露的研究,也應(yīng)該從長遠(yuǎn)發(fā)展的角度研究如何鼓勵、規(guī)范自愿性信息披露。 本文共包括以下五個部分： 第一部分,導(dǎo)論。首先介紹本文的研究背景、研究意義；然后對國內(nèi)外研究現(xiàn)狀進(jìn)行總結(jié)和評述,找出現(xiàn)有研究的不足之處,并在此基礎(chǔ)上提出需要進(jìn)一步研究的方向；最后介紹本文的研究思路、研究方法、可能的創(chuàng)新點。 第二部分,創(chuàng)業(yè)板上市公司自愿性信息披露概述。首先針對創(chuàng)業(yè)板上市公司對自愿性信息披露的定義進(jìn)行重新界定;接著介紹對創(chuàng)業(yè)板上市公司的披露行為影響較大的三個理論：代理理論、信息不對稱和傳遞理論、超額收益理論；最后從創(chuàng)業(yè)板市場的整體特征和上市公司的內(nèi)在動機(jī)兩個方面分別探討創(chuàng)業(yè)板上市公司自愿性信息披露的原因。 第三部分,創(chuàng)業(yè)板上市公司自愿性信息披露現(xiàn)狀、問題及原因分析。該部分專門構(gòu)建創(chuàng)業(yè)板上市公司自愿性信息披露水平的評價體系,以119家上市公司2010年和2011年年報為研究對象,進(jìn)行多層次統(tǒng)計分析以發(fā)現(xiàn)存在的問題,同時深入分析問題的原因,并提出制度存在缺陷、大量信息披露地位不明確是影響創(chuàng)業(yè)板上市公司自愿性信息披露水平的最根本原因。 第四部分,加強(qiáng)創(chuàng)業(yè)板市場自愿性信息披露的對策建議。根據(jù)前一部分對問題原因的剖析與歸類,本部分分兩個層面提出加強(qiáng)創(chuàng)業(yè)板市場自愿性信息披露的建議。第一個層面,構(gòu)建合理的創(chuàng)業(yè)板信息披露制度體系,以解決現(xiàn)有制度存在缺陷、各種信息的披露地位不明確這一問題。第二個層面,在解決了制度缺陷的基礎(chǔ)上,提出其它能夠促進(jìn)創(chuàng)業(yè)板上市公司自愿性信息披露的建議。 第五部分,研究結(jié)論與不足。提出本文研究可能存在的不足之處,為創(chuàng)業(yè)板市場自愿性信息披露的后續(xù)研究提供一些借鑒意義。 本文主要采用規(guī)范研究的方法,綜合運(yùn)用文獻(xiàn)研究法、統(tǒng)計分析法、定量與定性結(jié)合研究法和對比分析法,以期全面、準(zhǔn)確地反映我國創(chuàng)業(yè)板上市公司的自愿性信息披露行為,使本文的結(jié)論有據(jù)可循,增強(qiáng)文章的說服力。 本文的創(chuàng)新點主要集中在二、三、四部分。筆者專門針對創(chuàng)業(yè)板市場研究自愿性信息披露,填補(bǔ)了我國學(xué)者僅研究主板市場自愿性信息披露的空缺,并且為創(chuàng)業(yè)板信息、披露的研究開創(chuàng)一個全新的視角,使其不囿于現(xiàn)在僅要求不斷加強(qiáng)強(qiáng)制性信息披露的單一論調(diào)。為了使研究能夠順利進(jìn)行,本文根據(jù)創(chuàng)業(yè)板市場的具體情況對自愿性信息披露的定義、內(nèi)容和評價方法進(jìn)行了改進(jìn),這些新的研究方法能夠更真實、完整反映創(chuàng)業(yè)板上市公司自愿性信息披露的狀況。在提出對策建議時,筆者對現(xiàn)有制度的合理性提出質(zhì)疑,并分三個層次提出完善制度的建議,彌補(bǔ)了以往學(xué)者不考慮制度合理性的缺陷。
[Abstract]:Compared to the motherboard market, the GEM market has a high investment risk, regulatory agencies have introduced various policies, rules and regulations to regulate the market. In the aspect of information disclosure, the mandatory disclosure of information content is more, more stringent regulation, but these measures did not seem to significantly improve the quality of information disclosure. This situation caused the author to think the gem information disclosure. During the developing process of multinational capital market information disclosure, have experienced laissez-faire stage, the stage of compulsory disclosure, mandatory disclosure and voluntary disclosure stage. The combination of voluntary disclosure of information as an important part of information disclosure, to refine, supplement the mandatory information disclosure, contribute to the quality of information disclosure improved. And lead to higher risk factors of gem are forward-looking, uncertain information, relying solely on strong Disclosure is difficult to guarantee the quality of information disclosure. Based on the above reasons, the information disclosure of the GEM market should not only focus on mandatory disclosure, but also from the perspective of long-term development, we should study how to encourage and standardize voluntary disclosure.
This article includes the following five parts:
The first part, introduction. Introduces the research background, the significance of this study; then summarizes and comments on domestic and foreign research present situation, find out the shortcomings of the present studies, and put forward the direction of further study; finally, introduces the research ideas, research methods and possible innovations.
The second part, an overview of the voluntary information disclosure of GEM listed companies. Firstly, the GEM listed companies on the definition of voluntary disclosure is re defined; then introduced the disclosure behavior of listed companies on the gem of three large theories: agency theory, information asymmetry theory and transfer theory, the excess return; finally, from two aspects of inside the overall characteristics and motivation of listed companies of gem respectively to explore the causes of voluntary information disclosure of listed companies on the gem.
The third part, the status of voluntary information disclosure of listed companies on the gem, analysis of the problems and the reasons. This part specially constructed the evaluation system of the level of voluntary information disclosure of GEM listed companies, 119 listed companies in 2010 and 2011 Annual Report as the research object, multi - statistical analysis to find the problems, and in-depth analysis of the cause of the problem, and puts forward the system defects, a lot of information disclosure status is not clear is the fundamental reason of the voluntary disclosure level of listed companies on the gem.
The fourth part, countermeasures and suggestions to strengthen the GEM market information disclosure. According to the classification and analysis of part of the reason of the problem, this part is divided into two aspects puts forward suggestions of strengthening the GEM market information disclosure. The first level, build a system of information disclosure of gem is reasonable, in order to solve the defects of the existing system all kinds of information, the disclosure status is not clear about this problem. The second level, in the base of solving the system defects, put forward to promote other voluntary information disclosure of listed companies on GEM.
The fifth part, the conclusions and shortcomings of the research, put forward the possible shortcomings of this study, and provide some reference for the follow-up research of voluntary information disclosure in the growth enterprise market.
This paper mainly adopts normative research method, the integrated use of literature research method, statistical analysis method, research method and comparative analysis method combined with quantitative and qualitative analysis, in order to fully and accurately reflect China's GEM listed companies voluntary information disclosure, so that the conclusions of this paper are to be followed, to enhance the persuasiveness of the article.
The innovation of this paper is mainly concentrated in two, three, four. The author focused on the GEM market of voluntary information disclosure, to fill the Chinese scholars only study the voluntary information disclosure of the motherboard market vacancy, and the gem information disclosure research to create a new perspective, which is not limited to now requires only a single continue to strengthen the argument of mandatory disclosure. In order to make the research to be carried out smoothly, according to the specific circumstances of the gem of the voluntary disclosure of information of the definition, contents and evaluation methods were improved, these new methods can be more realistic, reflect the integrity of the voluntary information disclosure of listed companies on GEM. Proposed in this paper the rationality of the existing system, put forward the question, and is divided into three levels put forward the suggestions to perfect the system, to make up for the previous scholars do not consider the rationality of the system Defects.

【學(xué)位授予單位】：東北財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F275;F832.51;F224

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