本文選題：上市公司 + 信息披露��； 參考：《天津財(cái)經(jīng)大學(xué)》2012年碩士論文

【摘要】：信息是資本市場(chǎng)的核心要素,市場(chǎng)的定價(jià)效率或者股票價(jià)格的信息含量影響著資本市場(chǎng)的資源配置效率和使用效率。而在資本市場(chǎng)上,會(huì)計(jì)信息是投資者分析公司投資價(jià)值最為重要的信息,會(huì)計(jì)信息影響著股價(jià)的形成,從而影響資源配置效率。真實(shí)、完整、準(zhǔn)確、公平的信息披露,是證券市場(chǎng)健康運(yùn)行的基礎(chǔ)。近年來,雖然我國的上市公司信息披露的整體質(zhì)量在持續(xù)的改善,但是信息披露水平不穩(wěn)定,信息披露的內(nèi)容的真實(shí)性、準(zhǔn)確性和完整性仍存在著較大的問題,損害了投資者的利益,影響了資本市場(chǎng)功能的發(fā)揮。 文章在2006—2010年新會(huì)計(jì)準(zhǔn)則實(shí)施、股權(quán)分置改革以及全球金融危機(jī)等重大事件發(fā)生,市場(chǎng)環(huán)境發(fā)生了比較大的變化的新背景下,以因信息披露違規(guī)而受到中國證監(jiān)會(huì)、上海證券交易所和深圳證券交易所處罰的上市公司為研究對(duì)象,來分析監(jiān)管機(jī)構(gòu)對(duì)信息披露違規(guī)公司的處罰效果是否有新的變化,為進(jìn)一步提高信息披露的監(jiān)管水平提供參考。 文章首先采用描述統(tǒng)計(jì)的方法分析了上市公司信息披露違規(guī)公司的整體狀況、行業(yè)特征和財(cái)務(wù)特征,研究發(fā)現(xiàn),近幾年來,上市公司信息披露的質(zhì)量在逐步改善,但是信息披露的水平并不穩(wěn)定,仍有待提高：信息披露的質(zhì)量與上市公司所處的行業(yè)有著一定的關(guān)系；規(guī)模比較小、盈利能力比較差、資產(chǎn)負(fù)債率比較高的上市公司更易出現(xiàn)信息披露違規(guī)的傾向。為進(jìn)一步研究監(jiān)管機(jī)構(gòu)對(duì)上市公司信息披露違規(guī)行為的處罰效果,文章采用了事件研究法檢驗(yàn)了因信息披露違規(guī)而被處罰的上市公司的日平均超額收益率,研究發(fā)現(xiàn),在處罰公告日前后較短的時(shí)間內(nèi),被處罰公司的日平均超額收益率顯著為負(fù)。文章采用多元回歸模型進(jìn)一步驗(yàn)證上市公司信息披露違規(guī)處罰的市場(chǎng)反應(yīng),研究發(fā)現(xiàn),處罰事件對(duì)被處罰公司個(gè)股收益率有顯著的影響,在描述性統(tǒng)計(jì)和實(shí)證研究的基礎(chǔ)上,文章提出了信息披露監(jiān)管的建議,以期為提高信息披露監(jiān)管水平提供參考,
[Abstract]:Information is the core element of the capital market. The pricing efficiency of the market or the information content of the stock price affect the resource allocation efficiency and the utilization efficiency of the capital market.In the capital market, accounting information is the most important information for investors to analyze the investment value of a company. Accounting information affects the formation of stock price and the efficiency of resource allocation.True, complete, accurate and fair information disclosure is the basis of the healthy operation of the securities market.In recent years, although the overall quality of information disclosure of listed companies in our country is continuously improving, the level of information disclosure is unstable, and the authenticity, accuracy and completeness of the contents of information disclosure still have great problems.It damages the interests of investors and affects the function of capital market.In the context of the implementation of new accounting standards from 2006 to 2010, the reform of split share structure and the global financial crisis, the market environment has changed a lot.The listed companies punished by Shanghai Stock Exchange and Shenzhen Stock Exchange are taken as the research object to analyze whether there are new changes in the punishment effect of information disclosure violation companies by the regulators and to provide a reference for further improving the supervision level of information disclosure.Firstly, the paper analyzes the whole situation, industry characteristics and financial characteristics of the listed companies' information disclosure violation companies by using the method of descriptive statistics, and finds that the quality of information disclosure of listed companies is gradually improving in recent years.However, the level of information disclosure is not stable and still needs to be improved: the quality of information disclosure has a certain relationship with the industry in which the listed company is located, the scale is relatively small, the profitability is relatively poor,The listed companies with high asset-liability ratio tend to break the rules of information disclosure.In order to further study the punishment effect of the listed companies' information disclosure violations, the article uses the event study method to test the daily average excess return rate of listed companies who have been punished for information disclosure violations.Within a short period of time before and after the penalty announcement date, the average daily excess return rate of the penalized company is significantly negative.The article uses the multiple regression model to further verify the market reaction of the listed companies' information disclosure violation penalty, and finds that the punishment event has a significant impact on the individual stock return rate of the penalized company, on the basis of descriptive statistics and empirical research.This paper puts forward some suggestions on the supervision of information disclosure, in order to provide a reference for improving the level of information disclosure supervision.
【學(xué)位授予單位】：天津財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F275;F832.51;F224

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