本文選題：金融類上市公司 + 財務預測信息披露�。� 參考：《江西財經大學》2012年碩士論文

【摘要】：隨著我國經濟的高速發(fā)展,資本市場在國民經濟體系中的作用就愈發(fā)凸顯,而信息披露制度則是資本市場得以存在和發(fā)展的基礎,是實現證券市場公平、公正、公開和保護證券市場投資者利益的根本前提。在我國上市公司中金融行業(yè)地位舉足輕重,所以金融業(yè)企業(yè)的信息披露對于資本市場穩(wěn)定和健康發(fā)展取到了十分重大的作用。金融業(yè)的發(fā)展及其風險防范與信息披露也息息相關。前些年美國爆發(fā)的次貸危機的主要原因之一就來自于金融業(yè)信息披露的透明度不高,信息披露不充分、不及時對次貸危機的爆發(fā)產生了相當程度的負面影響。正是由于金融類上市公司信息披露對資本市場乃至經濟的巨大影響,金融類上市公司信息披露制度的建立和完善已經成為證券市場發(fā)展和監(jiān)管的重點領域。 財務預測信息是對未來經濟事項的反映,是管理當局對未來可能發(fā)生的事項或采取的行動的假設編制的信息,是對企業(yè)未來的財務狀況、經營成果和現金流做出的最佳估計。財務預測信息的披露可以彌補公司管理當局與外部信息使用者之間的信息不對稱,防止內幕信息和內幕交易對資本市場的危害,實現市場的“三公”。 目前我國尚未建立起完善的財務信息披露體系,存在著財務預測信息披露質量不高、財務預測信息供給不足、財務預測信息披露不及時和不規(guī)范等問題。造成這些問題的原因是多方面的,可以總結歸納為六點：一是金融類上市公司治理結構不合理；二是財務預測信息供給成本較高；三是監(jiān)管不到位；四是尚未建立財務預測編制和披露的準則；五是監(jiān)管部門尚未建立免責制度；六是證券市場功能不完善。 放眼國外,在美國這類證券市場比較發(fā)達、市場有效性比較高的國家,業(yè)已形成了較為完善的財務預測信息披露的制度體系。美國財務預測信息的披露經歷了從禁止披露階段到鼓勵披露但非強制披露階段,最后發(fā)展到現在的自愿披露與強制披露相結合的階段。在歷史發(fā)展過程中顯示了其獨特的優(yōu)點,例如對不同的財務預測信息進行分類、引入預先警示原則和制定了安全港規(guī)則。美國財務預測信息披露的一些特點也可能給我國的制度體系建設提供很好的參考,使得我國在以后的財務預測信息披露上可以做到強制性與自愿性披露相結合,全面充分、及時規(guī)范地披露,同時建立重大差異的更新更正制度。 在理解了財務預測信息的理論基礎,分析了我國財務預測信息披露的現狀和美國的先進經驗后,得出了完善我國金融類上市公司財務預測信息披露的建議：第一,完善金融公司的治理結構,做到深化政企分離、明晰產權改革,引入機構投資者、平衡股權結構和完善獨立董事制度,發(fā)揮獨立董事的監(jiān)督作用；第二,明確企業(yè)管理當局對財務預測信息的編制責任,包括建立企業(yè)內部財務預測信息質量保障體系和企業(yè)通過承諾書形式確認對財務預測信息的編制責任；第三,構建完善的財務預測信息披露制度體系,包括發(fā)展和完善證券市場,制定財務預測信息披露規(guī)范和建立適合中國國情的財務預測信息披露免責制度；第四,加強對財務預測信息披露的監(jiān)管,包括加強對財務預測信息披露的審核,加強中介機構的監(jiān)督作用和嚴格財務預測信息披露的法律責任。
[Abstract]:With the rapid development of China's economy, the role of capital market in the national economic system is becoming more and more prominent, and the information disclosure system is the basis for the existence and development of the capital market. It is the basic premise to realize the equity, fairness, openness and protection of the interests of the investors in the securities market. The information disclosure of the financial enterprises has played a very important role in the stability and healthy development of the capital market. The development of the financial industry and its risk prevention are closely related to the information disclosure. One of the main reasons for the United States subprime crisis in the previous years has come from the lack of transparency in the disclosure of information in the financial industry. Information disclosure is inadequate, and it does not have a negative impact on the outbreak of the subprime crisis in time. It is due to the huge impact of the information disclosure of financial listed companies on the capital market and the economy. The establishment and improvement of the information disclosure system of financial listed companies has become the key area for the development and supervision of the securities market.
The financial forecast information is the reflection of the future economic matters, the information of the management authorities' assumptions about the possible events or actions taken in the future. It is the best estimate of the future financial situation, the operating results and the cash flow of the enterprise. The disclosure of the financial forecast information can make up for the use of the management authorities and the external information. The information asymmetry between people can prevent insider information and insider trading from harming the capital market and realize the "three principles" of the market.
At present, our country has not established a perfect financial information disclosure system, there are many problems such as poor quality of information disclosure of financial forecast, insufficient supply of financial forecast information, untimely disclosure of financial forecast information and so on. There are many reasons for these problems, which can be summed up to six points: first, the governance of financial listed companies. The structure is not reasonable; two is the high cost of the financial forecast information supply; the three is the supervision is not in place; the four is the criterion for the establishment and disclosure of the financial forecast; five is the supervision department has not established the exemption system; and the six is the imperfect function of the securities market.
Foreign countries have developed a relatively perfect system of financial forecast information disclosure in the countries with relatively developed securities markets in the United States and relatively high market effectiveness. The disclosure of American financial forecast information has gone through the stage from the stage of prohibition of disclosure to the stage of encouraging disclosure but not compulsory disclosure, and finally developed to the present voluntary disclosure and disclosure. The combination of compulsory disclosure has shown its unique advantages in the course of historical development, such as the classification of different financial forecast information, the introduction of pre warning principles and the formulation of the safety port rules. The characteristics of the information disclosure of American financial forecast may also provide a good reference for the system construction of our country, so that I can make a good reference for the system construction of our country. In the future, the disclosure of financial forecast information can be combined with compulsory and voluntary disclosure, fully and fully, timely and standard disclosure, and the establishment of a major difference of the renewal and correction system.
After understanding the theoretical basis of financial forecast information and analyzing the present situation of financial forecast information disclosure in China and the advanced experience of the United States, some suggestions are given to improve the disclosure of financial forecast information in China's financial listed companies: first, to improve the governance structure of financial companies, to deepen the separation of the government and enterprises, to clarify the reform of property rights, and to introduce the institutions into the institutions. Investors, balance the structure of equity and perfect the independent director system, play the supervisory role of independent directors; second, make clear the responsibility of the enterprise management authorities to prepare the financial forecast information, including the establishment of the internal financial forecast information quality guarantee system and the establishment responsibility of the enterprise through the commitment book type confirmation to the financial forecast information. Three, establish a perfect system of financial forecast information disclosure system, including the development and improvement of the securities market, the formulation of financial forecast information disclosure standards and the establishment of financial forecast information disclosure exemption system suitable for China's national conditions; fourth, strengthening the supervision of the disclosure of financial forecast information, including strengthening the audit of financial forecast information disclosure, and adding The supervisory role of strong intermediaries and the strict legal responsibility for information disclosure of financial projections.
【學位授予單位】：江西財經大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F830.42;F832.51

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