本文關(guān)鍵詞： 制造業(yè)上市公司 財(cái)務(wù)預(yù)測信息披露 安全港規(guī)則　出處：《江西財(cái)經(jīng)大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：我國制造業(yè)上市公司是證券市場上一個(gè)非常重要的組成部分。據(jù)統(tǒng)計(jì),自2009年起至2012年,有612家制造業(yè)公司在滬深兩市進(jìn)行IPO,占該期間進(jìn)行IPO的公司的69.23%；募集資金約5679.8億元,占所有IPO公司募集資金的53.34%。截至2012年末,我國A股市場有制造業(yè)公司1489家,占A股市場公司的比例為60.28%。證券自身本并無價(jià)值,其價(jià)值皆來源其所代表的企業(yè)的未來價(jià)值。通過對外公布財(cái)務(wù)會(huì)計(jì)信息,企業(yè)將其未來的價(jià)值傳遞給證券市場的參與者,其中作為財(cái)務(wù)會(huì)計(jì)信息組成部分之一的財(cái)務(wù)預(yù)測信息顯得尤其重要。一方面,相比于歷史財(cái)務(wù)會(huì)計(jì)信息,財(cái)務(wù)預(yù)測信息傳遞了企業(yè)未來一定期間內(nèi)的生產(chǎn)經(jīng)營情況,對投資者預(yù)防或者規(guī)避風(fēng)險(xiǎn)、進(jìn)行有效的投資決策意義更加重大,故投資者逐漸向由只關(guān)注歷史信息向同時(shí)關(guān)注歷史信息和預(yù)測信息轉(zhuǎn)變。另一方面,企業(yè)為了能在競爭激烈的資本市場中謀求到生存發(fā)展所需要的資金,樂意主動(dòng)向投資者披露樂觀的財(cái)務(wù)預(yù)測信息來展現(xiàn)公司發(fā)展前景良好,以期吸引更多投資者。自此,會(huì)計(jì)理論界和實(shí)務(wù)界對財(cái)務(wù)預(yù)測信息披露問題的研究逐漸增多。然而,我國對財(cái)務(wù)預(yù)測信息的研究起步晚,實(shí)踐時(shí)間不長,經(jīng)驗(yàn)缺乏,使得財(cái)務(wù)預(yù)測信息披露出現(xiàn)種種問題,需要進(jìn)一步探討的地方很多。 首先,本文對財(cái)務(wù)預(yù)測信息的含義進(jìn)行了界定,在內(nèi)容和特點(diǎn)方面將其與歷史財(cái)務(wù)信息進(jìn)行區(qū)分。其次,著重介紹了我國制造業(yè)上市公司財(cái)務(wù)預(yù)測信息披露的特點(diǎn),并運(yùn)用決策有用觀理論、信息不對稱理論等對我國制造業(yè)上市公司財(cái)務(wù)預(yù)測信息披露進(jìn)行理論分析。本文通過搜集我國A股市場上制造業(yè)上市公司財(cái)務(wù)預(yù)測信息披露情況的相關(guān)數(shù)據(jù),發(fā)現(xiàn)我國制造業(yè)上市公司財(cái)務(wù)預(yù)測信息披露存在供給不足、披露內(nèi)容不全面、準(zhǔn)確性差、虛假陳述、披露不及時(shí)、披露不規(guī)范等問題,究其原因,則可概括為制造業(yè)上市公司內(nèi)部原因和外部原因。在內(nèi)部原因方面,公司治理結(jié)構(gòu)不合理、財(cái)務(wù)預(yù)測信息供給成本高、財(cái)務(wù)人員專業(yè)素質(zhì)限制等因素造成制造業(yè)上市公司披露財(cái)務(wù)預(yù)測信息缺乏主動(dòng)性；在外部原因方面,財(cái)務(wù)預(yù)測信息編制及披露制度不完善、財(cái)務(wù)預(yù)測信息披露的問責(zé)和免責(zé)法律制度不健全、社會(huì)監(jiān)督(主要指來自注冊會(huì)計(jì)師的審計(jì)監(jiān)督和財(cái)務(wù)分析師隊(duì)伍的專業(yè)分析)未提供應(yīng)有的專業(yè)支持等則進(jìn)一步導(dǎo)致我國制造業(yè)上市公司財(cái)務(wù)預(yù)測信息披露質(zhì)量低下。由于美國證券市場比較發(fā)達(dá),針對財(cái)務(wù)預(yù)測信息披露其已經(jīng)形成了較為完善的制度體系,故本文在繼分析我國制造業(yè)上市公司財(cái)務(wù)預(yù)測信息披露問題成因之后,具體闡釋了美國采用的針對公眾公司的財(cái)務(wù)預(yù)測信息披露制度的特征,其中包含財(cái)務(wù)預(yù)測信息披露的實(shí)質(zhì)性內(nèi)容及其預(yù)測期間,設(shè)立保護(hù)善意財(cái)務(wù)預(yù)測信息披露者的安全港規(guī)則及具備獨(dú)立、權(quán)威的財(cái)務(wù)分析師隊(duì)伍。本文從美國使用的針對公眾公司的財(cái)務(wù)預(yù)測信息披露制度中得到啟發(fā),提出我國應(yīng)創(chuàng)建完備的財(cái)務(wù)預(yù)測信息編制和披露標(biāo)準(zhǔn),制定出安全港條例以及擁有一支獨(dú)立、專業(yè)、具有權(quán)威性的財(cái)務(wù)分析師隊(duì)伍。最后,針對本文前面提出的制造業(yè)上市公司財(cái)務(wù)預(yù)測信息存在的問題,本文從完善上市公司內(nèi)部治理和上市公司外部治理兩個(gè)方面系統(tǒng)性地提出了改善建議。在完善上市公司內(nèi)部治理方面,應(yīng)當(dāng)優(yōu)化公司治理結(jié)構(gòu),降低股權(quán)集中度和完善董事會(huì)制度,明確管理當(dāng)局對財(cái)務(wù)預(yù)測信息的編制責(zé)任,提高財(cái)務(wù)預(yù)測信息編制人員的專業(yè)素質(zhì)以及制造業(yè)上市公司披露財(cái)務(wù)預(yù)測信息的主動(dòng)性；在提高上市公司外部治理方面,提出制訂《財(cái)務(wù)預(yù)測信息編制準(zhǔn)則》基本框架,創(chuàng)設(shè)財(cái)務(wù)預(yù)測信息披露免責(zé)制度,完善財(cái)務(wù)預(yù)測信息報(bào)告不實(shí)的民事責(zé)任制度,完善社會(huì)監(jiān)督以提供專業(yè)支持以及提高財(cái)務(wù)預(yù)測信息使用者對財(cái)務(wù)預(yù)測信息的有效需求。
[Abstract]:Listed companies of China's manufacturing industry is a very important part of the securities market. According to statistics, from 2009 to 2012, there are 612 manufacturing companies in Shanghai and Shenzhen two IPO, accounting for IPO of the company during the 69.23%; to raise funds of about 567 billion 980 million yuan, accounting for all IPO companies to raise funds 53.34%. at the end of 2012, China's A-share market has A manufacturing company 1489, accounting for the proportion of the company's A stock market for the 60.28%. stock has no value, the value of all the sources represent the future of the enterprise value. Through the publication of financial accounting information of foreign enterprises, the future value passed to the securities market among the participants, as part of the financial accounting information of financial forecast information is particularly important. On the one hand, compared to the history of financial accounting information, financial forecast information transfer of the future of the enterprise in a certain period of production The camp, to prevent or avoid the risk of investors, the investment decision of significance is more significant, so investors gradually from only paying attention to historical information to simultaneously pay attention to change the historical information and forecast information. On the other hand, in order to enterprises in the fierce competition in the capital market to seek survival and development of the necessary funds, willing to take the initiative to investors optimistic about the disclosure of financial forecast information to show good prospects for the development of the company, in order to attract more investors. Since then, the accounting theory and practice of financial forecast information disclosure research gradually increase. However, the research on the financial forecast information started late in China, the practice time is not long, lack of experience, the financial forecast the information disclosure problems, many places need to further study.
First of all, the meaning of financial forecast information are defined in contents and characteristics and the historical financial information is distinguished. Secondly, the paper introduces the characteristics of financial forecast information disclosure of China's Listed Companies in the manufacturing industry, and the use of decision usefulness theory, information asymmetry theory of the Chinese manufacturing industry listed companies financial forecast information disclosure theory analysis. Through the collection of relevant data of China's manufacturing industry A stock market information disclosure of financial forecast of the listed company, found the insufficiency of financial forecast information disclosure of listed manufacturing companies in China, the disclosure content is not comprehensive, poor accuracy, false statements, the disclosure is not timely, the disclosure of irregularities and other issues and the reason can be summarized as manufacturing listed companies internal causes and external causes. In the internal reasons, corporate governance structure is not reasonable, the financial forecast information The supply of high cost, financial personnel professional quality restrictions caused by factors such as manufacturing listed companies disclosure of financial forecast information lack of initiative; in the external causes, and the preparation of financial forecast information disclosure system is imperfect, the financial forecast information disclosure accountability and exemption law system is not perfect, social supervision (mainly refers to the professional analysis from CPA the audit supervision and financial analyst team) did not provide the professional support will further lead to the low quality of financial forecast information disclosure of listed manufacturing companies in China. Because the U.S. stock market is relatively developed, according to the financial forecast information disclosure system has formed a complete system, so this paper after the analysis of information disclosure of the causes of the problem the financial forecast of listed manufacturing companies in China, illustrates the financial adopted by the United States against the public's forecast information disclosure The characteristics of dew system, which contains substantial content and forecast period of financial forecast information disclosure, the establishment of safe harbor rules to protect the goodwill of the financial forecast information disclosure and independent team, financial analysts. The financial authority from the United States used for public companies to forecast inspiration in information disclosure system, put forward the information preparation and disclosure standard of our country should create a complete financial forecast, develop safe harbor and have a professional team of financial analysts, independent, authoritative information. Finally, the problems of financial forecast manufacturing according to the front of the listed companies, this article from the perfect listed company internal governance and external governance of listed companies in two aspects systematically put forward the improvement suggestions. To improve the internal governance of listed companies, we should optimize the corporate governance structure, reduce ownership concentration And perfect the system of board of directors, clear responsibility preparation management of financial forecast information, financial forecast information disclosure initiative to improve the preparation of financial forecast information and the professional quality of the listed companies in the manufacturing industry; to improve the external governance of listed companies, puts forward the basic framework of the information criterion for preparation of < financial forecast, the creation of financial forecast the information disclosure exemption system, perfecting the financial forecast system of civil liability of false report information, improve the social supervision to provide professional support and improve the financial forecast information users on the effective demand of financial forecast information.

【學(xué)位授予單位】：江西財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F406.7;F426

【共引文獻(xiàn)】

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1 宋常;陳茜;;證券分析師盈利預(yù)測的錨定效應(yīng)研究——來自中國A股上市公司的經(jīng)驗(yàn)證據(jù)[J];安徽大學(xué)學(xué)報(bào)(哲學(xué)社會(huì)科學(xué)版);2014年01期

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本文編號(hào)：1470527