本文關(guān)鍵詞：科倫藥業(yè)收購君健塑膠信息披露違規(guī)案例分析　出處：《遼寧大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

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【摘要】：我國的證券市場經(jīng)過數(shù)十年的快速發(fā)展，形成了一套較完善的制度體系，但是我國的信息披露法律規(guī)制建設(shè)、金融監(jiān)管體系等眾多方面與國外較發(fā)達(dá)的資本主義市場仍存在著一定的差距。我國證券市場信息披露存在的種種弊端，從一定程度上反應(yīng)我國上市公司治理結(jié)構(gòu)和信息披露制度存在一定的漏洞及當(dāng)前監(jiān)管體制的不完善。本論文從我國證券市場信息披露違規(guī)的現(xiàn)狀出發(fā)，以上市公司科倫藥業(yè)收購君健塑膠信息披露違規(guī)為例。闡述科倫藥業(yè)收購君健塑膠過程中存在的問題，并從內(nèi)外兩方面揭露上市公司科倫藥業(yè)不能有效、及時的披露與君健塑膠的關(guān)聯(lián)交易關(guān)系且在多次信息披露中存在誤導(dǎo)性陳述的原因。科倫藥業(yè)因使用溢價于君健塑膠資產(chǎn)4倍的超募資金收購君健塑膠全部股權(quán)，歷時兩年后被四川監(jiān)管局及中國證監(jiān)會經(jīng)調(diào)查認(rèn)定該公司在信息披露方面違反了有關(guān)法律規(guī)定，其不及時、不準(zhǔn)確、不完整信息披露，嚴(yán)重擾亂證券市場的健康發(fā)展。 本論文針對科倫藥業(yè)收購君健塑膠信息披露違規(guī)后被四川監(jiān)管局和中國證監(jiān)會分別處罰公告后，對上市公司信息披露違規(guī)行為的處罰效果進(jìn)行分析，，特別是對上市公司的股價在二級市場的波動及成交量的影響，進(jìn)一步分析信息披露違規(guī)給上市公司所造成的損失及處罰的震懾力，以及上市公司信息披露違規(guī)公告后的市場反應(yīng)，和此次事件對科倫藥業(yè)未來經(jīng)營業(yè)績和長遠(yuǎn)發(fā)展帶來的影響。論文針對科倫藥業(yè)信息披露違規(guī)事件所造成的重大影響，依據(jù)案例發(fā)展過程中二級市場的變化提出事件驅(qū)動的投資策略，針對案例的分析結(jié)果給科倫藥業(yè)未來發(fā)展帶來的重大教訓(xùn)和科倫藥業(yè)從此次事件中可以得到的借鑒，分別對上市公司和監(jiān)管當(dāng)局提出建議，要加強(qiáng)對上市公司日常信息披露監(jiān)管的力度，做到防患于未然，以有效規(guī)范上市公司信息披露的制度，完善整個證券市場的信息披露監(jiān)管機(jī)制。
[Abstract]:After tens of years of rapid development, China's securities market has formed a more perfect system, but our country's information disclosure legal regulation construction. There is still a certain gap between the financial supervision system and the more developed capitalist market in foreign countries. To a certain extent, it reflects the existence of loopholes in the governance structure and information disclosure system of listed companies in China and the imperfections of the current regulatory system. This paper proceeds from the current situation of information disclosure violations in China's securities market. Taking the violation of information disclosure in the purchase of Junjian plastic by Collen Pharmaceutical Company as an example, this paper expounds the problems existing in the process of Coren Pharmaceutical Company acquiring Junjian Plastics, and reveals that the listed company, Collen Pharmaceutical, cannot be effective from both internal and external aspects. Timely disclosure of the relationship with Junjian Plastics and the existence of misleading statements in multiple disclosures. Collen Pharmaceuticals acquired the full equity of Junjian Plastics by using a 4 times premium to Junjian's plastic assets. . After two years by the Sichuan Superintendency Bureau and the China Securities Regulatory Commission after the investigation found that the company in the disclosure of information in violation of the relevant laws and regulations, it is not timely, inaccurate, incomplete information disclosure. Seriously disturb the healthy development of the securities market. This paper analyzes the penalty effect of information disclosure violation of listed companies after being punished separately by Sichuan Supervision Bureau and China Securities Regulatory Commission after Collen Pharmaceutical Company purchased Junjian Plastics Information Disclosure violation. Especially on the stock price of listed companies in the secondary market fluctuations and the impact of trading volume, further analysis of information disclosure violations of the loss and punishment of listed companies caused by the deterrent force. As well as the market reaction of the listed company after the information disclosure violation announcement. And the impact of this incident on the future business performance and long-term development of the pharmaceutical industry. An event-driven investment strategy is proposed according to the changes in the secondary market in the course of case development. According to the results of the case analysis of the future development of Collen pharmaceutical industry to bring major lessons and the Cologne pharmaceutical industry from this incident can be used for reference, respectively to the listed companies and regulatory authorities put forward recommendations. It is necessary to strengthen the supervision of daily information disclosure of listed companies, to prevent trouble in the early stages, to standardize the system of information disclosure of listed companies effectively, and to perfect the supervision mechanism of information disclosure in the whole securities market.
【學(xué)位授予單位】：遼寧大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51;F426.72

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