本文選題：掏空行為　切入點(diǎn)：信息披露　出處：《西南財(cái)經(jīng)大學(xué)》2014年碩士論文

【摘要】：上世紀(jì)末,隨著我國(guó)經(jīng)濟(jì)體制的轉(zhuǎn)變,資本市場(chǎng)在穩(wěn)步發(fā)展的基礎(chǔ)上已經(jīng)逐漸成為邁向市場(chǎng)化和優(yōu)化資源配置的重要力量�，F(xiàn)如今中國(guó)資本市場(chǎng)已經(jīng)到達(dá)了高速發(fā)展的關(guān)鍵時(shí)期。但是由于我國(guó)資本市場(chǎng)起步較晚,上市公司還存在不少問(wèn)題,特別是大股東通過(guò)關(guān)聯(lián)交易、直接占款、操縱股價(jià)等手段掏空上市公司的案件,不但損害了中小股東的合法權(quán)益,還影響了上市公司自身正常的生產(chǎn)經(jīng)營(yíng),嚴(yán)重?cái)_亂了市場(chǎng)秩序。如何避免最終控制人掏空上市公司、保證上市公司的正常發(fā)展是目前我國(guó)資本市場(chǎng)亟待解決的大問(wèn)題。 信息披露質(zhì)量的高低對(duì)于上市公司治理有著重大影響。對(duì)內(nèi),信息披露的質(zhì)量能夠在一定程度上反映管理層的治理水平；對(duì)外,提高信息披露質(zhì)量可以提高籌資效率、保護(hù)中小股東和促進(jìn)資本市場(chǎng)健康發(fā)展。近年來(lái),我國(guó)上市公司整體的信息披露水平有了一定的提高,但是還有不少問(wèn)題不容忽視,無(wú)論是上市公司自身、會(huì)計(jì)師事務(wù)所還是監(jiān)管機(jī)構(gòu)都還有很大的改善空間。高質(zhì)量的信息披露既能夠幫助投資者甄別掏空行為,也可以遏制大股東的掏空行為。所以本文選擇從信息披露的角度來(lái)研究上市公司的掏空行為。 2010年紫鑫藥業(yè)以人參貿(mào)易為托,借助吉林人參產(chǎn)業(yè)規(guī)劃的政策東風(fēng),營(yíng)業(yè)收入和利潤(rùn)大幅增長(zhǎng),推動(dòng)股價(jià)節(jié)節(jié)飆升。但是在2011年8月,紫鑫藥業(yè)卻被曝涉嫌通過(guò)注冊(cè)空殼公司,利用非正常關(guān)聯(lián)交易操縱利潤(rùn),最終控制人借此大肆掏空上市公司,被人們冠上了“銀廣夏第二”的稱(chēng)號(hào)。在我國(guó)資本市場(chǎng)穩(wěn)步發(fā)展、信息披露制度逐步完善、監(jiān)管日趨嚴(yán)格的今天,紫鑫藥業(yè)掏空案的發(fā)生不由得引人深思。 本文采用規(guī)范研究與案例分析相結(jié)合的研究方法來(lái)分析我國(guó)上市公司掏空行為和信息披露的問(wèn)題。全文共分六章,第一章為導(dǎo)論部分,主要是介紹本文的研究背景、研究意義、研究方法等內(nèi)容。第二章是文獻(xiàn)綜述,將對(duì)國(guó)內(nèi)外關(guān)于掏空行為、關(guān)聯(lián)交易和信息披露的現(xiàn)有研究成果進(jìn)行總結(jié)。第三章為基礎(chǔ)理論分析,主要是介紹與掏空行為、信息披露相關(guān)的基礎(chǔ)理論。第四章對(duì)當(dāng)前我國(guó)上市公司掏空行為的動(dòng)機(jī)、手段、信息披露特征以及我國(guó)信息披露的現(xiàn)狀、存在的缺陷等內(nèi)容進(jìn)行總結(jié)歸納。第五部分則是對(duì)吉林紫鑫藥業(yè)掏空案進(jìn)行介紹,并結(jié)合前文的理論論述進(jìn)行詳細(xì)的分析。最后第六部分是針對(duì)遏制大股東掏空上市公司提出的相關(guān)建議。
[Abstract]:At the end of last century, with the change of our country's economic system, the capital market has gradually become an important force of marketization and optimizing the allocation of resources on the basis of steady development.Now China's capital market has reached a critical period of rapid development.However, due to the late start of the capital market in our country, there are still many problems in the listed companies, especially the cases in which large shareholders empty the listed companies by means of related party transactions, direct appropriation of funds, manipulation of stock prices, etc., which not only damages the legitimate rights and interests of minority shareholders, but also damages the legal rights and interests of minority shareholders.It also affects the normal production and operation of listed companies and seriously disrupts the market order.How to avoid the ultimate control of the listed company and ensure the normal development of the listed company is a major problem to be solved urgently in the capital market of our country.The quality of information disclosure has a significant impact on the governance of listed companies.At home, the quality of information disclosure can reflect the management level to a certain extent, and to the outside, improving the quality of information disclosure can improve the efficiency of raising funds, protect the minority shareholders and promote the healthy development of the capital market.In recent years, the level of information disclosure of listed companies in our country has been improved, but there are still many problems that can not be ignored. No matter the listed companies themselves, accounting firms or regulatory bodies still have a lot of room for improvement.High-quality disclosure can help investors to identify tunneling behavior, but also can curb the tunneling behavior of large shareholders.So this paper chooses to study the tunneling behavior of listed companies from the perspective of information disclosure.In 2010, Zixin Pharmaceutical supported by the ginseng trade, with Jilin ginseng industry planning policy east wind, revenue and profit growth, driving the stock price skyrocketing.But in August 2011, it was revealed that Zixin Pharmaceutical Company was suspected of using abnormal related party transactions to manipulate profits through the registration of shell companies, and eventually the controller took advantage of this to empty out the listed company and was named "Silver Guangxia II".With the steady development of China's capital market, the gradual improvement of information disclosure system and the increasingly strict supervision, the occurrence of the tunneling case of Zixin Pharmaceutical Industry is thought-provoking.This paper uses the method of normative research and case analysis to analyze the tunneling behavior and information disclosure of listed companies in China.This paper is divided into six chapters, the first chapter is the introduction, mainly introduces the research background, research significance, research methods and so on.The second chapter is a literature review, which summarizes the existing research results on tunneling, related party transactions and information disclosure at home and abroad.The third chapter is the basic theory analysis, mainly introduces the basic theory related to tunneling behavior and information disclosure.The fourth chapter summarizes the motives, means, characteristics of information disclosure, the current situation of information disclosure and the defects of the current tunneling behavior of listed companies in China.The fifth part introduces the tunneling case of Jilin Zixin Pharmaceutical Co., Ltd.Finally, the sixth part is to curb the large shareholders tunneling listed companies put forward the relevant recommendations.
【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F832.51;F830.42

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