本文選題：證券市場(chǎng) + 上市公司�。� 參考：《南京理工大學(xué)》2014年博士論文

【摘要】：我國(guó)上市公司一方面熱衷于股權(quán)融資卻不知給投資者回報(bào)；另一方面會(huì)計(jì)信息嚴(yán)重失真。這一千夫所指的現(xiàn)象與會(huì)計(jì)尋租緊密相關(guān)。本文系統(tǒng)地研究了我國(guó)上市公司在股權(quán)融資過(guò)程中的會(huì)計(jì)尋租行為,期望能為我國(guó)股票發(fā)行制度改革與會(huì)計(jì)制度創(chuàng)新,以及會(huì)計(jì)尋租理論體系的建立提供有價(jià)值的研究成果。 論文運(yùn)用尋租理論和證券市場(chǎng)股權(quán)融資與會(huì)計(jì)的關(guān)系理論,并采用規(guī)范研究和實(shí)證研究相結(jié)合的方法展開(kāi)研究。 首先,基于現(xiàn)有會(huì)計(jì)尋租理論很不成熟的現(xiàn)實(shí),按照尋租理論的核心思想,結(jié)合會(huì)計(jì)實(shí)務(wù)特點(diǎn),清晰地界定了會(huì)計(jì)尋租的內(nèi)涵及研究范疇,提出了會(huì)計(jì)尋租理論體系的基本結(jié)構(gòu)和會(huì)計(jì)尋租研究四要素,構(gòu)建了會(huì)計(jì)尋租的分析框架。 其次,探討了股權(quán)融資會(huì)計(jì)尋租的性質(zhì)。主要包括二個(gè)方面：一是構(gòu)建了股權(quán)融資會(huì)計(jì)尋租租金的計(jì)量模型；二是構(gòu)建相關(guān)計(jì)量模型,分析了股權(quán)融資會(huì)計(jì)尋租的社會(huì)成本構(gòu)成和福利效應(yīng)。認(rèn)為政府退出股權(quán)融資環(huán)節(jié),股權(quán)融資市場(chǎng)化,是我國(guó)證券市場(chǎng)改革的必然趨勢(shì)。 第三,分析了股權(quán)融資會(huì)計(jì)尋租的主體及其協(xié)同效應(yīng)。股權(quán)融資會(huì)計(jì)尋租的主體由控股股東、公司高管、相關(guān)中介機(jī)構(gòu)和政府有關(guān)部門(mén)組成。上市公司的控制權(quán)是股權(quán)融資尋租主體協(xié)同尋租的基礎(chǔ)。如果是在制度范圍內(nèi)尋租,由于不至于遭到刑事處罰,尋租主體很容易協(xié)同；如果要進(jìn)行違規(guī)性尋租,尋租主體是否協(xié)同則取決于處罰制度的嚴(yán)厲程度。完善上市公司和中介機(jī)構(gòu)的內(nèi)部控制是遏制協(xié)同尋租的關(guān)鍵。 第四,分析了會(huì)計(jì)尋租的制度機(jī)制。從我國(guó)股權(quán)融資有關(guān)的會(huì)計(jì)制度產(chǎn)生、發(fā)展的歷史過(guò)程來(lái)看,政府整體上表現(xiàn)出“從有意創(chuàng)租到無(wú)意創(chuàng)租”的規(guī)律。在會(huì)計(jì)制度制定民主化、會(huì)計(jì)信息使用市場(chǎng)化、司法救濟(jì)等方面還要深化改革。 第五,研究了股權(quán)融資會(huì)計(jì)尋租方法及其基本特征。在股權(quán)分置改革以前,上市公司存在一條“大股東向上市公司進(jìn)行利益輸送——上市公司股權(quán)融資——上市公司向大股東進(jìn)行利益輸送”的可以重復(fù)尋租的無(wú)法律風(fēng)險(xiǎn)通道。在股權(quán)分置改革時(shí),案例分析顯示,從最終租金獲取程度來(lái)看,擁有信息優(yōu)勢(shì)的非流通股股東是最大的贏家,禁售股解禁會(huì)導(dǎo)致非流通股股東延伸會(huì)計(jì)尋租。股權(quán)分置改革后,上市公司的股權(quán)整體上處于全流通狀態(tài),實(shí)證研究表明：盡管股權(quán)融資制度環(huán)境有了質(zhì)的變化,但股權(quán)融資會(huì)計(jì)尋租仍在進(jìn)行,操縱往來(lái)賬是主要手段(雖然不是唯一手段),且更加隱蔽；全流通時(shí)代機(jī)構(gòu)投資者有與大股東一同尋租的動(dòng)力；配股有消退的跡象；獨(dú)立董事對(duì)于抑制尋租作用不大。因此完善關(guān)聯(lián)交易制度,揭露關(guān)聯(lián)交易非關(guān)聯(lián)化,提高獨(dú)立董事比例,實(shí)行優(yōu)先股制度等措施有利于抑制上市公司會(huì)計(jì)尋租。根據(jù)會(huì)計(jì)的基本原理,基于對(duì)會(huì)計(jì)實(shí)務(wù)的研究,從凈利潤(rùn)、凈資產(chǎn)、凈現(xiàn)金流和會(huì)計(jì)信息披露四個(gè)方面總結(jié)了股權(quán)融資違規(guī)性會(huì)計(jì)尋租的一般規(guī)律和15種比較隱秘的違規(guī)性尋租手段。具體的案例分析表明,違規(guī)性尋租上市采取的手段符合上述規(guī)律,且其社會(huì)成本巨大。因此,實(shí)行舞弊導(dǎo)向?qū)徲?jì)(或鑒證)模式,并加大上市公司高管和中介責(zé)任,完善退市制度,實(shí)行嚴(yán)刑峻法,才可有效遏制這種惡意尋租行為。
[Abstract]:China ' s listed companies are keen on equity financing but do not know the return of investors ;
On the other hand , accounting information is seriously distorted . This phenomenon is closely related to accounting rent - seeking . This paper systematically studies the accounting rent - seeking behavior of listed companies in the course of equity financing , and expects to provide valuable research results for China ' s stock issuance system reform and accounting system innovation , as well as the establishment of accounting rent seeking theory system .

The paper uses the theory of rent - seeking theory and the relation theory of equity financing and accounting in stock market , and adopts the method of normative research and empirical research to carry out the research .

First , based on the reality that the existing accounting rent seeking theory is very immature , according to the core idea of the rent seeking theory and the characteristics of the accounting practice , the connotation and the research scope of the accounting rent seeking are clearly defined , the basic structure of the accounting rent seeking theory system and the four elements of the accounting rent seeking research are put forward , and the analysis framework of the accounting rent seeking is constructed .

Secondly , the nature of the rent - seeking of equity financing is discussed , which mainly includes two aspects : one is the model of the rent - seeking rent of equity financing ;
The second is to build the relevant measurement model , and analyze the social cost composition and welfare effect of the equity financing accounting rent seeking . It is considered that the government exits the equity financing link , and the equity financing is the inevitable trend of the reform of the securities market in China .

Thirdly , the main body of the equity financing accounting rent - seeking is analyzed . The main body of the equity financing accounting rent - seeking is composed of the controlling shareholder , the executive branch of the company , the relevant intermediary and the relevant government departments . The control right of the listed company is the basis of the cooperative rent - seeking of the equity financing rent - seeking main body .
If the rent - seeking is to be carried out , whether the rent - seeking main body is in coordination depends on the severity of the penalty system , and the internal control of the listed company and the intermediary institution is the key to curb the cooperative rent - seeking .

Fourth , the system mechanism of accounting rent seeking is analyzed . From the historical process of the development of accounting system related to equity financing in our country , the government has shown the law of " deliberately creating the rent from intention to create the rent " . In the accounting system , democratization , the use of accounting information and the judicial relief should be further reformed .

Fifth , the method and basic characteristics of equity financing accounting rent - seeking are studied . Before the reform of stock rights , the listed company has a non - legal risk channel which can repeat the rent - seeking for the interest delivery of listed companies to listed companies . In the case analysis , the stock rights of listed companies are the biggest winners . After the reform of stock rights , the stock rights of listed companies are in the whole circulation state .
The institutional investors in the all - circulation era have the power to rent the rent with the big shareholders ;
There are signs of regression of the shares ;
According to the basic principle of accounting , this paper sums up the general rule of accounting rent - seeking and 15 kinds of illegal rent - seeking methods . According to the basic principle of accounting , this paper sums up the general rule of the non - compliance accounting rent - seeking and the 15 kinds of comparative hidden rent - seeking methods .
【學(xué)位授予單位】：南京理工大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2014
【分類號(hào)】：F275;F832.51

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