本文選題：IPO　切入點：財務(wù)信息　出處：《哈爾濱商業(yè)大學(xué)》2017年碩士論文

【摘要】：隨著我國市場經(jīng)濟(jì)的不斷發(fā)展,首次公開募股(IPO)已經(jīng)成為眾多公司除信貸融資之外越發(fā)傾向的融資選擇,投資機(jī)構(gòu)與普通投資者也以求通過購買首發(fā)新股獲取超額收益增厚財富。公司進(jìn)行首次公開股票發(fā)行涉及資金數(shù)目多、影響范圍廣,易對資本市場穩(wěn)定造成波動,也關(guān)系到眾多投資者的切身利益,受到市場、媒體、公眾等多方重視。然而公司在申請第一次公開上市前后因財務(wù)信息預(yù)披露質(zhì)量不高被處罰的現(xiàn)象高頻發(fā)生,因此為了保障IPO公司財務(wù)信息預(yù)披露質(zhì)量,促進(jìn)IPO過程中市場參與者各盡其責(zé),對目前IPO財務(wù)信息披露質(zhì)量狀況以及其影響因素進(jìn)行研究有一定理論意義和現(xiàn)實意義。論文以證監(jiān)會列示的財務(wù)數(shù)據(jù)異常指標(biāo)為依據(jù)得到IPO公司財務(wù)信息預(yù)披露質(zhì)量代理變量,對2014-2015年我國主板、中小板及創(chuàng)業(yè)板IPO公司財務(wù)信息預(yù)披露的質(zhì)量進(jìn)行判斷,運用因子分析和多元回歸分析法,對行業(yè)性質(zhì)、股權(quán)集中度、融資規(guī)模、VC/PE背景四個方面對IPO公司財務(wù)信息預(yù)披露質(zhì)量的影響展開研究。研究發(fā)現(xiàn)目前新股上市公司IPO階段的財務(wù)信息預(yù)披露質(zhì)量仍舊不高,存在利潤表內(nèi)盈利異常增長和盈利指標(biāo)與資產(chǎn)負(fù)債表、現(xiàn)金流量表相關(guān)項目缺少勾稽關(guān)系的現(xiàn)象。從影響IPO公司財務(wù)信息預(yù)披露質(zhì)量因素來看,壟斷性行業(yè)、股權(quán)集中度越高公司的IPO財務(wù)信息預(yù)披露質(zhì)量越高;融資規(guī)模越大、具有VC/PE背景公司的IPO財務(wù)信息預(yù)披露質(zhì)量越低。論文以實證研究結(jié)果為依據(jù)提出但并不局限于影響因素的有建設(shè)性的政策建議,可以對今后IPO信息預(yù)披露制度的完善提供借鑒與參考,為構(gòu)建以信息披露為核心的市場體系做出貢獻(xiàn),保證發(fā)行制度由核準(zhǔn)制向注冊制的平穩(wěn)過渡。
[Abstract]:With the development of market economy in our country, IPO (initial public offering) has become a more and more inclined financing choice in addition to credit financing for many companies.Investment institutions and ordinary investors are also looking to buy IPO shares to gain more wealth from excess returns.The IPO of companies involves a large number of funds, a wide range of influence, easy to cause volatility to the capital market stability, but also related to the vital interests of many investors, by the market, the media, the public and other attention.However, before and after applying for the first public listing, the company is punished frequently because the quality of financial information pre-disclosure is not high. Therefore, in order to ensure the quality of financial information pre-disclosure of IPO company and promote the market participants to do their part in the process of IPO,It is of theoretical and practical significance to study the quality of IPO financial information disclosure and its influencing factors.Based on the abnormal financial data index listed by CSRC, the paper obtains the quality agent variable of IPO company's financial information pre-disclosure, and judges the quality of financial information pre-disclosure of China's main board, small and medium-sized board and gem IPO in 2014-2015.By using factor analysis and multiple regression analysis, this paper studies the influence of industry nature, equity concentration, financing scale and VC / PE background on the quality of financial information pre-disclosure in IPO Company.It is found that the quality of pre-disclosure of financial information in the IPO stage of the new listed companies is still not high, and there exists the phenomenon of abnormal growth of profit in the profit statement, profit index and balance sheet, and lack of check relation between the related items in the cash flow statement.From the perspective of influencing factors of IPO company's financial information pre-disclosure quality, the higher the ownership concentration degree, the higher the IPO financial information pre-disclosure quality in monopoly industry; the larger the financing scale, the lower the IPO financial information pre-disclosure quality of the company with VC/PE background.Based on the results of empirical research, this paper puts forward constructive policy recommendations which are not limited to the influencing factors, which can provide reference and reference for the improvement of IPO information pre-disclosure system in the future.It contributes to the construction of the market system with information disclosure as the core and ensures the smooth transition from the approval system to the registration system.
【學(xué)位授予單位】：哈爾濱商業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F275;F832.51

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