本文選題：信息披露違規(guī) + 違規(guī)傾向�。� 參考：《江西財(cái)經(jīng)大學(xué)》2017年碩士論文

【摘要】：資本市場(chǎng)是一個(gè)信息流動(dòng)的市場(chǎng)。真實(shí)、全面、及時(shí)和完整的信息披露已被公認(rèn)為是保護(hù)中小投資者利益、提高市場(chǎng)公信力和促進(jìn)市場(chǎng)功能有效發(fā)揮的基礎(chǔ)和根本保障。隨著資本市場(chǎng)進(jìn)入新的發(fā)展階段,我國(guó)資本市場(chǎng)從法律法規(guī)上進(jìn)行了相應(yīng)的規(guī)范,證監(jiān)會(huì)于2014年10月17日更是實(shí)行了新的一輪退市制度改革,發(fā)布的《退市意見(jiàn)》明確規(guī)定對(duì)重大信息披露違法的公司實(shí)行強(qiáng)制退市。然而,我國(guó)信息披露違規(guī)現(xiàn)象仍然比較嚴(yán)重,呈現(xiàn)出一種有增無(wú)減的趨勢(shì),相當(dāng)一部分上市公司的違規(guī)行為更是屢禁不止。據(jù)統(tǒng)計(jì),在2001~2015年被中國(guó)證監(jiān)會(huì)和滬深交易所處罰的上市公司違規(guī)行為共計(jì)2010起,其中信息披露違規(guī)所占比重高達(dá)90.35%,信息披露違規(guī)中被處罰兩次以上的占比為45.97%,這給證券市場(chǎng)和投資者造成了巨大的傷害和嚴(yán)重的損失。此外,信息披露違規(guī)的行為出現(xiàn)了新的變化,違規(guī)手段更加復(fù)雜多樣,違規(guī)行為背后所潛藏的違規(guī)動(dòng)機(jī)也更加隱蔽,這將會(huì)直接影響廣大投資者的切身利益。上交所相繼發(fā)布“退市新規(guī)”之后,2015年3月27日,珠海市博元投資股份有限公司(600656)(以下簡(jiǎn)稱“PT博元”)成為退市新政落地后我國(guó)首家被強(qiáng)制啟動(dòng)退市制度的第一案。2016年3月21日,上交所宣布對(duì)PT博元做出終止上市決定,結(jié)束了PT博元在十幾年來(lái)屢屢違規(guī)又不斷浴火重生的傳奇,PT博元就此成為A股市場(chǎng)首例因重大違法被強(qiáng)制退市的上市公司。PT博元的退市可以說(shuō)是具有里程碑式的意義,開創(chuàng)了我國(guó)上市公司因涉嫌信息披露違法而退市的先河。在新的市場(chǎng)環(huán)境下,PT博元的信息披露違法違規(guī)呈現(xiàn)出違規(guī)時(shí)間長(zhǎng)、違規(guī)手段隱蔽復(fù)雜、涉案金額大和影響面廣的特點(diǎn),違規(guī)披露虛假信息的動(dòng)機(jī)也更加復(fù)雜,與實(shí)際控制人操縱市場(chǎng)、內(nèi)幕交易和利益輸送相結(jié)合的傾向性更加明顯,性質(zhì)惡劣,代表性強(qiáng)。但是,PT博元絕非個(gè)案,資本市場(chǎng)的信息不對(duì)稱性的日益加劇具有廣泛性,相當(dāng)一部分上市公司踐踏信息披露制度,披露虛假的或選擇性的會(huì)計(jì)信息,甚至是不披露已成為尋�，F(xiàn)象。因此,本文通過(guò)對(duì)PT博元的信息披露違規(guī)的動(dòng)因展開具體的討論。本文首先在現(xiàn)有國(guó)內(nèi)外文獻(xiàn)對(duì)信息披露違規(guī)存在問(wèn)題、市場(chǎng)反應(yīng)和動(dòng)因的研究的基礎(chǔ)上進(jìn)行回顧和梳理,遵循從理論到案例的研究路線,對(duì)我國(guó)上市公司信息披露違規(guī)的動(dòng)因進(jìn)行了重點(diǎn)研究。其次,在對(duì)信息披露違規(guī)的現(xiàn)狀進(jìn)行分析時(shí),將信息披露違規(guī)行為分為不真實(shí)、不及時(shí)、不充分和不規(guī)范四種類型;從類型分析、行業(yè)特征、財(cái)務(wù)特征和市場(chǎng)交易特征四個(gè)方面對(duì)信息披露違規(guī)的特征進(jìn)行分析;介紹了信息披露違規(guī)的基礎(chǔ)理論。最后,在上述研究的基礎(chǔ)上,引入PT博元信息披露違法違規(guī)的案例,對(duì)PT博元從創(chuàng)立到接連被三任實(shí)際控制人操縱的發(fā)展歷史進(jìn)行梳理,接著對(duì)PT博元長(zhǎng)達(dá)十幾年連續(xù)8次違規(guī)披露信息的方式和手段進(jìn)行分析,認(rèn)為PT博元的信息披露違規(guī)幾乎涵蓋了所有的違規(guī)方式,主要包括虛列資產(chǎn)、虛增利潤(rùn)、重大遺漏、延遲披露或不披露,最后剖析了PT博元屢屢違規(guī)背后的動(dòng)因,將其違規(guī)的動(dòng)因主要?jiǎng)澐譃槿N:為了獲取和維持上市資格、為了配股和獲取信貸資金再融資和為了滿足實(shí)際控制人的一己私利。此外,本文以PT博元信息披露違規(guī)案作為研究,得出了PT博元信息披露違規(guī)方式多樣、違規(guī)動(dòng)機(jī)明顯和違規(guī)行為具有明顯的狀態(tài)依存性的結(jié)論。并且據(jù)此得出維持上市資格是上市公司信息披露違規(guī)主要?jiǎng)訖C(jī)、控制權(quán)轉(zhuǎn)移后上市公司的信息披露違規(guī)會(huì)呈現(xiàn)新的違規(guī)動(dòng)機(jī)的重要啟示。因此,本文的貢獻(xiàn)就在于本文以違規(guī)經(jīng)歷長(zhǎng)達(dá)十余年的PT博元作為研究對(duì)象,具有一定的代表性,通過(guò)對(duì)PT博元的信息披露違規(guī)行為和違規(guī)動(dòng)因進(jìn)行研究,一方面為幫助廣大投資者進(jìn)一步理解上市公司信息披露違規(guī)行為的方式、手段及其背后的動(dòng)因提供依據(jù),另一方面也對(duì)具有信息披露違規(guī)傾向的上市公司的廣大利益相關(guān)者起到一定程度的警示作用。
[Abstract]:The capital market is a market of information flow. Real, comprehensive, timely and complete information disclosure has been recognized as the basis and fundamental guarantee for protecting the interests of small and medium investors, improving the market credibility and promoting the effective use of market functions. With the new development stage of capital market, China's capital market is carried out from laws and regulations. According to the corresponding standards, the SFC implemented a new round of delisting system reform in October 17, 2014, and the release of the delisting opinion clearly stipulates compulsory delisting for companies whose major information disclosure is illegal. However, the phenomenon of information disclosure irregularities in China is still relatively serious, showing an unabated trend and a considerable number of listed companies. According to statistics, 2010 of the listed companies are punished by the China Securities Regulatory Commission and the Shanghai and Shenzhen Stock Exchange in 2001~2015, of which the proportion of information disclosure violations is as high as 90.35%, and more than two times in the information disclosure violation is 45.97%, which has caused the securities market and investors. There are great damage and serious losses. In addition, new changes have been made in information disclosure violations, the means of violation are more complex, and the hidden motives behind violations will be more concealed. This will directly affect the vital interests of the investors. After the "new regulations" of "delisting", March 27, 2015, the Shanghai Stock Exchange Boyuan investment Limited by Share Ltd (600656) (600656) (hereinafter referred to as "PT Bo Yuan") became the first case of the first forced start of the delisting system in China after the landing of the new deal, the first case in March 21st.2016, the Shanghai Stock Exchange announced the decision to stop the listing of PT Bo Yuan, and ended the legend of the PT Bo Yuan in ten years of repeated violations and continuous rebirth of the legend, PT Bo. This is the first example of the delisting of.PT Bo Yuan, the first listed company in the A stock market, which has been forced to withdraw from the market. It has a milestone significance. It pioneered the delisting of Listed Companies in China on suspicion of illegal information disclosure. In the new market environment, the information disclosure of PT Bo Yuan has shown a long time and violation of rules and regulations. The means of concealment is complicated, the amount of money involved in the case is large and the influence is wide, and the motive of disclosure of false information is more complicated. The tendency of combining the actual controller to manipulate the market, the insider trading and the benefit transport is more obvious, the nature is bad, and the representative is strong. However, the PT Bo Yuan is not a case, and the information asymmetry of the capital market is increasing day by day. The play is widely used, a considerable number of listed companies trampling the information disclosure system, disclosing false or selective accounting information, even non disclosure has become a common phenomenon. Therefore, this paper discusses the causes of Information Disclosure Violation of PT Bo Yuan. On the basis of the research on the market reaction and the motivation, we should review and comb it, follow the research route from the theory to the case, and focus on the motivation of the Information Disclosure Violation of the listed companies in our country. Secondly, when analyzing the current situation of the Information Disclosure Violation, the Information Disclosure Violation is divided into untrue, not timely and inadequate. And non standard four types; from four aspects of type analysis, industry characteristics, financial characteristics and market transaction characteristics, the characteristics of Information Disclosure Violation are analyzed, and the basic theory of information disclosure irregularities is introduced. Finally, on the basis of the above research, the cases of PT Bo Yuan information disclosure illegal and illegal are introduced, and the PT Bo Yuan is created from the establishment to the connection. The development history of the three actual controllers was combed, and then the way and means of the 8 consecutive disclosure of information by PT Bo Yuan for more than ten years was analyzed. It was believed that the Information Disclosure Violation of the PT Bo Yuan almost covered all the illegal ways, including the virtual assets, the false increase of profit, the major omission, the delay of disclosure or non disclosure. Finally, the reasons behind the repeated violations of PT Bo Yuan are analyzed, and the reasons for the violation are divided into three kinds: in order to obtain and maintain the listing qualification, to refinance the shares and obtain credit funds and to satisfy the private interests of the actual controllers. In addition, this paper takes the information disclosure violation case of PT Bo Yuan as a research, and draws the information of PT Bo Yuan. According to the conclusion, the main motivation of the listed companies' Information Disclosure Violation is that the listed company's Information Disclosure Violation will show the new violation motivation after the transfer of the listed companies. Therefore, the contribution of this article is to the conclusion. In this paper, PT Bo Yuan, which has gone through more than ten years of violation, has a certain representativeness, through the research on the information disclosure rules and regulations of the PT Bo Yuan, on the one hand, to help the majority of investors to further understand the way of information disclosure violations of the listed companies, the means and the motivation behind them. On the other hand, it also plays a warning role to the wide stakeholders of listed companies with the tendency of information disclosure violation.
【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】：2017
【分類號(hào)】：F832.51

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 劉峰;涂國(guó)前;;中國(guó)上市公司控制權(quán)轉(zhuǎn)移的動(dòng)機(jī)研究[J];財(cái)經(jīng)研究;2016年10期

2 干勝道;;企業(yè)財(cái)務(wù)壓力:來(lái)源與管控[J];會(huì)計(jì)之友;2016年09期

3 于剛;夏林;;上市公司財(cái)務(wù)舞弊案例分析——以“紫鑫藥業(yè)”為例[J];財(cái)會(huì)研究;2015年10期

4 韓亞莉;;我國(guó)上市公司的新退市制度[J];中外企業(yè)家;2015年15期

5 鄭瑛;張冬梅;;關(guān)聯(lián)方交易及其信息披露問(wèn)題探討[J];商業(yè)會(huì)計(jì);2015年04期

6 張?jiān)?;雙重上市公司境內(nèi)外風(fēng)險(xiǎn)信息披露一致性及其影響因素[J];財(cái)經(jīng)理論與實(shí)踐;2014年04期

7 李梁;;我國(guó)上市公司會(huì)計(jì)信息披露問(wèn)題及規(guī)范建議[J];合作經(jīng)濟(jì)與科技;2014年02期

8 唐琴;;淺析我國(guó)上市公司信息披露存在瑕疵的原因及對(duì)策[J];經(jīng)濟(jì)研究導(dǎo)刊;2011年08期

9 馮旭南;李心愉;;終極所有權(quán)和控制權(quán)的分離:來(lái)自中國(guó)上市公司的證據(jù)[J];經(jīng)濟(jì)科學(xué);2009年02期

10 齊萱;;中國(guó)上市公司自愿性會(huì)計(jì)信息披露諸觀點(diǎn)的梳理與評(píng)價(jià)[J];現(xiàn)代財(cái)經(jīng)-天津財(cái)經(jīng)大學(xué)學(xué)報(bào);2009年01期

相關(guān)碩士學(xué)位論文 前3條

1 程頌華;我國(guó)上市公司信息披露規(guī)范化管理研究[D];華東理工大學(xué);2014年

2 湯仁征;我國(guó)上市公司信息披露問(wèn)題研究[D];財(cái)政部財(cái)政科學(xué)研究所;2013年

3 于慧琴;我國(guó)上市公司財(cái)務(wù)舞弊問(wèn)題研究[D];南京理工大學(xué);2008年

，

本文編號(hào)：2023534