發(fā)布時間：2018-06-15 20:33

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

【摘要】：資本市場是一個信息流動的市場。真實、全面、及時和完整的信息披露已被公認為是保護中小投資者利益、提高市場公信力和促進市場功能有效發(fā)揮的基礎和根本保障。隨著資本市場進入新的發(fā)展階段,我國資本市場從法律法規(guī)上進行了相應的規(guī)范,證監(jiān)會于2014年10月17日更是實行了新的一輪退市制度改革,發(fā)布的《退市意見》明確規(guī)定對重大信息披露違法的公司實行強制退市。然而,我國信息披露違規(guī)現(xiàn)象仍然比較嚴重,呈現(xiàn)出一種有增無減的趨勢,相當一部分上市公司的違規(guī)行為更是屢禁不止。據(jù)統(tǒng)計,在2001~2015年被中國證監(jiān)會和滬深交易所處罰的上市公司違規(guī)行為共計2010起,其中信息披露違規(guī)所占比重高達90.35%,信息披露違規(guī)中被處罰兩次以上的占比為45.97%,這給證券市場和投資者造成了巨大的傷害和嚴重的損失。此外,信息披露違規(guī)的行為出現(xiàn)了新的變化,違規(guī)手段更加復雜多樣,違規(guī)行為背后所潛藏的違規(guī)動機也更加隱蔽,這將會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)(以下簡稱“PT博元”)成為退市新政落地后我國首家被強制啟動退市制度的第一案。2016年3月21日,上交所宣布對PT博元做出終止上市決定,結束了PT博元在十幾年來屢屢違規(guī)又不斷浴火重生的傳奇,PT博元就此成為A股市場首例因重大違法被強制退市的上市公司。PT博元的退市可以說是具有里程碑式的意義,開創(chuàng)了我國上市公司因涉嫌信息披露違法而退市的先河。在新的市場環(huán)境下,PT博元的信息披露違法違規(guī)呈現(xiàn)出違規(guī)時間長、違規(guī)手段隱蔽復雜、涉案金額大和影響面廣的特點,違規(guī)披露虛假信息的動機也更加復雜,與實際控制人操縱市場、內(nèi)幕交易和利益輸送相結合的傾向性更加明顯,性質惡劣,代表性強。但是,PT博元絕非個案,資本市場的信息不對稱性的日益加劇具有廣泛性,相當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計信息,甚至是不披露已成為尋�，F(xiàn)象。因此,本文通過對PT博元的信息披露違規(guī)的動因展開具體的討論。本文首先在現(xiàn)有國內(nèi)外文獻對信息披露違規(guī)存在問題、市場反應和動因的研究的基礎上進行回顧和梳理,遵循從理論到案例的研究路線,對我國上市公司信息披露違規(guī)的動因進行了重點研究。其次,在對信息披露違規(guī)的現(xiàn)狀進行分析時,將信息披露違規(guī)行為分為不真實、不及時、不充分和不規(guī)范四種類型;從類型分析、行業(yè)特征、財務特征和市場交易特征四個方面對信息披露違規(guī)的特征進行分析;介紹了信息披露違規(guī)的基礎理論。最后,在上述研究的基礎上,引入PT博元信息披露違法違規(guī)的案例,對PT博元從創(chuàng)立到接連被三任實際控制人操縱的發(fā)展歷史進行梳理,接著對PT博元長達十幾年連續(xù)8次違規(guī)披露信息的方式和手段進行分析,認為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、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)背后的動因,將其違規(guī)的動因主要劃分為三種: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)動機明顯和違規(guī)行為具有明顯的狀態(tài)依存性的結論。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)主要動機、控制權轉移后上市公司的信息披露違規(guī)會呈現(xiàn)新的違規(guī)動機的重要啟示。因此,本文的貢獻就在于本文以違規(guī)經(jīng)歷長達十余年的PT博元作為研究對象,具有一定的代表性,通過對PT博元的信息披露違規(guī)行為和違規(guī)動因進行研究,一方面為幫助廣大投資者進一步理解上市公司信息披露違規(guī)行為的方式、手段及其背后的動因提供依據(jù),另一方面也對具有信息披露違規(guī)傾向的上市公司的廣大利益相關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.
【學位授予單位】：江西財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.51

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