發(fā)布時(shí)間：2018-02-27 09:29

  本文關(guān)鍵詞： 上市銀行 招股說明書 信息披露 內(nèi)容分析法　出處：《山東大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：無須贅言,信息是證券市場的核心,有效的信息披露制度是市場運(yùn)行的基石,信息不對稱和信息不完全會(huì)導(dǎo)致市場低效率,因此證券市場也被稱作“信息市場”。證券市場高度發(fā)展的今天要求信息披露完整、真實(shí)、準(zhǔn)確和及時(shí),信息披露制度的建設(shè)是我國證券市場提高市場有效性的重要方式之一。 作為上市公司信息披露最重要的法律文獻(xiàn)之一,招股說明書是對投資者,監(jiān)管者的參考以及對公司首次公開發(fā)行時(shí)信息的表達(dá),是上市公司和承銷機(jī)構(gòu)做出的承諾,是投資者對于認(rèn)識(shí)首次公開發(fā)行(Initial Public Offering, IPO)的公司、評估上市公司的股票價(jià)值和到?jīng)Q定投資的唯一可以信賴的文件,也反映了監(jiān)管部門對其信息披露的基本要求。盡管我國的股票發(fā)行審核制度與信息披露制度一直在改革與完善,但上市后企業(yè)效益出現(xiàn)大幅下滑、募集資金投向出現(xiàn)變更、“包裝”上市、投資者不能掌握上市公司信息的問題和現(xiàn)象依然存在。商業(yè)銀行又是我國社會(huì)主義經(jīng)濟(jì)建設(shè)的重要部門,因此,剖析我國新股發(fā)行的信息披露狀況,探尋深層次的問題并提出改善的建議,對于規(guī)范發(fā)行人和投資銀行等中介機(jī)構(gòu)的信息披露行為、優(yōu)化信息披露監(jiān)管機(jī)制以及保護(hù)投資者的利益等均具有重要的現(xiàn)實(shí)意義。 本文基于我國滬市上市銀行,對其發(fā)行階段招股說明書信息披露進(jìn)行了量化和實(shí)證分析,考察了上市銀行招股說明書中披露的信息,得到上市銀行在IPO階段信息披露的特點(diǎn)和質(zhì)量。首先,本文統(tǒng)計(jì)了我國上市銀行首次公開發(fā)行的概況,對其信息披露質(zhì)量的考核設(shè)立了評判標(biāo)準(zhǔn)；其次,統(tǒng)計(jì)了我國上市銀行的發(fā)行階段的狀況和監(jiān)管部門對我國上市銀行發(fā)行階段的法規(guī)規(guī)范、監(jiān)管部門等；再次,本文最重要的內(nèi)容是應(yīng)用內(nèi)容分析法對各個(gè)因素的一系列的實(shí)證分析,得到上市公司某些方面如風(fēng)險(xiǎn)、財(cái)務(wù)的信息披露與銀行上市短期盈利的關(guān)系,公司治理方面的考察是從實(shí)證、統(tǒng)計(jì)的角度得到其信息披露的程度,對上市銀行發(fā)行階段財(cái)務(wù)會(huì)計(jì)信息的考察是基于功效系數(shù)法；最后是未來研究和展望,該領(lǐng)域的研究和探索具有長期性和實(shí)用性。 本文運(yùn)用內(nèi)容分析法,對招股說明書中披露的信息因素進(jìn)行定性和定量的分析。此外,輔助運(yùn)用一元、多元回歸分析法、功效系數(shù)法、德爾菲法、賦值法等,結(jié)合新股發(fā)行后的財(cái)務(wù)數(shù)據(jù)、股票價(jià)格等指標(biāo),對主要因素進(jìn)行統(tǒng)計(jì)、實(shí)證研究,以此檢驗(yàn)上市銀行招股說明書中信息披露的特點(diǎn)的質(zhì)量。 本文的應(yīng)用價(jià)值在于：對新股尤其是銀行股發(fā)行審核制度的完善、信息披露監(jiān)管機(jī)制的優(yōu)化具有現(xiàn)實(shí)意義；對鼓勵(lì)上市銀行進(jìn)行風(fēng)險(xiǎn)及其他信息因素自愿性披露具有應(yīng)用價(jià)值；為上市銀行提供利于其健康發(fā)展的應(yīng)用依據(jù)；能夠規(guī)范發(fā)行者和中介者信息披露行為,為監(jiān)管部門提供信息披露監(jiān)管機(jī)制的應(yīng)用基礎(chǔ),此外,對于保護(hù)投資者尤其是中小投資者的利益等均具有現(xiàn)實(shí)意義。本文的創(chuàng)新之處為：基于招股說明書分析、研究我國滬市上市銀行在發(fā)行階段的狀況信息披露的質(zhì)量是較為罕見的；本文綜合考察了招股說明書中有代表性的風(fēng)險(xiǎn)因素、內(nèi)部控制因素、公司治理結(jié)構(gòu)因素和財(cái)務(wù)會(huì)計(jì)信息四個(gè)方面,考察了我國滬市上市銀行新股發(fā)行時(shí)信息披露內(nèi)容的規(guī)范性和完整性；招股說明書中的非財(cái)務(wù)信息都是文字的表述,本文對其進(jìn)行了量化,并在此基礎(chǔ)上進(jìn)行了實(shí)證分析,這是對運(yùn)用內(nèi)容分析法的創(chuàng)新；得到了我國滬市銀行新股發(fā)行風(fēng)險(xiǎn)信息披露的質(zhì)量與股票上市首日收益率之間的關(guān)系。
[Abstract]:Needless to say, the information is the core of the securities market, the effective information disclosure system is the cornerstone of the operation of the market, asymmetric information and incomplete information will lead to the low efficiency of market, so the stock market has also been referred to as "information market". The height of the development of the securities market information disclosure requirements today complete, true, accurate and timely information, construction the disclosure system of the securities market of our country is an important way to improve the effectiveness of the market.
As the information disclosure of listed companies is one of the most important legal documents, the prospectus is for investors, regulators and the expression of the reference for the issuance of corporate information publicly for the first time, is to make the listed company and the underwriting institution's commitment to investors for understanding the IPO (Initial Public, Offering, IPO) of the company, the evaluation of listed companies the value of the stock and the only reliable file decided to invest, but also reflects the basic regulatory requirements for information disclosure. Although China's stock issuance system and information disclosure system has been in the reform and improvement, but after the listing of enterprise efficiency decline, raise funds appear to change, "packaging" listing investors can not grasp the information of listed companies and the problems still exist. The commercial bank is an important sector of socialist economic construction of our country, therefore, Analysis of information disclosure of the issue of new shares in China, explores the deep-seated problems and puts forward improvement suggestions, for the specification of the issuer and the investment bank and other intermediary agencies of information disclosure has important practical significance to optimize the information disclosure supervision mechanism and protect the interests of investors.
In this paper, China's Shanghai Listed Banks Based on the issue of the prospectus disclosure stage of quantitative and Empirical Analysis on listed banks, the information disclosed in the prospectus, have listed banks in the characteristics and quality of IPO information disclosure. First, overview of the statistics of China's listed banks IPO, set up the evaluation standard of the information disclosure quality assessment; secondly, the state issued statistics stage of China's listed banks and regulatory authorities on the regulation of China's listed banks issuing stage, supervision department; thirdly, the content of this paper is the most important application of content analysis on various factors of a series of empirical. From some aspects such as the risk of listed companies, financial information disclosure and listed banks short-term earnings, corporate governance is investigated from the empirical statistical point to To the extent of information disclosure, the investigation of financial accounting information in the issuing stage of listed banks is based on the efficacy coefficient method. Finally, it is the future research and prospect. The research and exploration in this field is long-term and practical.
This paper uses content analysis method, qualitative and quantitative analysis of the factors of information disclosure of the prospectus in. In addition, the use of a secondary element, the multiple regression analysis, efficacy coefficient method, Delphy Fa, assignment method, combined with the financial data after the IPO, the stock price index, the main factors of the empirical statistics, study on the quality, in order to test the characteristics of information disclosure of listed banks offering in the specification.
The application value of this paper lies in: the new banking stocks in particular the issuance examination system is of practical significance to optimize the information disclosure supervision mechanism; to encourage listed banks and other risk factors has the application value of voluntary disclosure of information; application of listed banks to provide the basis for its healthy development; can regulate the behavior of issuers and intermediaries information disclosure, application, provide information disclosure supervision mechanism for the supervision department in addition, for the protection of investors is of great realistic significance. The innovation in this article is: Based on the analysis of the prospectus, the quality research of listed banks information disclosure in the distribution stage is relatively rare this paper examines; risk factors representative of the prospectus, the factors of the internal control, corporate governance structure factors The financial and accounting information from four aspects, and complete specification investigates China's Shanghai Listed Bank IPO information disclosure in the prospectus; non financial information is text representation, this paper for the quantification, and based on the empirical analysis, this is the innovation of the content analysis; the quality and stock IPO in China Shanghai Bank Risk information disclosure of listed among the first day return relationship.

【學(xué)位授予單位】：山東大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.5

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本文編號(hào)：1542101