發(fā)布時間：2018-06-17 02:37

  本文選題：信息披露 + 內容分析法��； 參考：《山東財經(jīng)大學》2012年碩士論文

【摘要】：信息披露一直是投資者和監(jiān)管機構共同關注的問題之一，企業(yè)信息的披露，一方面有利于投資者及時、全面、準確地了解企業(yè)的經(jīng)營運作情況，對投資者的投資決策有重要的引導作用；另外，信息披露還可以減少市場信息的不對稱性，優(yōu)化資源配置、提高資本市場的效率。近年來，隨著我國資本市場的發(fā)展，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，新股發(fā)行市場中的風險信息披露在取得巨大成績的同時也暴露出了一些問題。造假上市、上市后企業(yè)效益出現(xiàn)大幅下滑、募集資金投向出現(xiàn)變更等情況仍時有發(fā)生。因此，有必要對新股發(fā)行人披露的風險信息進行考察。 本文基于內容分析法，對企業(yè)擬上市時公開發(fā)行的招股說明書的風險信息部分進行剖析，主要是從兩個方面入手的。從橫向角度看，文章不僅對企業(yè)的招股說明書中的風險信息部分的規(guī)范性程度進行了分析，而且對主板、中小板、創(chuàng)業(yè)板市場的擬上市企業(yè)所披露的風險信息運用非參數(shù)分析的實證方法進行了比較；從縱向角度看，文章對我國2007年1月1日至2010年12月31日這四年期間上市公司擬上市時發(fā)行的招股說明書中披露的風險信息進行了趨勢分析。通過以上分析，發(fā)現(xiàn)企業(yè)的招股說明書信息披露已取得了很大的進步，正在日趨完善，但也存在一些需要解決的問題。本文在上述分析的基礎上，提出了進一步規(guī)范和完善企業(yè)招股說明書風險信息披露的建議。 本文的研究方法有兩個：一是運用內容分析法對企業(yè)招股說明書中的風險信息部分進行了比較分析和趨勢分析。在比較分析時，主要是進行對信息披露的規(guī)范程度和不同市場擬上市企業(yè)信息披露的差異性進行了分析；二是基于內容分析法的基礎之上，運用了非參數(shù)分析及描述性統(tǒng)計的方法，將理論分析與實證研究相結合。 本文分六章進行了論述，，全文結構安排如下： 第一章為導言。對本文要解決的主要問題、研究意義與方法、研究思路與框架以及本文的創(chuàng)新和不足之處進行介紹，從總體上把握全文布局。 第二章為文獻綜述。在本章，從不同的角度介紹了有關學者的研究，并對他們的研究做了相應的評述。通過閱讀有關文獻可以發(fā)現(xiàn)，相對于國外來說，我國對證券市場有關信息的內容分析比較晚、相關文獻數(shù)量較少。在指出上述我國相關研究存在局限性的同時，提出將運用內容分析法對我國企業(yè)招股說明書的風險信息部分進行研究。 第三章為我國企業(yè)招股說明書中風險信息披露的規(guī)范性程度的分析。由于中國證券監(jiān)督委員會（簡稱證監(jiān)會）對創(chuàng)業(yè)板上市的企業(yè)的招股說明書有著特殊的規(guī)定，所以在進行規(guī)范性程度分析時，把主板、中小板和創(chuàng)業(yè)板三個市場分開進行了分析。在分析時，都是從證監(jiān)會對企業(yè)招股說明書中風險信息部分的披露要求入手，然后，分析了企業(yè)招股說明書中風險信息部分披露的風險內容，并將兩者進行比較，得出我國企業(yè)的風險信息披露是比較規(guī)范的但是也指出了其存在的問題。 第四章為三個市場企業(yè)招股說明書中關于風險信息披露的比較分析。首先，本文比較了證監(jiān)會對不同市場企業(yè)招股說明書中風險信息披露政策性規(guī)定的不同，其次，運用非參數(shù)分析及描述性統(tǒng)計等實證研究方法，檢驗了招股說明書中實際披露的風險信息的不同，最后得出了結論。 第五章為企業(yè)招股說明書中風險信息披露的趨勢分析。本文以2007年1月1日至2010年12月31日上市的625家公司擬上市時發(fā)行的招股說明書為樣本，從風險類別、風險部分的字數(shù)、披露的風險的數(shù)量、披露風險的方法、針對風險的對策五個方面對我國企業(yè)風險信息披露的趨勢進行了分析，得出這四年間我國企業(yè)風險信息的披露狀況。 第六章為完善企業(yè)招股說明書中風險信息披露的思考及建議。本文通過以上各章的分析，系統(tǒng)總結了我國企業(yè)風險信息披露的現(xiàn)狀以及存在的問題，提出企業(yè)風險信息披露的發(fā)展和完善需要市場各參與方的共同努力。
[Abstract]:Information disclosure has always been one of the common concerns of investors and regulators. The disclosure of enterprise information, on one hand, is beneficial to investors in a timely, comprehensive and accurate understanding of the operation and operation of the enterprise, and has an important guiding role for the investment decision of the investors. In addition, the disclosure of information can also reduce the asymmetry of the market information. In recent years, with the development of China's capital market, the audit system and information disclosure system of China's stock issuance have been reform and perfected in recent years. The disclosure of risk information in the IPO market has also revealed some problems while making great achievements. There has been a sharp decline in interest rates and changes in the fund-raising investment. Therefore, it is necessary to investigate the risk information disclosed by new issuers.
Based on the content analysis method, this paper analyzes the risk information part of the prospectus publicly issued when the enterprise is on the market, mainly from two aspects. From the horizontal point of view, the article not only analyzes the normative degree of the risk information part of the enterprise's prospectus, but also to the main board, the small and medium board, the GEM board. The risk information disclosed by the listed companies in the market is compared with the empirical method of non parametric analysis. From the vertical point of view, the article analyzes the trend of risk information disclosed in the prospectus issued by listed companies during the four years from January 1, 2007 to December 31, 2010. It is found that the information disclosure of the Prospectus has made great progress and is becoming more and more perfect, but there are also some problems to be solved. On the basis of the above analysis, this paper puts forward some suggestions to further standardize and improve the disclosure of risk information of enterprise prospectus.
There are two research methods in this paper: one is to use the content analysis method to analyze and analyze the risk information part of the enterprise prospectus. In the comparison and analysis, the main part is to analyze the standard of information disclosure and the difference of information disclosure in different markets. The two is based on the content. Based on the analysis method, the theory of non parametric analysis and descriptive statistics is applied to combine theoretical analysis with empirical research.
This article is divided into six chapters, and the full text is arranged as follows:
The first chapter is the introduction. It introduces the main problems to be solved, the significance and methods of the study, the thinking and framework of the research, the innovation and inadequacies of this paper, and the overall grasp of the full text layout.
The second chapter is a literature review. In this chapter, we introduce the research of the relevant scholars from different angles and make a corresponding review of their research. Through reading the relevant literature, we can find that relative to the foreign countries, the analysis of relevant information on the securities market is relatively late and the number of relevant documents is relatively small. At the same time, it also puts forward the content analysis method to study the risk information part of our prospectus.
The third chapter is the analysis of the normative degree of the disclosure of risk information in the prospectus of Chinese enterprises. Since the China Securities Regulatory Commission (CSRC) has special regulations on the prospectus of the enterprise listed in the gem, the three markets of the main board, the medium and small board and the GEM board are separated into the standard analysis. The analysis is done. In the analysis, it starts with the disclosure requirements of the risk information part of the stock prospectus of the SFC. Then, it analyzes the risk content of the risk information disclosure in the enterprise prospectus, and compares the risk information between the two, and concludes that the risk information disclosure of the enterprises in our country is relatively standard but also points out the existence of the risk information. That's the problem.
The fourth chapter is the comparative analysis on the disclosure of risk information in the prospectus of three market enterprises. First, this paper compares the different policy provisions of the risk information disclosure in the prospectus of different market enterprises by the SFC. Secondly, it uses non parametric analysis and descriptive statistics to test the fact of the prospectus. The difference between the risk information of the international disclosure is concluded.
The fifth chapter is the trend analysis of the risk information disclosure in the enterprise prospectus. This article takes the prospectus of 625 companies listed on the market from January 1, 2007 to December 31, 2010 as samples, from the risk category, the number of words in the risk part, the amount of risk disclosed, the method of exposure risk, and the countermeasures against the risk in five aspects. The trend of risk information disclosure in Chinese enterprises is analyzed, and the disclosure of risk information in Chinese enterprises in the past four years is obtained.
The sixth chapter is to improve the disclosure of risk information in the prospectus of enterprises. Through the analysis of the above chapters, this paper systematically summarizes the current situation and existing problems of enterprise risk information disclosure in our country, and puts forward that the development and improvement of enterprise risk information disclosure needs the joint efforts of the participants in the market.
【學位授予單位】：山東財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.51

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