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论文编号：	10738
作者编号：	2120163053
上传时间：	2018/12/9 21:11:33
中文题目：	内地与香港双重上市公司信息披露的适应性研究——以中国神华为例
英文题目：	Adaptability Research on Information Disclosure of Dual Listed Companies in Mainland and Hong Kong ——Take China Shenhua as an example
指导老师：	王全喜
中文关键字：	内地股票市场；香港股票市场；双重上市公司；信息披露；差异
英文关键字：	mainland stock market; Hongkong stock market; dual-listed company; information disclosure; difference
中文摘要：	信息披露是上市公司最重要的工作之一，其实质是上市公司以服务投资者决策为根本目的，将与投资者投资行为相关的重要信息，如财务数据，重大经营事项等内容，以各种公告形式告知公司股东及有可能成为公司股东的人，为他们的投资提供支撑。 随着A+H双重上市越来越多，如何适应两地信息披露差异、避免因信息披露违规给公司发展造成不良影响，成为摆在这些A+H双重上市公司及其负责信息披露的工作人员面前最重要的课题。因此，本文的研究目的正是从A+H双重上市公司及其信息披露工作人员的角度出发，呈现两地信息披露的差异及这种差异的变化情况，从而为A+H双重上市公司及其信息披露工作人员更好的应对两地信息披露的差异及其变化，避免因两地差异造成信息披露违规，给公司带来轻则影响再融资与并购重组、重则导致投资者对公司彻底失去信心、“用脚投票”的损害。 上市公司信息披露分为上市前与上市后两个阶段。前者就是我们俗称的IPO阶段的披露，这个阶段的两地招股文件总体结构相似，细节内容有所差异；后者则包括定期报告与临时公告，定期报告在报告的种类与内容、会计准则、披露时间、业绩预告等均有所不同，临时公告则是既有相似之处，又各自有所不同。 本文以A+H上市多年的中国神华为案例，旨在通过对中国神华在两地信息披露过程中的实践操作，分析其在两地信息披露过程中的合理与不合理之处，探讨如何针对两地信息披露差异进行更好的适应性安排，为已经完成或正在准备A+H上市的公司及其信息披露工作人员提供有价值的借鉴，从而降低双重上市公司信息披露违规的风险，进而更好的服务于投资者。
英文摘要：	Information disclosure is one of the most important tasks of listed companies. Information disclosure is to serve investors in their investment decision-making by publishing various announcements related to financial data, important business activities, etc, which is the core of the task. The shareholders and potential shareholder of listed companies will read and make their investment decisions based on the announcements. With the increasing of dual-listed companies of A+H, A+H dual-listed companies and their staff responsible for information disclosure must pay more and more attention to how to adapt the differences between mainland stock market and Hongkong stock market for avoiding information disclosure violating, which has bad influence on A +H listed companies. Therefore, the purpose of this paper is to present the differences and their changes in information disclosure rules between the two stock markets from the perspective of A+H dual-listed companies and their information disclosure staff, help the them do a better job of information disclosure in order to avoid to cause damages such as prohibition of refinancing, M&A and even shareholders selling companies stocks. The information disclosure of listed companies is divided into two stages: pre-IPO and post-IPO. In the former stage, the overall structure of the two prospectus documents is similar, and the details are different. In the latter stage, information disclosure refers to periodic reports and temporary announcements. There are obvious differences between periodic reports in mainland and Hongkong such as type and contents of the report, disclosure time, accounting standards, etc. And in the meanwhile, there are similarities and differences in temporary announcements between the two markets. This article takes China Shenhua, which has been a dual-listed company for many years, as an example. It aims to analyze the rationality and irrationality of China Shenhua’s the information disclosure practice in the two markets, try to discuss a better adaptability arrangements for solving the problems causing by differences of information rules and provide valuable reference for companies that have completed or are preparing for A+H listing and their information disclosure staff for reducing their risks of information disclosure violations, which can help them better serve their investors.
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