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论文编号：	12177
作者编号：	2320180568
上传时间：	2020/12/14 17:14:50
中文题目：	我国科创板上市公司自愿性信息披露研究——以泽璟制药为例
英文题目：	Study on Sci-Tech Innovation Board Listed Companies’ Voluntary Information Disclosure—A Case Study of Zelgen
指导老师：	李亚
中文关键字：	自愿性信息披露策略、科创板、泽璟制药
英文关键字：	Voluntary information disclosure strategies、 Sci-tech Innovation Board、 Zelgen
中文摘要：	上市公司自愿性信息披露是资本市场的重要基础，新《证券法》首次将自愿信息披露纳入基础框架中，允许并鼓励上市公司披露与投资者作出价值判断和投资决策有关的信息。上市公司通过自愿性信息披露可以充分地向投资者展现公司核心价值、有效降低市场信息不对称性，科创企业具有成长性高、市场融资需求高、投资者权益保护尤为突出等特征，相比较于主板、中小板、创业板，科创企业进行自愿性信息披露的必要性更加突出。但目前自愿性信息披露质量层次不齐，选择性披露、“蹭热点”、“报喜不报忧”等违规事件频现，论述自愿性信息披露策略存在现实必要性，对于促使科创企业提升自愿性信息披露质量、保护投资者权益、保证科创板市场的持续健康发展存在重要意义。 本文通过对自愿性信息披露的理论基础研究，分析了我国科创板上市公司自愿性信息披露的必要性，结合当前自愿性信息披露现状探究其规范性及成本效益，构建了一个关于科创板上市公司自愿性信息披露行为的分析框架，重点对披露策略进行分析论述。本文提出的科创企业自愿性信息披露的策略如下： 第一，针对自愿性信息披露的合规性及有效性，在规范性基础上提出以投资者关系为导向的披露策略，通过分析自愿性信息披露与商业秘密保护存在的冲突，基于收益最大化的原则提出披露策略建议。 第二，结合公司实际需要制定相应管理制度，明确自愿性信息披露目标、原则、披露标准及信披审核流程、责任划分，为提高自愿性信息披露质量提供制度依据。 第三，基于科创板上市公司的成长性、风险性特征，通过明确成长性指标、扩大风险性事项范围，并对该指标及事项编制分析报告向投资者进行披露；针对科创板上市公司需要尤其关注的内部控制及社会责任，在明确内部控制要素、社会责任具体内容的基础上，编制并披露内部控制评价报告及社会责任报告。 文章以泽璟制药为例对其自愿性信息披露进行了研究和剖析，为我国科创板上市公司提高自愿性信息披露质量提供策略参考。
英文摘要：	The voluntary information disclosure of listed companies is an important foundation of the capital market. The new Securities Law incorporates voluntary information disclosure into the basic framework for the first time, allowing and encouraging listed companies to disclose information related to investors' value judgments and investment decisions. Through voluntary information disclosure, listed companies can fully demonstrate their core values to investors and effectively reduce market information asymmetry. Sci-tech innovation companies have the characteristics of high growth, high market financing needs, and outstanding protection of investor rights. On the Main Board, Small and Medium-sized Board, and Growth Enterprise Board, the necessity of voluntary information disclosure by science and technology enterprises has become more prominent. However, the current level of voluntary information disclosure quality is not uniform, and selective disclosure, "hot spots", "reporting good news but not reporting concerns" and other violations frequently occur. Discussing that voluntary information disclosure strategies are realistically necessary, it is important to promote the improvement of science and technology enterprises. The quality of voluntary information disclosure, protecting investors' rights and interests, and ensuring the sustainable and healthy development of the Sci-tech Innovation Board market are of great significance. This paper analyzes the necessity of voluntary information disclosure by listed companies on our country's Sci-tech Innovation Board through the theoretical basis research of voluntary information disclosure, and explores its standardization and cost-effectiveness based on the current status of voluntary information disclosure, and constructs a report on the Sci-tech Innovation Board. The analysis framework of voluntary information disclosure behavior of listed companies focuses on analyzing and discussing disclosure strategies.
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