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论文编号：	660
作者编号：	2120062106
上传时间：	2008/6/20 10:33:07
中文题目：	上市公司信息披露违规动因与对策
英文题目：	Research of Motivation of Lis
指导老师：	马连福
中文关键字：	信息披露 违规动因 公司治理
英文关键字：	Information Disclosure Motiva
中文摘要：	近两年我国证券市场迎来了新一轮的繁荣时期，但也频频暴露出上市公司的违规行为，上市公司的违规行为将直接损害到广大中小股东的利益。本研究从上市公司的信息披露违规现象入手，通过对国内外相关文献的梳理分析发现，由于不同国家的具体环境不同，所呈现出的上市公司信息披露违规的形式和特征也不相同。我国上市公司的信息披露违规主要表现为推迟披露、重大遗漏和虚假陈述。 在此基础之上，我们对隐藏于违规现象背后的违规动因进行了规范分析，并提出了一个对上市公司信息披露违规动因进行分析的理论模型，我们发现，私人利益和利益输送是促使上市公司信息披露违规的内部需求，而外部诱因主要为市场预期、特殊处理(ST/*ST)、再融资标准和高管的股权激励，同时公司治理、法律、审计作为三个重要的环境因素对上市公司的违规动因转化为违规行为产生了重要影响。但目前在我国这三个因素并不能起到有效约束上市公司违规行为的作用，我们需要在此之外寻找新的机制来约束上市公司信息披露违规。 从制度经济学的观点来看，公司治理正在从强制性治理向自主性治理演进，而投资者关系管理是自主性治理的一项核心机制。投资者关系管理制度主要通过弱化上市公司信息披露违规动因来规范上市公司行为，其具体的作用机理表现在建立合理的市场预期、传达积极的信号及降低融资成本方面。从投资者关系管理约束上市公司信息披露违规行为的效果来看，以我国上市公司普遍开始开展投资者关系管理工作的2004年为分界点，我国上市公司信息披露违规的数量出现了显著的下降，但仍是我国上市公司违规行为的主要类型。而投资者关系管理不仅可以通过强化自愿性信息披露、增强投资者监督积极性、推动上市公司与投资者的互动沟通来对上市公司信息披露违规产生影响，而且通过有效的IRM对在信息披露方面表现良好的公司所产生的激励效用来诱使上市公司积极规范自己的信息披露行为，这些激励效用主要表现在降低融资成本、提升公司价值、抵御收购者等方面。
英文摘要：	Recently, Chinese securities market is enduring a new round of flourish, while the irregularities in listed companies are also more frequent, which could directly harm the benefits of medium and minor stakeholders. This thesis starts from the irregularities of information disclosure in listed companies and analyses relevant literatures in and aboard, finding out that different country backgrounds generate different forms and characteristics of information disclosure irregularities in listed companies. In the United States and the United Kingdom, where the ownership system is more dispersed, the primary forms of irregularity are restatement of financial information, earnings management, etc. If it is in some European countries with more concentrated ownership, the primary forms are information disclosure irregularities due to large shareholders' erosion of corporate benefit. However, information disclosure irregularities in our country often take the forms of postponed disclosure, important miss, and false statement. On this platform, this thesis carries out a standard academic analysis into the motivations of irregularity behind the phenomenon, and furthermore advocates a theory model for the analysis of information disclosure irregularities' motivations in listed companies. The interior demands of the irregularity are derived from private benefit and the benefit tunneling, while the exterior inducements are market anticipation, ST/*ST, standard of recapital, and stock option incentive. Meanwhile, legal environment, audit and corporate governance influence the transformation process from irregularity motivation to behavior.However, these three factors now in our country connot restrict the irregularity behaviour of information disclosure of companies effectively.So we should find out other mechanism besides these. From the perspective of institutional economics, corporate governance is now experiencing an evolution from mandatory governance to an autonomy one; therefore the Investor Relationship Management (IRM) is becoming more crucial as a core mechanism of autonomy governance. Chiefly, the system of IRM stresses on weakening the motivations of information disclosure irregularity to regular the behavior of listed company. In details, the mechanism is built on reasonable market anticipation, convey of positive signal, and lower financing cost. From 2004, when most listed companies began the IRM, we can see the descending trend of listed company disclosure irregularity as a result of IRM's restriction, while it is still the most pervasive way of irregularity with Chinese listed company. IRM not only can affect the listed company information disclosure irregularity in the way of weakening motivations, but also can induce the listed companies to regulate themselves by some incentives, including lower financing cost, higher company value, and stronger ability to resist bidder from securities market, etc.
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