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论文编号：	8806
作者编号：	2120142827
上传时间：	2016/12/8 17:43:59
中文题目：	金融危机中的高管报告：“实事求是”还是“避重就轻”——来自东亚银行业的跨案例研究
英文题目：	Executives'' reports in the financial crisis:"Seeking Truth from Facts" or "Evade the Crucial Point"?- the cross-case study from the East Asian banking industry
指导老师：	古志辉
中文关键字：	金融危机；东亚银行；高管报告；代理行为；文化特征
英文关键字：	Financial Crisis; Bank of East Asia; Executive Reports; Agent Behavior; Cultural characteristics
中文摘要：	作为上市公司信息披露的重要内容之一，企业年报中高管报告部分对解读财务数据和公司的发展动向具有重要的参考意义。相对于专业化和枯燥的财务报表，描述性的文本信息更能有效的表达出企业的经营状况。但作为具有信息优势和代理权利的公司高级管理人员，很容易在报告中采取自利性的陈述，掩饰甚至扭曲管理行为的真实状况。 为了研究复杂的外部环境导致公司面临巨额损失时，高管对环境和自身行为的描述是否能够忠实于股东利益，本文运用案例分析法，选定金融危机爆发前后的2006~2010年为观察期间，选用同受传统儒家文化和现代西方金融制度影响的东亚五个主要经济体：中国大陆、香港地区、台湾地区、日本地区以及韩国地区的前三大银行作为样本，在统一的英文语境下，对其公司年报中的高管报告内容进行分析。而以文字内容为主的高管报告，其分析方法有别于对单纯财务信息的定量研究，所以本文采用内容分析法，将报告内容分为对管理行为描述、对环境的描述以及对未来的规划预测等三大部分，然后将文本信息进行分类提取后量化分析。 通过比较金融危机前后的高管报告，本文发现，首先，上述五地的高管报告中都存在着明显的自利性描述，难以客观公正地描述和评价企业过去的经营管理状况，损害了投资者的相关权益，提高了代理成本。其次，虽然金融危机使得银行高管对外部环境的关注度发生变化，但是随着危机的结束，各大银行对管理-环境-结果的关注结构又逐步回到危机前的水平，并没有因为危机而产生明显变化。然后，在分析过程中，一些地区又存在着明显的地域特征，如日本地区的高管在面对困难时表现的不畏艰险，一往无前，相对来说韩国地区的高管面对困难则表现的比较隐晦，或许是希望通过描述性暗示来让读者推测出悲观的前景；香港、台湾和日本地区的银行高管在危机期间相对来说更关注于未来的发展，而韩国地区则相反，在环境发生不利变化时更关注与对过去的总结和分析，愿意更深入地考虑问题的原因。 本文最后从规范高管报告的内容形式以及建立股东对上市公司高管报告的评价反馈机制两个方面进行了政策建议，对提升高管报告的质量水平具有参考意义。
英文摘要：	As an important part of information disclosure of listed companies, the quality of corporate executives’ analysis and discussion in annual report are an important reference section to interpret financial data and company developments.Compare with the specialized and boring financial statements, the descriptive text information can express the business situation of enterprises more effective. But the company management level has information superiority and proxy rights, it is easy for them to make self-interest statements or conceal the truth. To research whether theexecutives behavior can be faithful to the interests of shareholders when the company faced huge losses by complex external environment, this paper use case analysis method to select top three banks in East Asian countries like China, Hong Kong, Taiwan, Japan and South Korea as samples, where is influenced by traditional Confucian culture and the modern financial system, and chose the years before and after the outbreak of the financial crisis during 2006 to 2010 as the observation period, to make content analysis for the companies' executive report in their English annual reports. The analysis method of the text-based executives report is different with the simple quantitative research on financial information. Therefore, this paper uses content analysis to divide the reports into three major parts by the description of management behavior, description of the environment and the future planning and prediction, and then to classify, extract and quantify the text information. By comparing executives' reports before and after the financial crisis,this article found that: First, the executives' reports have obvious self-interest description. It is difficult to objectively and fairly evaluate the enterprises’ past management behaviors. It makes damages to the relevant rights and interests of investors and increases the agency costs.Second, although the financial crisis makes the bank executives concerned about the external environment changes, with the end of the crisis, the attention structure of management - environment - results has gradually returned to pre-crisis levels. It has no significant changes by the crisis experience.Third, in the process of analysis, we found some areas have obvious geographical features, such as the Japanese executives performance of the bull by the horns when they face difficulties, and South Korean executives performance more vague face in the difficulties to implied readers speculate pessimistic prospects through their description;Bank executives in Hong Kong, Taiwan and Japan are relatively more focused on future developments during the crisis, compare with the South Korea executives more concerned with the summary and analysis of the past during adverse changes in the environment, may willing to think more deeply about the cause of the dilemma. This paper ends with suggestions of standardizing the executive report form,as well as recommendations of the establishment of shareholders' feedback mechanism on the evaluation of listed companies’ executives.These policies have reference value for improving the quality level of executives' reports.
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