上市公司的会计住处披露问题研究
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摘要
在我国目前的证券市场上，上市公司的造假行为十分猖獗，披露虚假的会计信息就是其中的一个方面。会计信息披露的不规范严重地影响着我国证券市场的健康发展。本文对会计信息披露问题进行比较深入的研究。股票与一般的商品不一样，影响它的价格的一个主要因素是上市公司的信息，尤其是会计信息。而会计信息的披露又面临着一个信息使用者与供给者的博弈问题。本文先利用实证分析的方法证实会计信息对股票价格的巨大影响作用，再运用博弈论的原理剖析了信息使用者和信息供给者的矛盾冲突以及各自所采取的对策，从而得出了必须运用政府或行业协会等机构的强制作用，即必须进行信息披露管制。进行信息披露管制有许多现代理论的支持，因而本文又从各种理论的角度来分析进行信息披露管制的必要性和可行性。
在分析了信息披露和信息披露管制的经济学原理之后，必然要运用这些原理对应分析我国的实际情况。具体到我国来说，由于证券市场从建立到目前为止，也只有十多年的时间。证券市场的发展经历的时间短也就决定了其中必然有一些不足之处。本文先介绍了我国目前证券市场上上市公司信息披露制度的基本框架和我国上市公司会计信息披露的现状，并分析了上市公司影响会计信息披露质量的主要手段，即违规行为和盈余管理，再详细剖析了造成上市公司会计信息披露不规范的深层次原因，包括会计规则不规范、证券市场相关制度安排不完善、法人治理结构不合理审计机构对立性受到困扰、证券市场监管不力等。另外，还列举了一个违反信息披露有关规定的案例，即上市公司河池化工的违规行为。
在对我国上市公司会计信息披露中所出现的种种问题进行深入分析之后，本文也给出了相应的解决办法，比如应该逐步完善我国证券市场上各种相关法律法规的建立，并严格依法办事；如何提高注册会计师审计的独立性；如何完善公司的法人治理结构；如何加大信息披露的监管力度；建立民事诉讼索赔机制等。
本文的结构体系为：第一章会计信息披露的经济学思考，分析了股票市场中的价值规律、会计信息对股票价格的影响程度、上市公司和投资者及监管部门各自的对策、信息的供给方和使用者的矛盾以及进行信息披露管制的必要性；第二章上市公司信息披露管制，介绍了信息披露管制的具体含义和有关信息披露管制的各种理论，指出其理论支持。第三章我国上市公司会计信息披露的现状及成因分析，详细剖析了造成我国会计信息失真的深层次原因，并利用具体的案例从反面进行分析。第四章规范我国会计信息披露的对策，在综合分析会计信息披露问题之后，针对我国的实际情况，提出了规范我国会计信息披露的各种对策。
In the present securities market of China, pseudo act of many companies is very furious. One aspect of the act is disclosing pseudo accounting information. The disclosure of irregular accounting information seriously affects the healthy development of securities market of our country. This writing studies the disclosure of accounting information deeply. Compared with the average commodity, Stocks is mainly affected by the information of companies in the securities market, especially the accounting information. But the disclosure of accounting information is also faced with a counter-measure problem between information users and providers. This writing firstly testifies the effect of accounting information on stocks price using testimony and analysis. Then analyzes the contradiction between information users and providers, solutions they adopt using the theories of countermeasure, therefore, I conclude that we should use organizations such as the government and trade association, that is to say, supervise disclosing information which has been supported by many modem theories. This writing analyzes its necessity and possibility from many theory aspects.
After analyzing the theory of economics about information disclosure and supervision, we should analyze the reality of our country using these theories. Because our securities market has been created only 10 years or so, there is unavoidably some insufficiency. This writing firstly introduces the basic framework of information disclosure system of companies in the securities market and the present situation of our companies in this market, analyzes the main method that companies affect the quality of accounting information disclosure: irregular act and earnings management, then analyzes the deep reason of the irregular accounting information disclosure at detail, including irregular accounting rules, imperfect system of securities market, weak supervision of securities market, and etc. In the meantime, lists an example of violating concerned regulation of information disclosure, HeChiHuaGong s irregular act.
After deeply analyzing different kinds of problems in the accounting information disclosure of companies in the securities market. This writing provides corresponding solutions such as gradually perfect every concerned law and rule, improve the audit independence of certified accountant, enlarge the degree of supervising information disclosure, and etc.
The structure of this writing is as follows: The first chapter is economical think of accounting information disclosure, analyzes value rule in the stocks market, the degree of effect which accounting information affects on stocks price, respective countermeasure of companies, investors and supervision department, the contradiction between information providers and users, the necessities of supervising concerned information disclosure. The second chapter introduces the specific implication of supervising information disclosure and points out their supported theories. The third chapter is the situation of accounting information disclosure of companies in the securities market, analyzes the deep reason of pseudo accounting information at detail, analyzes it from the reverse side using specific examples. The fourth chapter is the solution of regulating the accounting information disclosure of our country. After comprehensively analyzing the problem of accounting information disclosure, provides various solutions of regulating this problem aiming at the reality of our country.
在分析了信息披露和信息披露管制的经济学原理之后，必然要运用这些原理对应分析我国的实际情况。具体到我国来说，由于证券市场从建立到目前为止，也只有十多年的时间。证券市场的发展经历的时间短也就决定了其中必然有一些不足之处。本文先介绍了我国目前证券市场上上市公司信息披露制度的基本框架和我国上市公司会计信息披露的现状，并分析了上市公司影响会计信息披露质量的主要手段，即违规行为和盈余管理，再详细剖析了造成上市公司会计信息披露不规范的深层次原因，包括会计规则不规范、证券市场相关制度安排不完善、法人治理结构不合理审计机构对立性受到困扰、证券市场监管不力等。另外，还列举了一个违反信息披露有关规定的案例，即上市公司河池化工的违规行为。
在对我国上市公司会计信息披露中所出现的种种问题进行深入分析之后，本文也给出了相应的解决办法，比如应该逐步完善我国证券市场上各种相关法律法规的建立，并严格依法办事；如何提高注册会计师审计的独立性；如何完善公司的法人治理结构；如何加大信息披露的监管力度；建立民事诉讼索赔机制等。
本文的结构体系为：第一章会计信息披露的经济学思考，分析了股票市场中的价值规律、会计信息对股票价格的影响程度、上市公司和投资者及监管部门各自的对策、信息的供给方和使用者的矛盾以及进行信息披露管制的必要性；第二章上市公司信息披露管制，介绍了信息披露管制的具体含义和有关信息披露管制的各种理论，指出其理论支持。第三章我国上市公司会计信息披露的现状及成因分析，详细剖析了造成我国会计信息失真的深层次原因，并利用具体的案例从反面进行分析。第四章规范我国会计信息披露的对策，在综合分析会计信息披露问题之后，针对我国的实际情况，提出了规范我国会计信息披露的各种对策。
In the present securities market of China, pseudo act of many companies is very furious. One aspect of the act is disclosing pseudo accounting information. The disclosure of irregular accounting information seriously affects the healthy development of securities market of our country. This writing studies the disclosure of accounting information deeply. Compared with the average commodity, Stocks is mainly affected by the information of companies in the securities market, especially the accounting information. But the disclosure of accounting information is also faced with a counter-measure problem between information users and providers. This writing firstly testifies the effect of accounting information on stocks price using testimony and analysis. Then analyzes the contradiction between information users and providers, solutions they adopt using the theories of countermeasure, therefore, I conclude that we should use organizations such as the government and trade association, that is to say, supervise disclosing information which has been supported by many modem theories. This writing analyzes its necessity and possibility from many theory aspects.
After analyzing the theory of economics about information disclosure and supervision, we should analyze the reality of our country using these theories. Because our securities market has been created only 10 years or so, there is unavoidably some insufficiency. This writing firstly introduces the basic framework of information disclosure system of companies in the securities market and the present situation of our companies in this market, analyzes the main method that companies affect the quality of accounting information disclosure: irregular act and earnings management, then analyzes the deep reason of the irregular accounting information disclosure at detail, including irregular accounting rules, imperfect system of securities market, weak supervision of securities market, and etc. In the meantime, lists an example of violating concerned regulation of information disclosure, HeChiHuaGong s irregular act.
After deeply analyzing different kinds of problems in the accounting information disclosure of companies in the securities market. This writing provides corresponding solutions such as gradually perfect every concerned law and rule, improve the audit independence of certified accountant, enlarge the degree of supervising information disclosure, and etc.
The structure of this writing is as follows: The first chapter is economical think of accounting information disclosure, analyzes value rule in the stocks market, the degree of effect which accounting information affects on stocks price, respective countermeasure of companies, investors and supervision department, the contradiction between information providers and users, the necessities of supervising concerned information disclosure. The second chapter introduces the specific implication of supervising information disclosure and points out their supported theories. The third chapter is the situation of accounting information disclosure of companies in the securities market, analyzes the deep reason of pseudo accounting information at detail, analyzes it from the reverse side using specific examples. The fourth chapter is the solution of regulating the accounting information disclosure of our country. After comprehensively analyzing the problem of accounting information disclosure, provides various solutions of regulating this problem aiming at the reality of our country.
引文
[1]李君 《会计信息失真为什么会越演越烈》 税务与经济2000(3)
[2]赵娜《浅谈博弈论在会计研究中的应用》山西财经大学学报1995(5)
[3]王性玉 《反腐养廉博弈模型分析》 河南大学学报2001(4)
[4]朱冬琴 《构筑上市公司会计信息披露的质量准则》 贵州财经学院学报2000(3)
[5]张维迎 《博弈论与信息经济学》 上海三联书店[M]上海人民出版社1996
[6]冯洪全 《试论会计信息在资本市场中的价值》 会计研究1999(3)
[7]赵洁川 陈晓燕 《社会参与会计监督的原因与途径》经济经纬 2000(6)
[8]李数华 《审计独立性的提高与审计市场的背离》 上海三联书店2000年版
[9]徐宗宇 《上市公司盈利预测可靠性的实证研究》 上海三联书店2000年版
[10]Paul M Healy James M Walen 《盈余管理研究回顾及其对会计准则建议的启示》 会计研究2000年11期
[11]陈小悦 肖星 过晓燕 《配股权与上市公司利润操纵》 经济研究2000年第1期
[12]蒋义宏 《上市公司利润操纵实证研究》 上市公司会计研究论丛1998年版
[13]蒋义宏 《反利润操纵的制度保障》 上市公司1999年4月
[14]蒋义宏 《一个不容回避的问题——上市公司利润操纵的实证研究》 中国证券报1998年3月19日—20日
[15]汤云为 陆建桥 《论证券市场中的会计研究：发现与启示》 经济研究1998年第7期
[16]孙证 王跃堂《盈余操纵与资源配置之实证研究》财经研究1999(4)
[17]Wermers,R.Mutual fund herding and the impact on stockprices. Joumal of finance. 1999
[18]Kaminsky, G.Schmukler, T. What triggers market jitters: achronicle of the Asian crisis. Journal of international money and Finance. 1999
[19]Choe,H.Kho,B.ect. Do foreign investors destabilize stockmarkets? The Korean experience in 1997. Journal of Financial Economics. 1997
[20]Shiller,R.J.Conversation,Information,and Herd Behavior. American Economic Review. 1990
[21]Bikhchandani,S.Hirshleifer.D.ect. A Theory of Fads,Fashion,Custom,and Cultural Change as Informational Cascades. Joumal of PoliticalEconomy.1992
[22]Scharfiein,D.Stein,J.Herd behavior and Investment. The American Economic Review. 1990
[23]李凤鸣 《内部控制设计》 经济管理出版社
[24]林毅夫 《财产权利和制度变迁——产权学派与新制度学派译文集》三联书店上海分店与上海人民出版社联合出版
[25]刘国常 《企业内部会计控制及其评审》 西南财经大学出版社
[26]刘明辉 《独立审计准则研究》 东北财经大学出版社
[27]孙峥 《论证券市场管理中的会计规范》 上海财经大学出版社
[28]田昆侏 《企业产权会计论》 经济科学出版社
[29]王光远 《管理审计理论》 中国人民大学出版社
[30]吴世农 《上市公司盈利信息报告、股价变动与股市效率的实证研究》会计研究1996(4)
[31]朱荣恩 《中国证券市场独立审计研究》 上海财经大学出版社
[32]吴联生 《投资者对上市公司会计信息需求的调查研究》经济研究2000(4)
[33]张一春 《中国股市弱式有效吗》 金融研究2001(3)
[34]罗积玉 《经济统计分析方法与预测》 清华大学出版社
[35]潘炎 《上市公司经营业绩的主成分评价方法》 会计研究2000(1)
[36]Robert A.Schultheis. Mary Summer:Management Information System. 4th McGraw-Hill Company. Inc.1998
[37]James M.Reeve:Readings Issues in Cost Management,South-Western College Publishing, 1995
[38]Emile Woolf. 1994.Auditing Today, 5th Edition,Prentice Hall International(UK)Limited.
[39]Elmer B.Staats, 1987 Why Today Audit is More Difficult,The Intemal Auditor, Aprikll.
[40]Eugene.E.Fama,Foundations of Finance, 1976.Basic Books Inc.New York.
[41]FASB,General Standards,Section No.35: Non-monetary transactions.
[42]Friend,I.1972.The Economic Consequence of Stock Market. The American Economic Review. Vol.62
[43]Herman J.Lowe. 1987. Ethics in Our 100 Year History, Joumal of Accountancy, May.
[44]Lee D Parker.1986. Developing Control Concepts in the 20th Century, Garland Publishing,Inc.
[2]赵娜《浅谈博弈论在会计研究中的应用》山西财经大学学报1995(5)
[3]王性玉 《反腐养廉博弈模型分析》 河南大学学报2001(4)
[4]朱冬琴 《构筑上市公司会计信息披露的质量准则》 贵州财经学院学报2000(3)
[5]张维迎 《博弈论与信息经济学》 上海三联书店[M]上海人民出版社1996
[6]冯洪全 《试论会计信息在资本市场中的价值》 会计研究1999(3)
[7]赵洁川 陈晓燕 《社会参与会计监督的原因与途径》经济经纬 2000(6)
[8]李数华 《审计独立性的提高与审计市场的背离》 上海三联书店2000年版
[9]徐宗宇 《上市公司盈利预测可靠性的实证研究》 上海三联书店2000年版
[10]Paul M Healy James M Walen 《盈余管理研究回顾及其对会计准则建议的启示》 会计研究2000年11期
[11]陈小悦 肖星 过晓燕 《配股权与上市公司利润操纵》 经济研究2000年第1期
[12]蒋义宏 《上市公司利润操纵实证研究》 上市公司会计研究论丛1998年版
[13]蒋义宏 《反利润操纵的制度保障》 上市公司1999年4月
[14]蒋义宏 《一个不容回避的问题——上市公司利润操纵的实证研究》 中国证券报1998年3月19日—20日
[15]汤云为 陆建桥 《论证券市场中的会计研究：发现与启示》 经济研究1998年第7期
[16]孙证 王跃堂《盈余操纵与资源配置之实证研究》财经研究1999(4)
[17]Wermers,R.Mutual fund herding and the impact on stockprices. Joumal of finance. 1999
[18]Kaminsky, G.Schmukler, T. What triggers market jitters: achronicle of the Asian crisis. Journal of international money and Finance. 1999
[19]Choe,H.Kho,B.ect. Do foreign investors destabilize stockmarkets? The Korean experience in 1997. Journal of Financial Economics. 1997
[20]Shiller,R.J.Conversation,Information,and Herd Behavior. American Economic Review. 1990
[21]Bikhchandani,S.Hirshleifer.D.ect. A Theory of Fads,Fashion,Custom,and Cultural Change as Informational Cascades. Joumal of PoliticalEconomy.1992
[22]Scharfiein,D.Stein,J.Herd behavior and Investment. The American Economic Review. 1990
[23]李凤鸣 《内部控制设计》 经济管理出版社
[24]林毅夫 《财产权利和制度变迁——产权学派与新制度学派译文集》三联书店上海分店与上海人民出版社联合出版
[25]刘国常 《企业内部会计控制及其评审》 西南财经大学出版社
[26]刘明辉 《独立审计准则研究》 东北财经大学出版社
[27]孙峥 《论证券市场管理中的会计规范》 上海财经大学出版社
[28]田昆侏 《企业产权会计论》 经济科学出版社
[29]王光远 《管理审计理论》 中国人民大学出版社
[30]吴世农 《上市公司盈利信息报告、股价变动与股市效率的实证研究》会计研究1996(4)
[31]朱荣恩 《中国证券市场独立审计研究》 上海财经大学出版社
[32]吴联生 《投资者对上市公司会计信息需求的调查研究》经济研究2000(4)
[33]张一春 《中国股市弱式有效吗》 金融研究2001(3)
[34]罗积玉 《经济统计分析方法与预测》 清华大学出版社
[35]潘炎 《上市公司经营业绩的主成分评价方法》 会计研究2000(1)
[36]Robert A.Schultheis. Mary Summer:Management Information System. 4th McGraw-Hill Company. Inc.1998
[37]James M.Reeve:Readings Issues in Cost Management,South-Western College Publishing, 1995
[38]Emile Woolf. 1994.Auditing Today, 5th Edition,Prentice Hall International(UK)Limited.
[39]Elmer B.Staats, 1987 Why Today Audit is More Difficult,The Intemal Auditor, Aprikll.
[40]Eugene.E.Fama,Foundations of Finance, 1976.Basic Books Inc.New York.
[41]FASB,General Standards,Section No.35: Non-monetary transactions.
[42]Friend,I.1972.The Economic Consequence of Stock Market. The American Economic Review. Vol.62
[43]Herman J.Lowe. 1987. Ethics in Our 100 Year History, Joumal of Accountancy, May.
[44]Lee D Parker.1986. Developing Control Concepts in the 20th Century, Garland Publishing,Inc.
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