上市公司会计信息披露与投资者利益保护问题研究
本站原创 论文中文摘要：在证券市场中，上市公司公开披露信息是社会公众投资者了解被投资上市公司经营状况的主要途径。所谓信息披露就是指用公开的方式，通过一定的传播媒介，用一定的格式，将公司财务状况和经营成果以及其他各种资料公布于众。信息披露是信息需求社会化的必然结果。信息披露的本质是信息的公开。中外学者运用经济学、法学理论对信息披露问题进行了广泛研究，本文借鉴了前人的研究成果，意图从信息使用者的角度分析我国上市公司会计信息披露的标准及会计信息披露与投资者利益保护的关系，指出我国目前存在的问题，从投资者利益保护的角度，提出加强上市公司会计信息披露质量的途径。第一部分：上市公司会计信息披露的理论基石研究关于信息披露的基本理论主要有：契约理论、成本理论和公司治理理论。为使披露的信息客观上能为投资者所信赖、所使用，实现信息披露的内在价值，各国证券法律制度对上市公司信息披露的标准都作了规定。信息披露的实现标准归纳为：真实可靠性、充分完整性和及时有效性。影响上市公司会计信息供给的因素主要分为经济性的因素和非经济性的因素，前者主要是指上市公司会计信息披露的成本，包括可以计量的和不便精确计量的；后者主要是指会计理论的完善程度、政府监管的态度等其他一些影响上市公司会计信息披露的因素。会计信息披露成本常成为制约会计信息披露的主要因素。第二部分：上市会计信息披露与投资者利益保护的关系信息披露是证券市场的基石，是确保建立公平、公正、公开证券市场的根本前提。信息披露将公司的财务状况和经营成果等公布于众，使证券市场<WP=50>的参与者特别是投资者能够利用公开披露的信息进行决策。对于广大投资者来说，会计信息的失真会给他们的投资决策带来误导，将会打击投资者的信心，不利于证券市场的正常发展。保护投资者利益，是国际资本市场的共识，也是中国证监会成立以来的一贯主张。我国有必要借鉴成熟市场国家对投资者利益保护的经验，建立适合我国国情的投资者保护制度。第三部分：我国目前上市公司信息披露中存在的问题及归因分析随着国民经济的全面发展，以及全球经济一体化的必然趋势，我国金融市场系统风险日益凸现的客观现实已经引起管理层的高度重视，其中的隐患之一就是上市公司会计信息披露不真实，经济泡沫成份严重。由于会计信息披露存在质量方面的问题，在某种程度上严重损害着广大投资者尤其是中小投资者的利益，严重影响我国资本市场的健康发展。上市公司在会计信息披露中呈现的问题，归纳起来大致有如下几个方面： 信息披露不真实、不准确；信息披露不充分、不完整；信息披露不及时。我国上市公司会计信息披露现存问题出现的原因是多方面的。从目前看，主要有：（1）政府监管不到位；（2）注册会计师监督效率低下；（3）上市公司内在利益的驱动；（4）投资者投资理念不成熟。第四部分：提高我国上市公司会计信息披露质量保护投资者利益的主要途径向投资者披露准确、完整、及时的会计信息，既是上市公司的法定义务，也是投资者鉴别公司质量，进行公司决策的基础。针对我国目前上市公司信息披露方面存在的问题，我们应着重从制度完善、公司治理、政府监管、审计监督等方面寻求保护投资者利益的有效途径，特别是要建立一套行之有效的投资者保护机制，从制度上、法律上将投资者利益保护落到实处。1、建立和完善会计信息披露相关制度：（1）会计信息披露的具体报告内容方面加以改进，包括加强盈利质量的披露；增加非财务信息披露的内容；<WP=51>提供完善的预测性会计信息；提供真正有用的分部报告；加强临时信息的披露。（2）构建完善的会计准则体系：完善会计信息披露制度的总目标应当是通过立新法、修旧法逐渐形成一个会计信息披露的规范体系。（3）构建完善的审计准则体系。2、改善上市公司治理结构，建立企业内部有效制衡、约束机制，从源头杜绝会计信息披露的违法违规现象。3、加强对上市公司会计信息披露的监管。会计信息的宏观监控者各负其责，协同作业，共同规范会计市场。投资者为了其自身利益，其他会计信息使用者如银行为了其资产的安全及业务的良性运行，会对财务报告及其他信息进行深入的研究决策，这从另一个侧面来说也会起到很好的监督效果。加强对监管者的再监管，也显得非常必要，将使监管更为有效。4、切实加强上市公司审计，提高注册会计师审计效率。5、建立一系列与会计信息披露相关的投资者利益保障制度，如建立投资者协会、健全和完善民事责任赔偿制度、建立投资者利益保障基金等方法使投资者利益得到真正有效的保护
Abstract（英文摘要）： The list-company discloses its management information in the securities market. It is the main way that the operating statements of the list-company are known. The information disclosure means: the financial statements, the operating results and all the other data are announced in some forms by some vehicles. To disclose information is the inevitable result of socialization of information demands. The essence of information disclosure is to make the information open.Scholars inside and outside studied on the problem of information disclosure using the theory of economics and law. In this essay, the author tries to analysis the criterions of list-company accounting information disclosure in our country and the relations between accounting information disclosure and investors’ interests protection on the base of former research results, then point to the problem and put forward the way on the improvement of information disclosure of list-company in the view of investors’ interests protection.Part One: Study on the Theory Basis of Accounting Information Disclosure of List-companyThe basic theories relating information disclosure are: the theory of contracts, the theory of agent costs and the theory of company administration. The legal system of securities in some countries regulated the criterion of list-company information disclosure so that the disclosed information could be creditable objectively and its inter valuation could be realized. The criterion of information disclosure can be reduced to reliability, integrity and validity.The factor that influences the list-company supplies the accounting information is divided into <WP=53>economic factor and non- economic factor. The former means the cost that the list-company discloses the accounting information, including measurable and immeasurable cost. The later includes such factors, which influenced accounting information of the list-company, as the improvement of the accounting theories and the supervising attitude of the government, and so on. The cost of the accounting information will be the main factor.Part Two: Relations between Accounting Information Disclosure and Investors’ Interests ProtectionThe information disclosure is basis of the securities market and the fundamental premise to set up a fair, impartial and open securities market. The financial statements and operating results of the company are opened to the public by the information disclosure. The participators of securities market can make strategies in accordance with the disclosed information. To many investors, the unreal accounting information will mislead them and make them lost confidence. It is no good to normal developments of the securities market. To protect the profits of the investors is not only common knowledge in the international capital markets, but also invariable opinion since the China Securities Supervisor Committee set up. It is necessary to set up the system of investors’ interest protection on the basis of the experiences of the marketing economy countries.Part Three: the Problems on the Accounting Information Disclosure in Our Present List-company and their ReasonsWith the development of the economy and the trend of economic integration, <WP=54>the risks in our securities market appear obviously day-by-day. The administering authority came to take the problem seriously. One of the risks is the false accounting information. The interests of the investors will be damaged seriously in some degree and the development of our securities market will be influenced. The matters of the accounting information disclosure can be reduced to unreality, insufficiency, and invalidity. The reasons are concluded: 1) lack of the supervision of government; 2) CPA’s lost supervising duty; 3) the inter profit demands of list-company; 4) immature ideal of the investors.Part Four: the Main Way on the Improvement of Information Disclosure of List-company and Investors’ Interests ProtectionTo disclose the exact, complete and timely information to the investors
论文关键词： 信息披露；投资者利益；政府监管；制度完善；
Abstract（英文摘要）： The list-company discloses its management information in the securities market. It is the main way that the operating statements of the list-company are known. The information disclosure means: the financial statements, the operating results and all the other data are announced in some forms by some vehicles. To disclose information is the inevitable result of socialization of information demands. The essence of information disclosure is to make the information open.Scholars inside and outside studied on the problem of information disclosure using the theory of economics and law. In this essay, the author tries to analysis the criterions of list-company accounting information disclosure in our country and the relations between accounting information disclosure and investors’ interests protection on the base of former research results, then point to the problem and put forward the way on the improvement of information disclosure of list-company in the view of investors’ interests protection.Part One: Study on the Theory Basis of Accounting Information Disclosure of List-companyThe basic theories relating information disclosure are: the theory of contracts, the theory of agent costs and the theory of company administration. The legal system of securities in some countries regulated the criterion of list-company information disclosure so that the disclosed information could be creditable objectively and its inter valuation could be realized. The criterion of information disclosure can be reduced to reliability, integrity and validity.The factor that influences the list-company supplies the accounting information is divided into <WP=53>economic factor and non- economic factor. The former means the cost that the list-company discloses the accounting information, including measurable and immeasurable cost. The later includes such factors, which influenced accounting information of the list-company, as the improvement of the accounting theories and the supervising attitude of the government, and so on. The cost of the accounting information will be the main factor.Part Two: Relations between Accounting Information Disclosure and Investors’ Interests ProtectionThe information disclosure is basis of the securities market and the fundamental premise to set up a fair, impartial and open securities market. The financial statements and operating results of the company are opened to the public by the information disclosure. The participators of securities market can make strategies in accordance with the disclosed information. To many investors, the unreal accounting information will mislead them and make them lost confidence. It is no good to normal developments of the securities market. To protect the profits of the investors is not only common knowledge in the international capital markets, but also invariable opinion since the China Securities Supervisor Committee set up. It is necessary to set up the system of investors’ interest protection on the basis of the experiences of the marketing economy countries.Part Three: the Problems on the Accounting Information Disclosure in Our Present List-company and their ReasonsWith the development of the economy and the trend of economic integration, <WP=54>the risks in our securities market appear obviously day-by-day. The administering authority came to take the problem seriously. One of the risks is the false accounting information. The interests of the investors will be damaged seriously in some degree and the development of our securities market will be influenced. The matters of the accounting information disclosure can be reduced to unreality, insufficiency, and invalidity. The reasons are concluded: 1) lack of the supervision of government; 2) CPA’s lost supervising duty; 3) the inter profit demands of list-company; 4) immature ideal of the investors.Part Four: the Main Way on the Improvement of Information Disclosure of List-company and Investors’ Interests ProtectionTo disclose the exact, complete and timely information to the investors
论文关键词： 信息披露；投资者利益；政府监管；制度完善；