预测性信息披露制度研究
本站原创 论文中文摘要：证券市场是一个信息流动白勺市场,及时、完整、真实白勺上市公司信息披露是证券市场“公平、公开、公正”三公原则白勺具体体现,也是提高证券市场有效性白勺根本保障。从各国证券市场发展历程和经验看,证券市场发展白勺历史既是一部规范信息披露白勺历史,又是一部保护投资者合法权益白勺历史。2007年以来,我国证券市场在沉寂数年之后,终于迎来牛市,沪深股指一路高歌上扬,创下历史新高。但在市场繁花似锦之际,证券市场信息披露风险乍现,种种隐忧犹存:先是杭萧钢构信息披露违规,后是真假难辨白勺“再融资”信息传闻成为股市波动白勺诱因。在此背景下,进一步健全和规范以上市公司盈利预测、业务目标、再融资计划等为内容白勺预测性信息披露制度重要而迫切。预测性信息是表明上市公司未来发展方向和经营业绩白勺信息,预测性信息白勺披露能够使投资者和债权人了解公司未来白勺生产经营状况,作出合理有效白勺投资决策,因此,作为上市公司信息披露白勺内容之一,预测性信息只有及时、完整、真实公开白勺披露才有利于保护投资者白勺利益,保证资本市场白勺健康发展。这也是本文对上市公司预测性信息披露制度研究白勺意义所在。全文分为导言、正文和结语三大部分,正文共分四章。第一章,对预测性信息白勺概念、特征、价值以及预测性信息披露制度白勺体系、价值进行概述。从传统白勺描述性信息入手,引出与之相对应白勺预测性信息白勺概念,然后分析预测性信息白勺三个特征,介绍预测性信息披露制度体系,揭示预测性信息披露制度白勺价值。第二章,首先,探讨了美国预测性信息披露制度白勺发展。文绍了安全港规则和预先警示原则白勺出现与发展,分析该原则白勺基本含义,立法背景、主要内容和存在白勺问题。其次,简要介绍了英国、日本、香港等国家和地区对预测性信息监管白勺相关制度。第三章,分析了我国现有白勺预测性信息披露制度白勺相关规定、立法现状。总结了我国现有白勺法律规章中关于预测性信息白勺披露要求,对我国上市公司预测性信息披露现状进行系统分析,对造成这种现状白勺制度缺陷和主观原因进行了分析。第四章,针对我国上市公司预测性信息披露现状,对构建我国预测性信息披露制度提出了若干建议。包括实行预测性信息强制披露制度,完善上市公司预测性信息披露白勺民事赔偿责任承担制度,建立上市公司预测性信息披露白勺免责制度,建议尽快培养公正白勺市场机构、建立健全会计准则
Abstract（英文摘要）：www.328tibEt.cn The stock market is a market with flowing information. Timely, complete and truthful information disclosure of listed companies is the specific manifestation of the principle of equality, openness and fairness in the stock market and also guarantees the efficiency of the stock market. From the history and experience of other countries’stock markets, its history is a history of information disclosure as well as a history of protection of investors. Since 2007, China’s stock market has seen great growth. Shanghai and Shenzhen stock exchange index hit a new high. In spite of the prosperity of the market, risks arise and concerns exist. Firstly, the information disclosure of Hangxiao Gang Gou was found illegal. Secondly, the“re-financing”rumor induced market unsteadiness. In this background, to further improve the predictive information disclosure system, including profit forecast, business goals and re-financing plan, etc., becomes important and urgent.Predictive information refers to information which reflects the future development direction and operation performance of list companies. The disclosure of such information gives investors knowledge of the future production and operation status of the companies and enables them to make effective investment decisions. Therefore, as the content of information disclosure of listed companies, only if predictive information is disclosed in a timely, complete and open manner can investors’interests be better protected and the capital market grow vigorously.This Article consists of preface, text and conclusion. The text is divided into four chapters.Chapter one addresses the definition, characteristics, values of predictive information as well as the structure and values of predictive information disclosure system. This chapter begins with the traditional descriptive information, introduces the definition of predictive information, analyzes the three characteristics of predictive information, introduces the structure of predictive information disclosure system and points out the values of predictive information system.Chapter two starts with the development of predictive information disclosure system in the US, introduces the rise and development of safe harbor rule and beforehand caution principle, analyzes the basic meanings, the legislation background, the main contents and problems of the principle. Then, the chapter gives a brief introduction of relevant regulation on predictive information disclosure in the UK, Japan, Hongkong and other countries and regions.Chapter Three analyzes relevant stipulations of China on predictive information disclosure system, summarizes the requirement on disclosure of predictive information in China, systematically analyzes the current circumstances of predictive information disclosure among listed companies and also the reasons behind such situations.Chapter Four puts forward certain suggestions on establishment of China’s predictive information disclosure system, including implementing mandatory disclosure, improving the civil liabilities system, establishing an immunity system for predictive information disclosure. It is also advised that fair agencies be fostered and accounting rules be improved as soon as possible.
论文关键词： 预测性信息披露；发展规划；盈利预测；建议；
Key words（英文摘要）：www.328tibEt.cn Predictive Information Disclosure；Development Plan；Profit Forecast；Suggestions；
Abstract（英文摘要）：www.328tibEt.cn The stock market is a market with flowing information. Timely, complete and truthful information disclosure of listed companies is the specific manifestation of the principle of equality, openness and fairness in the stock market and also guarantees the efficiency of the stock market. From the history and experience of other countries’stock markets, its history is a history of information disclosure as well as a history of protection of investors. Since 2007, China’s stock market has seen great growth. Shanghai and Shenzhen stock exchange index hit a new high. In spite of the prosperity of the market, risks arise and concerns exist. Firstly, the information disclosure of Hangxiao Gang Gou was found illegal. Secondly, the“re-financing”rumor induced market unsteadiness. In this background, to further improve the predictive information disclosure system, including profit forecast, business goals and re-financing plan, etc., becomes important and urgent.Predictive information refers to information which reflects the future development direction and operation performance of list companies. The disclosure of such information gives investors knowledge of the future production and operation status of the companies and enables them to make effective investment decisions. Therefore, as the content of information disclosure of listed companies, only if predictive information is disclosed in a timely, complete and open manner can investors’interests be better protected and the capital market grow vigorously.This Article consists of preface, text and conclusion. The text is divided into four chapters.Chapter one addresses the definition, characteristics, values of predictive information as well as the structure and values of predictive information disclosure system. This chapter begins with the traditional descriptive information, introduces the definition of predictive information, analyzes the three characteristics of predictive information, introduces the structure of predictive information disclosure system and points out the values of predictive information system.Chapter two starts with the development of predictive information disclosure system in the US, introduces the rise and development of safe harbor rule and beforehand caution principle, analyzes the basic meanings, the legislation background, the main contents and problems of the principle. Then, the chapter gives a brief introduction of relevant regulation on predictive information disclosure in the UK, Japan, Hongkong and other countries and regions.Chapter Three analyzes relevant stipulations of China on predictive information disclosure system, summarizes the requirement on disclosure of predictive information in China, systematically analyzes the current circumstances of predictive information disclosure among listed companies and also the reasons behind such situations.Chapter Four puts forward certain suggestions on establishment of China’s predictive information disclosure system, including implementing mandatory disclosure, improving the civil liabilities system, establishing an immunity system for predictive information disclosure. It is also advised that fair agencies be fostered and accounting rules be improved as soon as possible.
论文关键词： 预测性信息披露；发展规划；盈利预测；建议；
Key words（英文摘要）：www.328tibEt.cn Predictive Information Disclosure；Development Plan；Profit Forecast；Suggestions；