本文選題：信息披露違規(guī) + 負面影響　； 參考：《江西財經(jīng)大學》2017年碩士論文

【摘要】：在市場上信息一直在不斷的流動,而證券市場就是一個信息流通的市場,其的基本要求有三個:公開、公平、公正。隨著經(jīng)濟的不斷發(fā)展,證券為我國的經(jīng)濟發(fā)展做出了巨大的貢獻,證券市場已經(jīng)成為全球金融市場上至關重要的一部分,可見整體經(jīng)濟健康良性發(fā)展無法離開證券市場的健康與良好發(fā)展。因此如何保證證券市場良好發(fā)展已經(jīng)逐漸成為一個世界性重要議題,同時它也成為了世界各國各地區(qū)的經(jīng)濟發(fā)展首要要務。縱觀世界各國證券市場演變的歷史進程,證券市場的發(fā)展離不開信息披露制度的完善,同時提高了投資者利益的重視程度和對其利益更好的保護。其實,所謂信息披露就是指上市公司對外披露公司的一些信息借以達到和利益相關者以及投資者相互溝通的目的。信息披露的作用在于避免證券市場出現(xiàn)欺詐和不公平現(xiàn)象,同時也能提高證券市場的透明度和公信力,增強投資者在證券市場上投資時的信心,確保在資源配置中資本市場能有效發(fā)揮作用,最終達到證券市場的健全完善,國民經(jīng)濟的良好發(fā)展的結(jié)果。中國的信息披露制度的發(fā)展已經(jīng)有二十多年的歷史,從《中華人民共和國證券法》設立開始制度就在不斷的完善,我國的信息披露機制在建設和完善程度上都取得了長足的進步。但是近些年來,上市公司被曝出信息披露違規(guī)的現(xiàn)象還是日益嚴重,愈來愈多的違規(guī)公司受到相關部門的違規(guī)懲罰。雖然世界上各個證券市場都存在各類違規(guī)問題,但是從美國的安然事件到中國的銀廣夏事件證明無論是較為成熟的發(fā)達國家的證券市場還是新興的發(fā)展中國家證券市場,違規(guī)信息披露違規(guī)的現(xiàn)象在各類違規(guī)行為中尤為嚴重。大量的信息披露違規(guī)事件致使投資者以及其他利益相關者在信息披露違規(guī)事件中個人利益蒙受嚴重損害,使得各國證券市場運行的正常秩序受到嚴重擾亂,證券市場資源發(fā)揮配置功能受到限制。雖然針對這個現(xiàn)象監(jiān)管部門也采取各種處罰措施,包括警告,罰款,甚至追究一部分責任人的刑事責任,但是仍然有眾多上市公司報著僥幸心理知法犯法。對于上市公司而言,不容忽視的是一旦公司出現(xiàn)信息披露違規(guī)遭到譴責或是處罰都會在對公司的發(fā)展產(chǎn)生或多或少的不利的影響。雖然違規(guī)處罰對公司百利而無一害,但是令人詫異的是每年都有許多公司因為不同原因受到相關監(jiān)管機構(gòu)的處罰。無論是因為在市場的規(guī)范程度越來越高,還是經(jīng)濟活動種類越來越多越來越復雜,實際中出現(xiàn)違規(guī)尤其是因信息披露而違規(guī)的公司的數(shù)量在連年上升。那么當違規(guī)受處罰已經(jīng)發(fā)生了,如何以最快的速度最有效的降低違規(guī)處罰帶來的負面影響變得至關重要。本文選取了魯北化工公司信息披露違規(guī)的案例,通過介紹魯北化工公司在出現(xiàn)信息披露違規(guī)的情況后積極的采取應對措施,包括積極與外界溝通、撤換管理層以及修改公司內(nèi)部制度等措施。通過分析這些措施的作用,說明它們是如何快速的降低證監(jiān)會和上交所處罰所帶來的不利影響的,并進一步得出結(jié)論。首先本文介紹了信息披露的現(xiàn)狀,通過數(shù)據(jù)對于信息披露違規(guī)的趨勢進行了分析,其次本文汲取國內(nèi)外相關學者對信息披露制度以及信息披露違規(guī)后公司整改的研究成果為文章打下理論基礎。接下來本文簡單的介紹了魯北化工公司的公司情況、信息違規(guī)的事件經(jīng)過以及證監(jiān)會和上交所對它的處罰。第三部分就是對魯北化工在信息披露違規(guī)后采取的許多措施的介紹,包括積極的面對更換公司的管理層,整改公司的內(nèi)部制度,進行資產(chǎn)重組等。針對公司采取的這些措施本文后續(xù)從財務績效,市場反應等多方面進行分析,證明了通過這些措施魯北化工成功的降低了由于信息披露違規(guī)被有關監(jiān)管機構(gòu)譴責導致的不利影響。最后本文進行歸納總結(jié),建議在因信息披露違規(guī)受到處罰后不同公司要采取不同的應對手段。其實無論是譴責還是處罰是給公司的錯誤不規(guī)范的做法敲響了警鐘,但是知錯能改善莫大焉,如何盡量在短時間內(nèi)消除不良影響,找出違規(guī)的真正原因并且改正,恢復投資者的信心,才是面對違規(guī)處罰應該抱有的積極態(tài)度與正確行為。本文希望通過對于魯北化工的案例分析給予其他因為信息披露違規(guī)受到處罰的上司公司一點啟示。通過魯北化工公司的成功整改,不僅擺脫了ST的帽子,還逐步恢復盈利。這正是可以給其他受到處罰尤其是由于信息披露違規(guī)受到處罰的公司借鑒的。
[Abstract]:In the market, information has been constantly flowing, and the securities market is a market of information circulation, its basic requirements are three: open, fair, fair. With the continuous development of the economy, securities have made great contributions to the economic development of our country, the securities market has become a vital part of the global financial market, but The sound and healthy development of the overall economic health can not leave the health and good development of the securities market. So how to ensure the good development of the securities market has gradually become an important issue in the world. At the same time, it has also become the primary priority of economic development in all regions of the world. The development of the market can not be separated from the perfection of the information disclosure system, at the same time, the importance of the interest of the investors and the better protection of its interests are raised. In fact, the so-called information disclosure means that the listed companies disclose some of the information of the company to achieve the purpose of communicating with the stakeholders and the investors. In order to avoid fraud and unfair phenomenon in the securities market, it can also improve the transparency and credibility of the securities market, enhance the confidence of investors in the stock market, and ensure that the capital market can play an effective role in the allocation of resources, and ultimately achieve the sound improvement of the securities market and the result of the good development of the national economy. The information disclosure system of the country has been developed for more than 20 years. The system of the beginning of the "People's Republic of China Securities Law" has been continuously perfected. The information disclosure mechanism of China has made great progress in the construction and improvement. However, in recent years, the public company has been exposed to the phenomenon of information disclosure violations or the day. More and more illegal companies are punished by relevant departments. Although all securities markets in the world have all kinds of irregularities, from the Enron event in the United States to China's silver Guangxia event, it is proved that the securities market of the more mature developed countries is also a newly emerging developing country securities market. The phenomenon of irregularities in interest disclosure is particularly serious in all kinds of irregularities. A large number of information disclosure violations cause investors and other stakeholders to suffer serious personal interests in information disclosure violations, making the normal order of the operation of the securities market seriously disturbed and the allocation function of the stock market resources. Limited. Although the regulatory authorities have taken various penalties, including warning, fines, or even the criminal responsibility of a part of the responsible person, there are still many listed companies reporting a fluke of the law. For listed companies, it is not to be ignored that once the company appears to be condemned to disclose information disclosure violations. The punishment will have more or less adverse effects on the development of the company. Although the violation penalty has no harm to the company's Bailey, it is surprising that many companies are punished by the relevant regulators for different reasons every year. Whether it is in the market, the rules of Fan Chengdu are increasing, or the type of economic activity. More and more more and more complex, the actual number of violations, especially the disclosure of information, is increasing in number of companies. Then when the violation is punished, it is very important to reduce the negative impact of the violation punishment at the fastest speed. This paper selects the information disclosure of the Shandong chemical company. The case of the regulation is introduced by introducing the positive response measures of Lubei chemical company after information disclosure violations, including actively communicating with the outside world, replacing management and modifying the internal system of the company. Through the analysis of the role of these measures, it shows how quickly they reduce the punishment of the SFC and the Shanghai Stock Exchange. First of all, this paper introduces the status of information disclosure, analyzes the trend of Information Disclosure Violation through data. Secondly, this paper draws the theoretical foundation for the article to draw the theoretical foundation for the article by the relevant scholars at home and abroad on the information disclosure system and the results of the corporate rectification after the disclosure of information. This article briefly introduces the company situation of Lubei chemical company, the events of information violation and the punishment of the SFC and the Shanghai Stock Exchange. The third part is the introduction to many measures taken after the violation of information in Lu Bei chemical industry, including the active face to change the management of the company, the internal system of the company, and the management of the company. According to the measures taken by the company, the following measures are analyzed in terms of financial performance, market reaction and so on. It is proved that the success of the chemical industry in Shandong Province has been successfully reduced because of the adverse effects caused by the information disclosure violations being condemned by the relevant regulatory agencies. Different companies should take different measures after being punished. In fact, whether it is condemnation or punishment is a warning to the wrong and nonstandard practice of the company, but the mistakes can be changed, how to eliminate the bad effects in a short time, to find out the true cause of the violation and to correct the investor's confidence, It is hoped that through the analysis of the case of the chemical industry in Lubei, this article hopes to give some other revelation to the company who has been punished because of the information disclosure violation. Through the successful rectification of Lubei chemical company, it is not only rid of the ST's hat, but also gradually restore the profit. This is what can be given to it He was punished, especially because the company punished by information disclosure was used for reference.
【學位授予單位】：江西財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F426.7;F406.7

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本文編號：2095969