沪市公司年报对公司实际控制人的披露情况分析

绝大部分沪市上市公司均按规定在2008年报中对实际控制人的情况进行了披露,但也有一些上市公司未按或未完全按年报准则关于实际控制人的披露要求履行披露义务,无助于广大投资者了解其产权和控制关系状况。针对披露中存在的问题,我们建议:进一步明确界定实际控制人的含义、类型及其控制形式,充实和完善对实际控制人应予披露的内容,加强对法人控股股东和中间层级控制主体的披露;出台专门的实际控制人披露指引,规范披露的内容和形式;严格上市公司及其控股股东、实际控制人未按规定如实、准确、完整披露的责任。     

Corporate aggregate disclosure practices in Jordan

This study reports the results of an empirical investigation of the disclosure behavior of listed companies in Jordan after important changes in economic and accounting regulations. It also reports the relationship between aggregate disclosure (both mandatory and voluntary) and a number of company characteristics (financial and non-financial) for Jordanian companies listed in Amman Stock Exchange (ASE). The results of the study revealed that there was a significant increase in the level of aggregate disclosure (its average was 69%) compared to previous studies in Jordan. The extent of mandatory and voluntary disclosures was 83% and 34% respectively. Univariate analysis revealed that firm size, profitability, number of shareholders, listing status, industry type, audit firm size and company age are significant variables in explaining the variation in the level of aggregate disclosure among Jordanian companies. Meanwhile, multivariate analysis showed firm size (sales), profitability (ROE), audit firm size, industry type and listing status, to be significantly associated with the level of aggregate disclosure.     

上市公司数量与非上市公司创新

本文研究了上市公司数量增加对非上市公司创新的影响。研究发现,上市公司数量增加能够促进相关非上市公司创新。机制分析发现,上市公司数量对非上市公司创新的促进作用在融资约束程度相对严重的非上市公司中更明显,上市公司创新活动、分析师关注和高质量审计能够强化上述促进作用,表明上市公司能通过缓解融资约束,增加知识传播和信息披露,进而促进非上市公司创新。进一步研究发现,更多的地区劳动力供给、较高的地区市场化程度和金融市场化程度也能够强化上市公司数量增加对非上市公司创新的促进作用。本文深化了股票市场发展溢出效应方面的研究。     

上市银行XBRL财务报告现状及存在的问题

信息质量可靠是XBRL财务报告发展的根本动力。XBRL报告已在我国上市公司全面实施,因此需要对XBRL报告信息披露现状进行分析评价。本文通过对上海证券交易所上市银行XBRL报告与PDF报告的比较发现,XBRL报告存在报表项目漏报、报表项目错报、报表项目顺序排列错误、金额错报和漏报、金额符号错误、合计金额错误等六种问题。进而,就如何解决XBRL报告问题本文提出了一些建议,主要包括:改进XBRL报告报送系统、进一步推广应用XBRL分类标准、加强上市公司XBRL应用能力的培训、实现会计信息系统与XBRL的有效链接,同时还需要发展XBRL鉴证业务以进一步确保XBRL报告的可靠性。     

信息披露考核降低了股价崩盘风险吗？

深交所自2001年起对于上市公司的信息披露工作进行考核。本文从信息透明度的 角度,利用深交所上市公司信息披露考核数据,考察信息披露质量对股价崩盘风险的影响。研 究发现：（1）深圳证券交易所的信息披露考核对于股价崩盘风险有显著影响,整体来看上市 公司的信息披露质量与股价崩盘风险存在显著的负向关系;（2）对于经营业绩较差的公司而 言,信息披露质量与股价崩盘风险的负向关系更加显著;（3）相对于非主板公司而言,信息披 露质量对主板公司的股价崩盘风险的抑制作用更加显著。     

国际四大与高审计质量——来自中国证券市场的证据

本文采用2007—2009年沪、深两市A股上市公司公开披露的3874份年报数据,基于盈余管理的视角,对施行新会计准则和新审计准则后国际四大会计师事务所提供审计服务的质量进行了实证研究。结果表明,国际四大与非国际四大在审计质量上并不存在显著的差异,某些年度国际四大甚至比非国际四大更差。最后,借鉴Basu(1997)的思想,构建关于盈余管理的稳健性模型,进一步验证了本文的结论。     

及时披露能抑制信息泄露吗?

以深交所2007-2009年披露年报的A股上市公司为样本,本文实证研究了我国上市公司信息披露的及时性对抑制信息泄露与内幕交易的现实效果。研究表明,年报披露及时性逐年提高,披露及时性与信息泄露程度显著负相关,及时披露对抑制信息泄露具显著效用;信息质量与及时性在抑制信息泄露方面具协同作用;与信息质量较好的公司比较,信息质量较差的公司因及时披露对信息泄露的抑制效果更显著,表明及时披露在抑制信息泄露方面对信息质量具替补作用。     

资本市场开放能否提高企业信息披露质量？——基于“沪港通”和年报文本挖掘的分析

提高信息披露质量对于改善上市公司治理结构和保护股东权益具有重要意义。本文利用2014年开通的“沪港通”机制这一准自然实验,研究资本市场开放是否提高了企业的信息披露质量。从2010-2019年A股上市公司年报文本中提炼可读性指标衡量信息披露质量,使用匹配和双重差分方法进行实证研究,发现“沪港通”机制实施以后,标的公司(纳入“沪港通”的A股上市公司)的信息披露质量显著提高。这一结论对不同的估计方法、样本区间及控制变量组均保持稳健。异质性分析表明,对于盈余操纵水平较高、股价信息含量较低的企业,资本市场开放能够更好地改善其信息披露质量。本文丰富了资本市场开放对企业行为和绩效影响的实证研究,为继续推进资本市场开放政策提供了理论依据。     

Quality of financial reporting: evidence from the listed Saudi nonfinancial companies

This study assesses the quality of information disclosed by a sample of nonfinancial Saudi companies listed on the Saudi Stock Exchange. The study also compares the extent of corporate disclosure before and after the creation of the Saudi Organization of Certified Public Accountants (SOCPA). We classify information disclosed in the annual reports into three main categories: mandatory; voluntary related to mandatory; and voluntary unrelated to mandatory disclosure. The sample provided 63% and 66% of the total population of companies listed on the Saudi Stock Exchange in the years 1992 and 1999.In departure from most previous studies conducted in this area of research, we weighted the indexes of disclosure by the mean and median responses of seven users of the annual reports in Saudi Arabia. The results of both unweighted and weighted indexes are reported. The outcome of the analysis indicated a relatively high compliance with the mandatory requirements in all industries covered by the study, with the exception of the electricity sector. As for the voluntary disclosure, whether related or unrelated to mandatory disclosure, the analysis revealed that Saudi companies disclose information more than the minimum required by law. The level of voluntary disclosure, however, is relatively low. The analysis also showed that the creation of SOCPA has had little impact on corporate reporting in Saudi Arabia.     

VOLUNTARY DISCLOSURE OF FINANCIAL SEGMENT DATA: NEW ZEALAND EVIDENCE

This paper reports on the voluntary financial disclosure of segment data by New Zealand companies and relates the extent of quantified segment disclosure to firm-specific characteristics. The extent of voluntary segment disclosure varies across a sample of 29 firms listed on the New Zealand Stock Exchange. The extent of quantified segment disclosure is significantly related to firm size, financial leverage, but not to assets in place, earnings volatility or a the importance of foreign funding to the firm.     

上市公司自愿性信息披露对股票流动性影响的实证研究

以2007～2008年沪深两市A股上市公司年报作为研究基础,运用描述性统计和两阶最小二乘法分析了自愿性信息披露对上市公司股票流动性的影响。验证了自愿性信息披露会促进上市公司股票的流动性,同时发现自愿性披露信息中财务方面信息对上市公司股票流动性的提高作用最大。     

我国上市公司信息披露质量对其财务绩效影响的实证研究——基于非线性和非对称性的视角

本文以2006-2010年的深市A股上市公司为样本,以每股收益为上市公司财务绩效的替代变量,以深交所对上市公司信息披露考评结果作为信息披露质量的替代变量,研究了我国上市公司信息披露质量对其财务绩效的影响。结果表明：上市公司信息披露质量对其财务绩效的影响是非线性的,具体表现为正u型;上市公司信息披露质量的变动对其财务绩效的影响是非对称的。最后,本文根据回归分析结果提出了相应的政策建议。     

上市公司信息披露质量提升能否改进公司绩效?——基于2002—2005年深市上市公司的经验证据

本文采用深交所对上市公司信息披露质量的评级作为信息披露质量代理变量,以Jensen指数、净资产收益率、总资产收益率及总资产周转率作为公司绩效代理指标,检验了2002—2005年深市上市公司信息披露质量对公司绩效的影响。研究发现,信息披露质量与公司绩效之间存在显著内在关联性,信息披露质量较高的公司,其市场表现和财务绩效也都较佳。因此,合理引导公司信息披露,对于提升上市公司绩效具有重要导向效应。     

Corporate mandatory disclosure practices in Bangladesh

This study reports the results of an empirical investigation of the extent of mandatory disclosure by 94 listed companies in Bangladesh. It also reports the results of the association between company-specific characteristics and mandatory disclosure of the sample companies. The results indicate that companies in general have not responded adequately to the mandatory disclosure requirements of the regulatory bodies. It has been found that companies, on average, disclose 44% of the items of information, which leads to the conclusion that prevailing regulations are ineffective monitors of disclosure compliance by companies. Company age appears to be an insignificant factor for mandatory disclosure. And there is little support for industry size as a predictor of mandatory disclosure except where size is measured by sales. Then it is marginally significant. Profitability was also found to have no effect on disclosure. And status, i.e., whether a company is modern or traditional also has no effect on mandatory disclosure.     

监管导因的信息披露质量研究——基于深交所信息披露质量考评结果分析

以深交所信息披露质量考评结果为依据,通过2008～2010年吉林省上市公司与全国上市公司信息披露质量的比较,发现吉林省上市公司信息披露质量低于全国水平。究其原因,与外部监管环境宽松和内部监管机构独立性不足有着密不可分的关系。应从加大处罚力度、强化对注册会计师审计质量的"再监督"、明确内部审计机构的组织隶属地位等方面入手加以治理。     

INTERNATIONAL DIFFERENCES IN RESEARCH AND DEVELOPMENT REPORTING PRACTICES: A FRENCH AND CANADIAN COMPARISON

This paper compares the research and development (R&D) disclosure practices in France and Canada, as evidenced in the annual reports of 76 French and 110 Canadian listed companies. It finds that Canadian high-tech companies (hardware, software, and biotechnology) disclose significantly more information on their R&D activities than their French counterparts. It also finds a strong link between R&D intensity and R&D disclosure among Canadian high-tech companies. Canadian companies overall are also found to be more likely to use non-financial disclosure as a means to resolve any R&D information asymmetry, while French firms disclose more traditional financial and accounting information. Canadian companies are also more willing than French firms to provide information concerning their future R&D expenditures. These results are consistent with inherent cultural and capital market differences between France and Canada. In contrast, the study does not find any significant difference in R&D expenditure capitalization policies between French and Canadian firms.     

Australian Financial Graphs: An Empirical Study

The use of graphs to disclose financial information in corporate annual reports represents a significant dimension of financial disclosure management. This study replicates and extends previous research into financial graphs by documenting the nature and extent of graph use and departures from representational neutrality among the 1991 corporate annual reports of the top one hundred companies listed on the Australian Stock Exchange. Eighty-nine per cent of companies use graphs; the mean number is 9.4, with diversified companies using the most graphs. The most commonly graphed financial variables are sales, profit, EPS and DPS. Evidence is found that graph use is contingent upon favourable performance. In addition, material measurement distortion is found in 34 per cent of all key financial graphs. Eighty-six per cent of companies have slope parameters which depart more than 10° from the optimum, thus impairing communicative effectiveness. A range of design strategies are employed which are consistent with the adoption of an impression management schema. No persistent systematic differences between forms of distortion and industry group are found. Comparison with prior single-country studies reveals that graphs are used more extensively in Australia than in the U.S.A., the U.K. or Canada, but that there is less evidence of impression management. This latter finding is consistent with the view that there are fewer short-term and capital-market pressures in Australia.     

Corporate Governance and Investor Reaction to Reported Earnings: An Exploratory Study of Listed Chinese Companies

This study explores the determinants of listed Chinese companies’ governance practices. It also examines how these companies’ governance practices affect domestic investors’ reaction to their earnings reports. Using publicly disclosed financial information and data directly collected from 148 domestically listed Chinese companies, the findings are consistent with investors in these companies basing their valuation decisions, at least in part, on these companies’ earnings reports. This is indicated by the significant relationship between “unexpected” earnings and cumulative abnormal returns. However, the hypothesized effects of governance practice/choice are, on the whole, not supported. There also is no systematic relation between governance choice and ownership structure. We interpret these findings to imply that in the Chinese securities market, the institutional factors and infrastructure (e.g., legal liability, information intermediation, market for managers, and takeovers) are not yet sufficiently developed to permit individual domestic investors to exert significant influence via their actions in the capital markets.     

Mandatory information disclosure and innovation: Evidence from the disclosure of operational information

We use a quasi-natural experiment wherein the Shanghai Stock Exchange requires listed companies in certain industries to disclose operational information and a staggered difference-in-differences model to examine the impact of mandatory information disclosure on corporate innovation. We find that companies subject to mandatory operational information disclosure show significantly increased innovation. This effect is pronounced for companies classified as non-state-owned enterprises, facing severe financing constraints and a high degree of shareholder tunneling behavior and in competitive and high-tech industries. Although mandatory operational information disclosure reduces their competitive advantage, companies appear to compensate by increasing innovation. Our study highlights the positive impact of mandatory operational information disclosure, indicating that it contributes to the high-quality development of both capital markets and companies.