刍议我国上市公司关联交易信息披露存在的问题和改进建议

上市公司关联交易广泛地存在于上市公司的日常经营活动中,然而不正当关联交易却损害着广大投资者的权益。上市公司若未按照有关规则披露信息,关联方将能够轻易地通过关联交易进行利益输送,这会严重破坏证券市场秩序,损害证券投资者的利益。因此,加强上市公司关联交易的信息披露监管,对于保护我国投资者的合法权益、提高资本市场的运作效率、维护证券市场的繁荣与稳定都具有十分重要的意义。在我国证券市场上,许多上市公司利用关联交易来粉饰业绩或输出利润,严重危害了中小股东的利益。本文论述关联交易的判定标准以及披露,并提出对规范我国上市公司关联交易的几点建议。     

激励相容信息披露制度设计——一个理论框架与现实分析

信息披露是投资者了解上市公司、证券监管机构监管上市公司的主要途径,信息披露制度是各国证券法律制度的重要内容。针对当前我国证券市场中上市公司虚假信息披露案件频发,本着保护中小投资者利益为目的,本文从激励相容信息披露制度设计的理论模型角度出发,分析了影响信息披露质量的各种变量,并以各个变量为基础得出模型对我国证券市场信息监管实践的启示,从而指出要完善我国证券市场信息披露监管制度,必须从立法、加大惩罚力度等各方面加强监管。     

信息披露质量与中小投资者利益保护——以纺织业上市公司为例

提高信息披露质量,能够缓解代理问题,减少信息不对称程度,切实保护中小投资者的利益。控股股东侵占外部投资者的利益主要通过资金占用、制定有利于自身的现金股利支付策略。高质量的信息披露可以约束控股股东机会主义行为,保障中小投资者的知情权。以2009～2011年深市的纺织行业上市公司为样本,建立多元回归模型,对信息披露质量与资金占用、公司价值和现金股利支付率之间的关系进行研究。     

全面注册制下如何提升企业信息披露的有效性

企业信息披露的有效性是投资者利用公开信息判断证券价值、做出理性决策的前提和基础。本文采用比较分析和规范分析方法,针对证券发行信息披露有效性不足的现状,提出了增强信息披露有效性的可行路径。研究发现,证券发行注册制要求发行人的信息披露应以满足投资者的信息需求为价值本位,普通投资者与专业投资者因自我保护能力不同而具有差异化的信息需求,对信息披露进行差异化安排是实现信息披露有效性的基本路径。差异化信息披露包含两方面内容：一是根据公司所处行业和自身特征披露区别于其他企业的个性化信息,二是根据投资者类型不同提供其所需的信息。在此基础上,本文创新性地提出信息披露有效性制度应着重从以下方面进行改进：其一,信息披露有效性应提升为证券信息披露的基本原则;其二,完善差异化信息披露标准,鼓励发行人披露自身的个性化信息;其三,根据专业投资者和普通投资者的不同需求,针对性地进行信息供给。     

我国上市公司会计信息披露存在的问题、原因及对策

会计信息披露是上市公司必须履行的义务,披露相关可靠的会计信息,有利于提高证券市场的透明度,增强投资者的信心。虽然我国证券法律相关制度不断在完善,各项监管措施也逐项落实,提高了会计信息披露的透明度,但证券市场上违规违法现象也难以杜绝。我国上市公司会计信息披露存在各种问题,不仅损害了信息使用者,特别是中小投资者的利益,而且阻碍了证券市场的健康发展。本文列举了上市公司信息披露中存在的问题,并分析产生这些问题的原因以及治理对策,有利于信息使用者利益的保护,同时也有利于证券市场的进一步完善。     

证券非公开发行信息披露监管制度刍议

本文通过比较美国、台湾地区证券非公开发行信息披露制度,分析了我国证券非公开发行信息披露制度的缺陷,提出根据投资者不同来构建我国证券非公开发行信息披露体系,确保信息披露的公平性,充分体现证券非公开发行的特点,实现发行人筹资便利和投资者利益保护之双重价值。     

激励相容信息披露制度设计——一个理论框架与现实分析

信息披露是投资者了解上市公司、证券监管机构监管上市公司的主要途径,信息披露制度是各国证券法律制度的重要内容.针对当前我国证券市场中上市公司虚假信息披露案件频发,本着保护中小投资者利益为目的,本文从激励相容信息披露制度设计的理论模型角度出发,分析了影响信息披露质量的各种变量,并以各个变量为基础得出模型对我国证券市场信息监管实践的启示,从而指出要完善我国证券市场信息披露监管制度,必须从立法、加大惩罚力度等各方面加强监管.     

非上市公众公司信息披露的理论基础与价值选择

证券法的价值之一是保护投资者,判断某一类投资者是否需要法律的特殊保护及所需保护的强弱程度。这一问题是与公司的公众性结合在一起的。非上市公众公司是为配合证券监管部门监管各类别公司动向和满足监管制度改革的要求而提出的一个概念,其兼具封闭性和公众性的特征。基于其公众性特点,强制筹资者进行一定程度的信息披露,对于投资者克服信息不对称和做出理性投资选择,乃至使稀缺的社会资源得到优化配置都是大有裨益的。但在对非上市公众公司进行信息披露的制度设计时,必须要考虑其在公众性上与上市公司的差别,兼顾保护投资者利益与证券流动性,协调筹资便利和证券市场运行效率。     

公平信息披露与分析师预测精度——来自中国上市公司的经验证据

证券分析师是证券市场重要的信息加工者和传播者,他们的信息行为对中小投资者和市场效率有重要影响。本文基于2003~2009年分析师的年度盈利预测数据,运用面板计量模型实证检验了公平信息披露规则的实施对分析师预测精度的影响。研究结果表明:分析师预测精度在规则实施后显著下降了;而且,随着规则实施时间的推移,分析师预测精度进一步下降;另外,分析师对信息披露水平较差的上市公司的预测精度下降幅度更大。     

上市银行分支机构在信息披露中的作用

信息披露是为加强对发行人的社会监督、保护投资者利益而制定的规范证券发行人公开信息资料的一系列法律制度。随着越来越多的商业银行公开发行上市,其及时准确的信息披露正发挥着积极的作用。本文对上市银行分支机构在信息披露中的责任和作用进行有益探讨。     

基于三方演化博弈视角的中小投资者权益保护研究

在我国证券市场的不断发展中,中小投资者一直处于弱势地位,上市公司侵害中小投资者权益的事件时有发生。本文从演化博弈的视角分析中小投资者权益保护的问题,构建由上市公司、中小投资者和监管部门构成的三方演化博弈模型,运用复制动态方程以及Matlab仿真分析,对中小投资者权益保护问题进行研究。研究结果表明:(1)博弈中任何一方的策略选择都会影响其余两方的策略选择,同时也会受到另外两方策略选择的影响;(2)在一定条件,三方演化博弈模型存在三个演化稳定策略;(3)资本市场监管制度的完善程度对演化博弈参与主体特别是上市公司的策略选择有着重要的影响;(4)监管部门对上市公司的侵害行为收取的罚金水平对上市公司的行为选择具有重要的影响。     

The usefulness of firm risk disclosures under different firm riskiness,investor-interest,and market conditions: New evidence from Finland

To date, there is only meager research evidence on the usefulness of mandatory annual report risk disclosures to investors. Although it has been argued that corporate disclosure decreases information asymmetry between management and shareholders, we do not know whether investors benefit from high-quality risk reporting in a highly regulated risk disclosure environment. In this paper, we performed association tests to examine whether the quality of firms' mandatory risk disclosures relate to information asymmetry in the Finnish stock markets. In addition, we analyzed whether the usefulness of risk disclosures depends on contingency factors such as firm riskiness, investor interest, and market condition. We demonstrate that the quality of risk disclosure has a direct negative influence on information asymmetry. We also document that risk disclosures are more useful if they are provided by small firms, high tech firms, and firms with low analyst coverage. We also found that momentum in stock markets affects the relevance of firms' risk reports.     

市场估值与价值投资策略——基于中国证券市场的经验研究

中国股票市场近年开始重新重视价值投资,但真正能运用价值投资策略进行投资的并不多见。本文研究在我国的证券市场中,价值投资是否适用和有效,通过实证分析的方法,检验价值投资策略在中国证券市场的适应性。本文的结论有助于逐渐改变目前中国证券市场上中小投资者跟风炒作、希望在短期内获得高额回报的投机理念和过度炒作的现象,对于提倡理性投资,抑制过度投机是非常有益的。     

境外市场客户交易信息披露经验的借鉴与思考

提高信息透明度是市场发展的努力方向之一。目前国内证券期货市场一般做到部分会员层级的数据披露;但是从最新情况来看,部分境外市场已经开始适度公开客户信息,如台湾期货市场2008年4月7日开始公布三大法人的交易及持仓数据。提高市场信息披露程度,适度公开主要交易群体的交易信息,有助于维护不同投资者之间的信息公平,能够利用市场力量来规范和抗衡市场操纵等违规企图,提高监管效率,降低监管成本,值得借鉴。     

The impact of litigation risk on the strategic timing of management earnings forecasts

This paper examines whether managers strategically time their earnings forecasts (MEFs) as litigation risk increases. We find as litigation risk increases, the propensity to release a delayed forecast until after the market is closed (AMC) or a Friday decreases but not proportionally more for bad news than for good news. How costly this behaviour is to investors is questionable as share price returns do not reveal any under‐reaction to strategically timed bad news MEF released AMC. We also find evidence consistent with managers timing their MEFs during a natural no‐trading period to better disseminate information.     

From Implicit to Explicit: The Impact of Disclosure Requirements on Hidden Transaction Costs

This paper provides evidence that disclosing corporate bond investors' transaction costs (markups) affects the size of the markups. Until recently, markups were embedded in the reported transaction price and not explicitly disclosed. Without explicit disclosure, investors can estimate their markups using executed transaction prices. However, estimating markups imposes information processing costs on investors, potentially creating information asymmetry between unsophisticated investors and bond‐market professionals. We explore changes in markups after bond‐market professionals were required to explicitly disclose the markup on certain retail trade confirmations. We find that markups decline for trades that are subject to the disclosure requirement relative to those that are not. The findings are pronounced when constraints on investors' information processing capacity limit their ability to be informed about their markups without explicit disclosure.     

Investors’ perception of corporate governance: a spillover effect of Taiwan corporate scandals

The discovery of a series of corporate scandals in Taiwan between 16 June and 15 September 2004 offers a unique opportunity to investigate the perceptions of investors on the value of corporate governance, whilst avoiding any interactions with other exogenous factors such as the lower expected returns on all firms’ investment opportunities during the East Asian or Global financial crises. The main line of reasoning in this study is that at times when news of scandals flows into the market, the perceptions of certain type of investors will lead to a change in their trading habits for non-scandal portfolios. With a comprehensive analysis of order and trade data for all investors identified by investor code, it is found that a substantial proportion of investors ceased trading altogether during the scandal period. This response was particularly discernible among small and medium individuals, despite the fact that the firms in these portfolios were not associated with the scandals. We further examine the ordering behavior of those investors who still traded in the market. It shows that small individual investors began to enter the market more passively, regardless of whether the firms’ ownership structure. And they consistently underperformed in both ownership-structure portfolios. However, foreign institutions and large individuals place more aggressive orders for stocks in firms with strong cash-flow rights leverage and perform particularly well in those portfolios.     

Inconsistent Signals,Earnings Announcements,and Market Uncertainty

We test the proposition in Johnstone (2016) that new information may lead to higher, rather than lower, uncertainty about firms’ future payoffs. Based on the Bayesian rule, we hypothesize earnings news that is inconsistent with investors’ prior belief will lead to higher market uncertainty. Using earnings signals in the past few quarters to proxy for investors’ prior belief, we find supporting evidence that, relative to consistent earnings news, inconsistent news results in an increase in market uncertainty measured by implied volatility. Inconsistent earnings news has a larger effect on market uncertainty when prior beliefs are stronger and when the news is negative. Overall, our evidence highlights the importance of prior belief and inconsistent signals in understanding the effect of earnings news on market uncertainty.