公平和效率为导向的内部控制信息披露方式的转变

自《萨班斯--奥克斯利法案》颁布以来,美国上市公司内部控制信息披露方式由自愿性披露转变为强制性披露.而在2008年我国五部委联合发布的《企业内部控制基本规范》标志着我国上市公司内部控制信息也开始向强制性披露方式转变.论文试图用经济学的公平与效率理论分析内部控制信息由自愿性披露方式转变为强制性披露方式背后的原因,经过分析...     

Strategic Subsidiary Disclosure

Although subsidiary disclosures in firms’ filings with the Securities and Exchanges Commission (SEC; Exhibit 21) represent the most granular required public disclosure of a firm's geographic footprint, little is understood about the quality of the disclosure, and anecdotal evidence suggests firms may not fully comply with the disclosure requirements. We use data provided by multinational firms to the Internal Revenue Service regarding their foreign subsidiary locations to explore the accuracy of public subsidiary disclosures on Exhibit 21 of Form 10-K per SEC rules. The overall incidence of nondisclosure is low, suggesting that most firms comply with Exhibit 21 disclosure rules, and that for most applications, Exhibit 21 disclosures provide a reasonable proxy for locations of significant subsidiaries. Nevertheless, there is some evidence of nondisclosure, particularly when subsidiaries are in tax havens, when the firm is more highly scrutinized in the media, or when the firm has other characteristics consistent with low-quality disclosures such as SEC comment letters.     

信息披露制度和自负责任原则

信息披露制度是现代资本市场存在的基础，它要求在资本市场上筹集资金的企业公开企业信息，各类投资者根据这一信息进行投资决策，西方有人形象地将其描述为“自负责任原则”，然而无论中国还是外国，证券市场上披露虚假信息的情况时有发生，这不仅说明企业披露虚假信息有必然的动机，也说明披露制度本身存在一定的问题，和公众的期望是有一定的差距的，这一期望差距产生于会计规范及披露内容和格式规范的局限性和社会审计的局限性，本文将重新审视这一制度体系以揭示其中存在的问题。     

环境信息披露制度、公司治理和环境信息披露

企业环境信息披露体现了上市公司对环境信息披露制度的遵守和执行,同时增加了公众对上市公司行为的了解;反过来,这将促使上市公司改变他们的一些行为。本文在给出企业环境信息披露制度定义的基础上,采用我国重污染行业上市公司2006—2010年年报和独立报告中披露的环境信息进行实证研究,研究证明制度对企业环境信息披露有显著的正向关系,即环境信息披露法律法规的颁布及实施提高了企业环境信息披露水平;同时研究验证了公司治理具有增强制度对企业环境信息披露的促进作用。研究结果为《上市公司环境信息披露指南》的出台提供了证据支持、为完善企业环境信息披露制度的设计提供了经验证据。     

实质性披露还是选择性披露:企业环境表现对环境信息披露质量的影响

环境信息披露是企业向政府、社会公众传递企业履行环境保护责任情况的重要方式。企业公开的环境信息是对企业环境表现的实质性披露还是选择性披露,决定了企业环境信息披露的质量。本文以2012-2016年沪深两市A股重污染行业上市公司为样本,从披露载体和披露方式两个维度衡量环境信息披露质量,探究企业环境表现对环境信息披露质量的影响。实证结果表明:企业环境表现与环境信息定性披露呈负相关,与单独披露程度和定量披露呈正相关;外部环境管制压力相较于内在企业声誉动力对企业环境表现与环境信息披露质量之间的关系具有更显著的促进作用;环境管制的促进作用对国有企业更显著,而提高企业声誉的激励作用对非国有企业更显著。本文进一步研究还发现:高质量的实质性环境信息披露能够降低企业风险,促进企业可持续发展。     

会计信息披露的动因：历史回顾与总结

追溯和研究了公司会计信息披露产生和不断发展的历史，发现公司信息披露与企业产权制度安排的发展和变化是紧密相关的。这一发现从经济和会计的角度很好地解释了会计信息披露产生和不断发展变化的原因，并充分说明了在现代经济环境下公司会计目标选择的依据。     

上市公司换股合并的财务信息披露

TCL集团换股合并其上市子公司TCL通讯，首开我国非上市公司换股合并上市公司之先河。TCL集团的创新性并购方案具有很强的示范效应，可以预见，其方案将被越来越多的其他上市公司援为先例。     

Microstructure of Firms' Disclosure

Because of imperfections in auditing technology, firms can successfully misrepresent financial reports. We offer a new mechanism, a sunshine rule, by which firms are required to publicize a management draft prior to the audited reports. If the final reports are materially different from the management's draft, the market penalizes both the firm and the manager. The proposal's effectiveness in eliminating earnings management, increasing the quality of the financial reports, and reducing the cost of the manager's incentives is illustrated in signaling games with perfect and imperfect information and a principal-agent model with perfect information.     

Roundtable on Corporate Disclosure

In an article published in this journal two years ago titled "Just Say No to Wall Street," Harvard's Michael Jensen and The Monitor Group's CEO Joseph Fuller urged companies to put an end to what they called the "earnings guidance game." Instead of earnings forecasts, Jensen and Fuller recommended that companies provide investors with information about their strategic goals and value drivers, and about the risks associated with carrying out those goals and management's plans to manage those risks.
In this roundtable, a group of corporate executives, equity analysts, and academics explore the possibility that companies can increase their values by resisting the temptation to "manage" earnings, committing to expanded disclosure, and engaging investors in a more strategic dialogue. By establishing such a dialogue, companies may be able to break out of the current "bad equilibrium" in which markets distrust managers and managers distrust markets.     

Disclosure of Financial Commitments

A casualty of the transfer of disclosure rules from regulations to the Corporations Law to Australian Accounting Standards (and the later harmonisation of disclosure requirements with IFRS) has been the loss of a rule that required disclosure of off-balance sheet financial commitments and details of when those commitments would fall due.     

信托公示制度研究

信托公示是信托法的一项重要内容,我国现有的法律制度对其缺乏完整的规定,本文从信托公示的意义、效力、范围、程序等多个方面展开分析,并提出了完善我国信托公示体系的意见。     

美国《公平披露条例》再审视

编者按:美国证券与交易委员会于2000年8月10日颁布的<公平披露条例>(下称"<条例>")旨在限制上市公司的选择性信息披露行为.随后美国又修订了内幕交易法的部分条文,试图以此来廓清公开披露与选择性披露相交叉的一些模糊领域.在<条例>实施一年之后,劳拉·西蒙·安格尔(时任美国证券与交易委员会委员)在大量调研的基础上于2001年12月发布本报告.报告中对信息披露方式、披露时间、披露对象和与市场互动的分析今天仍值得中国借鉴,尤其值得我们在修改<证券法>时参考.译文略有删节.     

Disclosure Regulation and Corporate Acquisitions

This paper examines the effect of disclosure regulation on the takeover market. We study the implementation of a recent European regulation that imposes tighter disclosure requirements regarding the financial and ownership information on public firms. We find a substantial drop in the number of control acquisitions after the implementation of the regulation, a decrease that is concentrated in countries with more dynamic takeover markets. Consistent with the idea that the disclosure requirements increased acquisition costs, we also observe that, under the new disclosure regime, target (acquirer) stock returns around the acquisition announcement are higher (lower), and toeholds are substantially smaller. Overall, our evidence suggests that tighter disclosure requirements can impose significant acquisition costs on bidders and thus slow down takeover activity.     

它山之石:QFII与上市公司信息披露

合格境外机构投资者(QFII)为上市公司提供了一个来自境外的特殊且专业的监督力量。本文利用2006-2015年中国A股上市公司数据,并采用Kim and Verrecchia(2001)的方法测度信息披露质量,发现QFII持股与公司信息披露质量显著正相关。在使用PSM-DID、安慰剂检验、工具变量法和反向因果识别来缓解内生性后,本文证明了QFII持股与公司信息披露之间存在因果关系,说明QFII已经成为一种重要的外部治理力量。分样本研究发现,QFII持股对信息披露质量的改善作用对内部治理较好和被“四大”审计的公司更加明显。最后,机制检验发现QFII可以通过增加持股公司的分析师跟踪人数和高管薪酬业绩敏感性来改善信息披露质量。因此,增加QFII的数量和逐渐放松资本项目管制有助于改善信息环境和保护中小股东权益,进而促进我国资本市场的健康发展。     

Corporate Innovation and Disclosure Strategy

This study investigates the impact of firm innovation on MD&A disclosure. Firms need to reduce information asymmetry to assist investors on the one hand and to prevent rivals from benefitting from disclosures on the other. Innovative firms can use an optimistic tone to convey good news but increase content similarity to reduce proprietary costs. Management chooses a certain content similarity and tone strategy for an innovation and as the number of innovations increases, the ratio of similar innovation disclosure and positive tone increases in the overall MD&A, resulting in greater content similarity and more news conveyed with a positive tone. We find that the firm's level of innovation is positively related to content similarity and tone optimism. We also find that this positive relation is more pronounced when product market competition is stronger and when regional intellectual property rights protection is weaker. Our further analyses on market responses provide evidence suggesting that management's disclosure strategy functions as intended.     

Disclosure,investment and regulation

This paper provides a framework to analyze voluntary and mandatory disclosure. Since improved disclosure reduces the entrepreneur's ability to extract private benefits, it secures funding for new investments, but also provides existing claimholders with a windfall gain. As a result, the entrepreneur may choose to forgo investment in favor of extracting more private benefits. A mandatory disclosure standard reduces inefficient extraction and increases investment efficiency. Although the optimal standard is higher than the entrepreneur's optimal choice, it can be less than complete in order not to deter investment. The model also shows that better legal shareholder protection goes together with higher disclosure standards and that harmonization of disclosure standards may be detrimental.     

Empirical Research in Continuous Disclosure

Empirical analysis has much to offer the world of continuous disclosure, and with the emergence of larger datasets on which to perform such analyses empirical studies have begun to bear some interesting fruit. This commentary discusses recent work and areas for future development in this space.     

Lobbying and Uniform Disclosure Regulation

This study examines the costs and benefits of uniform accounting regulation in the presence of heterogeneous firms that can lobby the regulator. A commitment to uniform regulation reduces economic distortions caused by lobbying by creating a free‐rider problem between lobbying firms at the cost of forcing the same treatment on heterogeneous firms. Resolving this tradeoff, an institutional commitment to uniformity is socially desirable when firms are sufficiently homogeneous or the costs of lobbying to society are large. We show that the regulatory intensity for a given firm can be increasing or decreasing in the degree of uniformity, even though uniformity always reduces lobbying. Our analysis sheds light on the determinants of standard‐setting institutions and their effects on corporate governance and lobbying efforts.     

上市公司信息披露方式的未来发展

上网披露实现了信息披露方式质的飞跃，弥补了指定报刊覆盖面不足以及时效性差等问题。未来上市公司信息上网电子化披露将成为上市公司信息披露方式的主流。