【作者】 孙燕东；

【导师】 刘国成；

【作者基本信息】 东北林业大学 ， 林业经济管理， 2006， 博士

【摘要】 本文基于投资者保护的角度研究了上市公司会计信息披露问题。投资者是证券市场的主要参与者,也是会计信息的主要需求者。上市公司的会计信息披露是投资者了解被投资上市公司经营状况的主要途径。会计信息披露制度是以保护投资者利益为根本目标,但在实践中投资者的利益并没有得到有效的保护。投资者保护在我国有很强的现实性,而投资者保护最重要的方面是保护投资者的知情权,保证投资者在做出投资选择时是知情的。因此本文以保护投资者知情权作为研究会计信息披露问题的出发点,为会计信息披露的研究提供了一个新的研究视角。这对尚处于发展阶段的我国证券市场而言意义尤为重大。 本文以财务会计的目标作为研究的切入点,即以决策有用观来指导会计信息披露的实践。在对会计信息披露与投资者保护相关的理论基础进行必要分析的基础上,研究了上市公司会计信息披露与投资者权益保护之间的关系,得出有效的会计信息披露可以保护投资者利益,而投资者保护的程度也影响着会计信息披露质量的结论。通过回顾资本市场近年来发生的会计违法违规案件,论述了上市公司虚假会计信息披露已给投资者造成的严重伤害、目前我国保护投资者权益的法律环境现状及投资者的维权意识,也说明了对投资者权益保护的重要性及本文研究的必要性。 本文研究了目前我国上市公司会计信息披露的现状,其存在的主要问题是我国上市公司会计信息披露内容不充分、缺乏时效性、决策有用性较差等,并对问题的成因进行了深入分析。由于会计信息的专业特点、不易为投资者所理解,因此要想保护投资者的知情权,首先应了解投资者到底需要哪些会计信息,这些会计信息应当如何披露,它的现行披露方式以及所包含的内容能否满足投资者的需要等。本文通过调查问卷的方式对投资者的会计信息需求进行了实证调查分析,在对我国投资者的信息需求进行调查分析的基础上,将调查结果与我国现行有关上市公司信息披露状况进行比较,得出若要满足投资者的信息需求,上市公司会计信息披露机制应改进或加强在会计报告中已经披露但披露还不够充分的内容,如历史信息、财务信息、重要事项、会计数据和业务数据摘要、主要指标等方面的信息;对会计报告中还没有或披露很少的内容,如未来信息、非财务信息、分部信息、人力资源信息等方面的信息也要进行必要的披露。通过对投资者调查问卷的分析及其得出的结论,为解决上市公司会计信息披露不充分、不及时、有用性差等问题指明了努力方向。 要保护投资者的知情权,上市公司信息披露中应引入创新的手段,使投资者可以多渠道的获取信息。投资者关系管理是上市公司与投资者之间进行及时、有效沟通的最好手段。充分及时的信息披露,是上市公司生存和发展的重要基础。企业若能及时有效地与投资人进行沟通,就可以及时获得股东的理解和支持,其重要性甚至超过了公司盈利能力。为了及时满足投资者的信息需求、更好的与投资者进行沟通,上市公司需要开展更多还原

【Abstract】 The paper studied the accounting information disclosure problem of listed company based on investors protection. Investors is main participator in security market and main needer of accounting information. Accounting information disclosure is main way that investors know the business of listed company. Investors protection is bisic goal of accounting information disclosure system, but investors’ interest isn’t protected effectively in practice. Investors protection has reality in China.The most important thing to protect investors is the right of being in know of information, it is starting point and a new visual angle of studing accounting information disclosure.It has especially meaning for the security market in our country.It regards financial accounting goal as the breakthrough point studied, based on essential analysis to interrelated theories basis of accounting information disclosure and investor protection, analyze the relation of accounting information disclosure and investor’s interests protection, draw the conclusion that effictive accounting information disclosure can protect investors’ interests and investor protection affects quality of accounting information disclosure.Review on case in violation of rules and regulations of accounting through the capital market in recent years, listed the serious injury already to investor in false accounting information disclosure, had explained the importance to protect investor’s rights and interests and necessity of the paper too.The paper further investigates our extant problem of accounting information disclosure system of listed company such as inadequate, lack of timeliness, usefulness poor decision-making etc., and researched on reasons for its formation deeply. As the specialized characteristics of accounting information, difficult to understand for the investor, so want to the protect investor’s right of being in know, first of all, it should be aware of which exactly accounting information investors need, how should it be disclosed, whether or not the existing disclosure way and the contains can meet the needs of investors etc. So the paper has designed questionnaire and empirically analysed investors’ information demand, and compared the investigation result with the current situation of relevant information disclosure, and conclude with the following results, the accounting information disclosure mechanism should be improved or strengthen information disclosure that the financial report has already disclosured but insufficiently such as historical information, financial information, important item, accounting data and business data summary, the main index, etc., and information that the financial report hasn’t still disclosured or seldom such as the future information, non-financial information, segment information, human resources information,etc. Through analysis of questionnaire and conclusion drawn it points out the direction of studying accountinginformation disclosure problem better.Listed company should introduce new measure to protect investors and investors can acquired information from many channel. IRM is the best way of the communication between listed company and investors timely and effectively.Full and timely information disclosure, it is the foundation of listed company. If company can communicate with investors effectively in time, it can get shareholders’ understand and support timely, its importance has even exceeded company’s profitability. The listed company need carry on IBM in order to meet information demand and communication with investors .The main means of IRM is information disclosure, based on essential analysis to the relationship between IRM, voluntary disclosure and investor protection ,pointed out present main problem and causes of our IRM. Benefits from the ripe experience of international IRM and put forward the proposal for the development of our IRMiThrough IRM can carry on the omni-directional communication between listed company and the investors and establish mutual trust finally.The financial report is the mainly form of accounting information disclosure of listed companies, investors understand the value of listed companies primarily through the financial report. So the paper mainly carries on financial report’s discussion and put forward the proposal. The accounting information disclosure way of listed company is closely related to the assessing quality view of the financial report and accounting goal. So the paper have carried on further investigation on improvement of the financial report from the mode, the content, way separately, and has put forward the corresponding improved suggestion of financial report separately based on previous, and offeres reference value to the development of future financial report.The paper research on the accounting regulation of listed company finally. Based on the factors of public goods characteristic of accounting information disclosure, market failure and cost constraint, the government must to supervise the accounting information disclosure of listed company appropriatly. Analyze limitation and reason of accounting regulation of our listed company, and point out present primary task of accounting regulation to solve false accounting information and credit of the accounting industry. Then elaborates on perfection of our accounting regulation system from two aspects, which includes supervision mode and regulation system innovation, implementing effective supervision measure.更多还原