上市公司会计信息披露与投资者利益保护问题的研究
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摘要
在证券市场上，信息尤其是会计信息是必不可少的，它是联系上市公司和投资者之间的纽带，是投资者进行投资决策的依据。投资者、债权人以及上市公司有关方方面面利害关系的集团或个人都需要了解上市公司的经营业绩、财务状况、现金流量，并根据这些信息进行投资和决策。会计信息披露是确保建立公平、公正、公开证券市场的重要条件，是构筑证券市场的基石。
可是由于我国证券市场建立时间不长，远未成熟与规范，在会计信息披露方面还存在着很多问题，这主要表现在以下几个方面：信息披露不真实；信息披露不及时以及信息披露不充分。所有这些上市公司信息披露中存在的问题都直接导致了会计信息的失真。而对于广大投资者来说，会计信息的失真会给他们的投资决策带来误导，以至投资失误带来损失，将会打击投资者的信心，不利于证券市场的正常发展。
会计信息不规范作为一种复杂的经济现象和一种重要的会计行为，对其进行理论上的分析，有助于我们正确认识会计信息披露不规范行为，从而采取合理对策，改变会计信息披露现状。本论文从契约理论、信息经济学的角度分析了会计信息披露损害投资者利益的理论原因。
鉴于上市公司会计信息失真的危害性如此巨大，积极寻找会计信息披露不规范的原因以及治理会计信息披露问题的对策，以提高上市公司会计信息质量，切实保护广大投资者的利益已是当务之急。
本论文从以下四个方面论述了造成会计信息披露不规范的原因，即：相关制度建设方面、会计信息自身的特质与局限性方面、造假成本与造假收益不对称方面、中介机构审计不力方面。
通过深入剖析会计信息披露不规范的原因，借鉴西方国家在治理会计信息失真问题方面的对策，诸如：法律制度的完善、公司制度的完善、民间审计制度的建立以及会计准则的制定和实施等方面的对策，提出我国改变信息披露现状的对策。
我国为了保护广大投资者的切身利益，改变会计信息披露现状的对
策有以下方面：
建立规范的公司治理结构；大力推行会计信息披露的季报制度；在
会计信息披露的具体报告内容方面加以改进，特别是增加非财务信息披
露的内容、增加披露表外信息内容、提供完善的预测性会计信息、提供
真正有用的分部报告、增加不确定性信息内容等；切实加强上市公司审
计，完善注册会计师审计制度。
Information, especially accounting information is essential in the stock market. As a tie, it contacts the list-companies with the investors. The investors make decision on the basis of accounting information. The investors, creditors and the other group or people relating to the list-companies, they all want to know the management achievement, financial condition and cash flow of the list-companies. According to the information, they invest and make decision. It is important for the accounting information disclosure to set up a fair, impartial and open stock market.
It isn't a long time for our country 'stock market to set up, and it is far from ripe and standard. There are many problems in the accounting information disclosure. For example, the accounting information is not true and ample, and it isn't timely disclosure. All the problems bring about the distorted accounting information. For the investors, the distorted accounting information will mislead their decision on their investment. If the false invest bring about to loss, it will damage the confidence of the investors. It is adverse to the stock market developed normally.
The distorted accounting information is a complicated economic phenomenon. We can know it correctly. In order to improve the accounting information disclosure, we can take proper measures. There is much cause that the accounting information disclosure damages the investor's interests. This passage analyzes the cause from contract theory and information economic theory.
As the harmfulness of the distorted accounting information is so enormous, it is urgent to find out the cause of the distorted accounting information .It is important for our country to solve the problems on accounting information disclosure. And it is helpful for the list-companies to improve the accounting information quality. It is helpful for the investors to take the measures on the accounting information.
This passage discuss the cause which leading to the distorted accounting information from four aspect, the construction of the system, the characteristic and the limitation of the accounting information, the unsymmetrical of the cost and interests, and the auditing.
Learn from the measures on harness the distorted accounting information of the western country, such as the measure on the law system, cooperation system, the popular audit system and the accounting standard, and so on. I put forward the measure on changing the present conditions of the accounting information disclosure of our country.
In our country, in order to protect the investors' interests, the measures on changing the present conditions of the accounting information disclosure as follows:
Set up standard harness construction of the cooperation. Put the accounting information disclosure four times a year into practice. Improve the specific content of the accounting information disclosure, especially improve the disclose of the non- financial information, increase the disclose of the information out of the accounting forms, provide the forecasting accounting information, offer the useful report of each department, increase the information content of un-definitude. Strengthen the auditing of the list-companies and make the CPA audit system perfect.
可是由于我国证券市场建立时间不长，远未成熟与规范，在会计信息披露方面还存在着很多问题，这主要表现在以下几个方面：信息披露不真实；信息披露不及时以及信息披露不充分。所有这些上市公司信息披露中存在的问题都直接导致了会计信息的失真。而对于广大投资者来说，会计信息的失真会给他们的投资决策带来误导，以至投资失误带来损失，将会打击投资者的信心，不利于证券市场的正常发展。
会计信息不规范作为一种复杂的经济现象和一种重要的会计行为，对其进行理论上的分析，有助于我们正确认识会计信息披露不规范行为，从而采取合理对策，改变会计信息披露现状。本论文从契约理论、信息经济学的角度分析了会计信息披露损害投资者利益的理论原因。
鉴于上市公司会计信息失真的危害性如此巨大，积极寻找会计信息披露不规范的原因以及治理会计信息披露问题的对策，以提高上市公司会计信息质量，切实保护广大投资者的利益已是当务之急。
本论文从以下四个方面论述了造成会计信息披露不规范的原因，即：相关制度建设方面、会计信息自身的特质与局限性方面、造假成本与造假收益不对称方面、中介机构审计不力方面。
通过深入剖析会计信息披露不规范的原因，借鉴西方国家在治理会计信息失真问题方面的对策，诸如：法律制度的完善、公司制度的完善、民间审计制度的建立以及会计准则的制定和实施等方面的对策，提出我国改变信息披露现状的对策。
我国为了保护广大投资者的切身利益，改变会计信息披露现状的对
策有以下方面：
建立规范的公司治理结构；大力推行会计信息披露的季报制度；在
会计信息披露的具体报告内容方面加以改进，特别是增加非财务信息披
露的内容、增加披露表外信息内容、提供完善的预测性会计信息、提供
真正有用的分部报告、增加不确定性信息内容等；切实加强上市公司审
计，完善注册会计师审计制度。
Information, especially accounting information is essential in the stock market. As a tie, it contacts the list-companies with the investors. The investors make decision on the basis of accounting information. The investors, creditors and the other group or people relating to the list-companies, they all want to know the management achievement, financial condition and cash flow of the list-companies. According to the information, they invest and make decision. It is important for the accounting information disclosure to set up a fair, impartial and open stock market.
It isn't a long time for our country 'stock market to set up, and it is far from ripe and standard. There are many problems in the accounting information disclosure. For example, the accounting information is not true and ample, and it isn't timely disclosure. All the problems bring about the distorted accounting information. For the investors, the distorted accounting information will mislead their decision on their investment. If the false invest bring about to loss, it will damage the confidence of the investors. It is adverse to the stock market developed normally.
The distorted accounting information is a complicated economic phenomenon. We can know it correctly. In order to improve the accounting information disclosure, we can take proper measures. There is much cause that the accounting information disclosure damages the investor's interests. This passage analyzes the cause from contract theory and information economic theory.
As the harmfulness of the distorted accounting information is so enormous, it is urgent to find out the cause of the distorted accounting information .It is important for our country to solve the problems on accounting information disclosure. And it is helpful for the list-companies to improve the accounting information quality. It is helpful for the investors to take the measures on the accounting information.
This passage discuss the cause which leading to the distorted accounting information from four aspect, the construction of the system, the characteristic and the limitation of the accounting information, the unsymmetrical of the cost and interests, and the auditing.
Learn from the measures on harness the distorted accounting information of the western country, such as the measure on the law system, cooperation system, the popular audit system and the accounting standard, and so on. I put forward the measure on changing the present conditions of the accounting information disclosure of our country.
In our country, in order to protect the investors' interests, the measures on changing the present conditions of the accounting information disclosure as follows:
Set up standard harness construction of the cooperation. Put the accounting information disclosure four times a year into practice. Improve the specific content of the accounting information disclosure, especially improve the disclose of the non- financial information, increase the disclose of the information out of the accounting forms, provide the forecasting accounting information, offer the useful report of each department, increase the information content of un-definitude. Strengthen the auditing of the list-companies and make the CPA audit system perfect.
引文
[1] 陈丽红，郝继陶．上市公司信息披露的现状及对策[J]．会计之友．2002，(5)：10-11．
[2] 颜敏，张永国．我国上市公司分部财务报告的披露[J]．上海会计．2002，(11)：35-36．
[3] 王建辉，从决策有用性谈会计信息披露的改进与完善[J]．财务与会计．2002，(1)：26-27．
[4] 王跃堂，张祖国．财务报告质量评价观及信息披露监管[J]．会计研究．2001，(10)：12-17．
[5] 萧灼基．对我国资本市场若干重要问题的看法．中国证券报，2001-2-12．
[6] 何柱峰，尹涛．天地之间有杆秤．中国证券报，2000-3-5．
[7] 黄世忠．上市公司会计信息质量面临的挑战与思考[J]．会计研究．2001，(10)：6-11．
[8] 肖仲明．会计信息披露的外部分析[J]．上海会计．2001，(3)：51-53．
[9] 冯洪全，曾大宏，吴树畅．试论会计信息在资本市场中的价值．[J]．会计研究．1999，(3)：16-23．
[10] 陈汉文，林志毅，严晖．公司治理结构与会计信息质量[J]．会计研究．1999，(5)：28-30．
[11] 姜金香．对我国资本市场上会计信息披露的反思[J]．上海会计．2000，(2)：53-55．
[12] 潘煜双．论企业会计政策的选择机制[J]．上海会计．2002，(4)：6-8．
[13] 张艳．论我国证券市场独立审计—对银广夏事件的思考[J]．财务与会计导刊．2002，(4)：74-76．
[14] 高明华，马守莉．独立董事制度与公司绩效关系的实证分析[J]．南开经济研究．2002，(2)：64-67．
[15] 王成秋．对中国证券市场“泡沫”现象的再认识[J]．会计之
友．2002，(4)：10-12．
[16] 李曜．我国上市公司监事会制度研究[J]．财经研究．2002，(4)：27-32．
[17] 李曜．股权激励与公司治理[M]．上海：上海远东出版社，2001．
[18] 殷官林．上市公司会计信息披露缺陷的分析[J]．财务与会计．2000，(5)．
[19] 薛云奎．会计大趋势[M]．北京：中国财政经济出版社，1999．
[20] 陈少华．企业财务报告理论与实务研究[M]．厦门大学出版社，1998．
[21] 阎达五，李勇．也谈美国会计造假事件[J]．会计研究．2002，(9)：3-6．
[22] http://www.ckweekly.com.
[23] http://www.szptt.net.cn.
[24] http://www.sohu.com.
[25] http://www.cnstock.com.
[26] http://www.sina.com.cn.
[27] http://www.JSCJ.com.
[28] http://www.e521.com.
[29] Jonas, J. and J. Blanchet. Assesting quality of financial reporting. Accounting Horizons, 2000,14.
[30] Newman, P.and R. Sansing. 1993. Disclosure Policies with Multiple Users. Journal of Accounting Research, 31:92-112.
[31] Bearer, W.H. 1968, The Information Content of Annual Earnings Announcements, Empirical Research in Accounting:selected studies 1968, Supplement to Vol. 6 of Journal of Accounting Research, 67-92.
[2] 颜敏，张永国．我国上市公司分部财务报告的披露[J]．上海会计．2002，(11)：35-36．
[3] 王建辉，从决策有用性谈会计信息披露的改进与完善[J]．财务与会计．2002，(1)：26-27．
[4] 王跃堂，张祖国．财务报告质量评价观及信息披露监管[J]．会计研究．2001，(10)：12-17．
[5] 萧灼基．对我国资本市场若干重要问题的看法．中国证券报，2001-2-12．
[6] 何柱峰，尹涛．天地之间有杆秤．中国证券报，2000-3-5．
[7] 黄世忠．上市公司会计信息质量面临的挑战与思考[J]．会计研究．2001，(10)：6-11．
[8] 肖仲明．会计信息披露的外部分析[J]．上海会计．2001，(3)：51-53．
[9] 冯洪全，曾大宏，吴树畅．试论会计信息在资本市场中的价值．[J]．会计研究．1999，(3)：16-23．
[10] 陈汉文，林志毅，严晖．公司治理结构与会计信息质量[J]．会计研究．1999，(5)：28-30．
[11] 姜金香．对我国资本市场上会计信息披露的反思[J]．上海会计．2000，(2)：53-55．
[12] 潘煜双．论企业会计政策的选择机制[J]．上海会计．2002，(4)：6-8．
[13] 张艳．论我国证券市场独立审计—对银广夏事件的思考[J]．财务与会计导刊．2002，(4)：74-76．
[14] 高明华，马守莉．独立董事制度与公司绩效关系的实证分析[J]．南开经济研究．2002，(2)：64-67．
[15] 王成秋．对中国证券市场“泡沫”现象的再认识[J]．会计之
友．2002，(4)：10-12．
[16] 李曜．我国上市公司监事会制度研究[J]．财经研究．2002，(4)：27-32．
[17] 李曜．股权激励与公司治理[M]．上海：上海远东出版社，2001．
[18] 殷官林．上市公司会计信息披露缺陷的分析[J]．财务与会计．2000，(5)．
[19] 薛云奎．会计大趋势[M]．北京：中国财政经济出版社，1999．
[20] 陈少华．企业财务报告理论与实务研究[M]．厦门大学出版社，1998．
[21] 阎达五，李勇．也谈美国会计造假事件[J]．会计研究．2002，(9)：3-6．
[22] http://www.ckweekly.com.
[23] http://www.szptt.net.cn.
[24] http://www.sohu.com.
[25] http://www.cnstock.com.
[26] http://www.sina.com.cn.
[27] http://www.JSCJ.com.
[28] http://www.e521.com.
[29] Jonas, J. and J. Blanchet. Assesting quality of financial reporting. Accounting Horizons, 2000,14.
[30] Newman, P.and R. Sansing. 1993. Disclosure Policies with Multiple Users. Journal of Accounting Research, 31:92-112.
[31] Bearer, W.H. 1968, The Information Content of Annual Earnings Announcements, Empirical Research in Accounting:selected studies 1968, Supplement to Vol. 6 of Journal of Accounting Research, 67-92.