财务报告透明度与投资者保护
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摘要
本文以我国上市公司财务报告透明度作为研究选题,结合我国上市公司实际背景,基于投资者的视角,首先界定了财务报告透明度的概念,并基于对我国上市公司财务报告传播过程的具体分析建立了财务报告透明度的评价指标体系,进而研究财务报告透明度对投资者保护的作用机制；通过手工收集、整理样本上市公司相关数据,开展了对财务报告透明度的综合评价；在此基础上,分别从盈余管理、会计信息价值相关性和企业价值三个角度探讨了财务报告透明度对投资者利益保护所产生的影响,包括影响路径和影响程度；最后根据上述研究结果,对提高财务报告透明度,改进投资者保护程度提出了相应的认识和政策性建议。
本文认为,财务报告透明度是一个动态的概念,它不局限于财务报告质量概念下财务报告所应具有的某些静态特征,而是把公司对外披露财务信息与以投资者为主体的外部信息使用者接收、理解信息联系起来,强调从投资者的角度来评价财务报告,是公司真实、完整图像对外部信息使用者的“透明”程度,也就是外部信息使用者通过财务报告能够了解公司当前财务状况、经营成果及风险等真实、全面情况的程度：围绕着财务报告透明度的生成环境、内容构成、外部监督、及时性和传播效率等5个形成环节,本文构建了相应的评价指标体系,并按照这一评价体系的要求,采用手工收集整理的上市公司数据,实证检验了这一评价体系的有效性和可靠性；从财务报告透明度与盈余管理的关系来看,本文研究发现,提高财务报告透明度能够显著抑制上市公司盈余管理的幅度,但对不同方向的盈余管理,其影响是有所差异的,而且盈余管理与财务报告透明度之间确实存在着互相影响的关系,这种互动关系针对不同的盈余管理手段存在着明显不同；在财务报告透明度与会计信息价值相关性方面,研究结果表明,财务报告透明度确实能够增强会计信息的价值相关性,但这种增量效应主要体现在对每股盈余价值相关性的影响上,而对每股净资产价值相关性的影响则不明显；在财务报告透明度对企业价值的影响上,研究结论表明,财务报告透明度与公司价值之间并不存在严格意义上的线性关系,而是大致呈现出比较平坦的U型曲线关系的特征,财务报告透明度对公司价值的提升作用只有在透明度处于较高水平时才可能存在；基于以上研究,本文认为,增强财务报告透明度是当前改善我国投资者保护的有效途径,并就此提出了一些政策性建议。
This paper selected the financial reporting transparency of Chinese listed companies as the study's title, combined real backgrounds of Chinese listed companies, based on the visual of investors'protection. Firstly, this paper define the concept of the financial reporting transparency, then, set up the evaluation index system of the financial reporting transparency on the basis of analyzing the course of information convey, and then study the function mechanism that how the financial reporting transparency can protects investors'interests. This paper have probed into the financial reporting transparency's influences on the investor's interests protections from three angles as follows:earnings management, accounting information value relevance and enterprise's value separately, including the influence route and influence degree; Finally, according to results of the studies as described above, in order to improving the intensity of investors protection through the financial reporting transparency, this paper put forward corresponding policy suggestions.
This paper considers the financial reporting transparency as a dynamic concept, and emphasized that the financial reporting transparency does not be confined to some static characteristics of the financial reporting quality what the financial report should be, it should conclude the external information user how to receives, understands the financial information revealed by company, that is to say, the financial reporting transparency should be the degree of true, intact picture intensity to the company's external information users. This concept put emphasis on that, appraising the financial report should in terms of investor, it should help the external information users understand the companies' overall situations such as the company's present financial situation, management performance and operation risks;This paper divided the financial reporting transparency into 5 aspects such as:governance environments, content structure, outside supervisor, timeliness and convey efficiency of the financial report, and then constructs the corresponding evaluation index system, examined this appraisal system's validity and reliability; Respecting to the relation between earnings management and the financial reporting transparency, this paper find that, improving the financial reporting transparency can notably inhibit earnings management of listed companies, but for different directions'earnings management, its influence is different, at same time, earnings management would influence the financial reporting transparency each other, but the influence is obviously different to different types of earnings management; Respecting to accounting information value relevance, the result of study shows that, the financial reporting transparency can really strengthen the value relevance of accounting information, but this kind of increment effect mainly reflects on the impact on relevance of earnings value per share(EPS), the impact on net assets per share is not obvious; On the impact on enterprise's value, the studying conclusion indicates that, there is no a strict linear relation between the financial reporting transparency and company's value, but roughly demonstrate the characteristic of a smoothly U curve, that is to say, the financial reporting transparency's promotion on company's value may exist only when the financial reporting transparency being more high-level; Based on the above-mentioned results, this paper considers that strengthening the financial reporting transparency is an effective way to protect the investors' interests, and proposed some policy suggestions at this point.
本文认为,财务报告透明度是一个动态的概念,它不局限于财务报告质量概念下财务报告所应具有的某些静态特征,而是把公司对外披露财务信息与以投资者为主体的外部信息使用者接收、理解信息联系起来,强调从投资者的角度来评价财务报告,是公司真实、完整图像对外部信息使用者的“透明”程度,也就是外部信息使用者通过财务报告能够了解公司当前财务状况、经营成果及风险等真实、全面情况的程度：围绕着财务报告透明度的生成环境、内容构成、外部监督、及时性和传播效率等5个形成环节,本文构建了相应的评价指标体系,并按照这一评价体系的要求,采用手工收集整理的上市公司数据,实证检验了这一评价体系的有效性和可靠性；从财务报告透明度与盈余管理的关系来看,本文研究发现,提高财务报告透明度能够显著抑制上市公司盈余管理的幅度,但对不同方向的盈余管理,其影响是有所差异的,而且盈余管理与财务报告透明度之间确实存在着互相影响的关系,这种互动关系针对不同的盈余管理手段存在着明显不同；在财务报告透明度与会计信息价值相关性方面,研究结果表明,财务报告透明度确实能够增强会计信息的价值相关性,但这种增量效应主要体现在对每股盈余价值相关性的影响上,而对每股净资产价值相关性的影响则不明显；在财务报告透明度对企业价值的影响上,研究结论表明,财务报告透明度与公司价值之间并不存在严格意义上的线性关系,而是大致呈现出比较平坦的U型曲线关系的特征,财务报告透明度对公司价值的提升作用只有在透明度处于较高水平时才可能存在；基于以上研究,本文认为,增强财务报告透明度是当前改善我国投资者保护的有效途径,并就此提出了一些政策性建议。
This paper selected the financial reporting transparency of Chinese listed companies as the study's title, combined real backgrounds of Chinese listed companies, based on the visual of investors'protection. Firstly, this paper define the concept of the financial reporting transparency, then, set up the evaluation index system of the financial reporting transparency on the basis of analyzing the course of information convey, and then study the function mechanism that how the financial reporting transparency can protects investors'interests. This paper have probed into the financial reporting transparency's influences on the investor's interests protections from three angles as follows:earnings management, accounting information value relevance and enterprise's value separately, including the influence route and influence degree; Finally, according to results of the studies as described above, in order to improving the intensity of investors protection through the financial reporting transparency, this paper put forward corresponding policy suggestions.
This paper considers the financial reporting transparency as a dynamic concept, and emphasized that the financial reporting transparency does not be confined to some static characteristics of the financial reporting quality what the financial report should be, it should conclude the external information user how to receives, understands the financial information revealed by company, that is to say, the financial reporting transparency should be the degree of true, intact picture intensity to the company's external information users. This concept put emphasis on that, appraising the financial report should in terms of investor, it should help the external information users understand the companies' overall situations such as the company's present financial situation, management performance and operation risks;This paper divided the financial reporting transparency into 5 aspects such as:governance environments, content structure, outside supervisor, timeliness and convey efficiency of the financial report, and then constructs the corresponding evaluation index system, examined this appraisal system's validity and reliability; Respecting to the relation between earnings management and the financial reporting transparency, this paper find that, improving the financial reporting transparency can notably inhibit earnings management of listed companies, but for different directions'earnings management, its influence is different, at same time, earnings management would influence the financial reporting transparency each other, but the influence is obviously different to different types of earnings management; Respecting to accounting information value relevance, the result of study shows that, the financial reporting transparency can really strengthen the value relevance of accounting information, but this kind of increment effect mainly reflects on the impact on relevance of earnings value per share(EPS), the impact on net assets per share is not obvious; On the impact on enterprise's value, the studying conclusion indicates that, there is no a strict linear relation between the financial reporting transparency and company's value, but roughly demonstrate the characteristic of a smoothly U curve, that is to say, the financial reporting transparency's promotion on company's value may exist only when the financial reporting transparency being more high-level; Based on the above-mentioned results, this paper considers that strengthening the financial reporting transparency is an effective way to protect the investors' interests, and proposed some policy suggestions at this point.
引文
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