上市公司会计信息透明度问题研究
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摘要
会计信息透明度是资本市场的重要问题,也是理论界和实务界关注的焦点之一。在资本市场中,上市公司会计信息透明度不高的问题是普遍存在的,像在我国这种新兴证券市场中,这一问题比较突出。由于起步较晚,我国证券市场还存在很大差距,信息披露不及时、不主动、不完整、不真实等是我国上市公司信息披露方面仍然存在的主要矛盾。由此产生的经济后果也是非常严重的,一系列会计信息透明度较低的问题,严重损害了投资者的利益,打击了投资者的信心,带来了较高的的监管成本和交易成本,扭曲了市场交易行为,破坏了整个资本市场的秩序,阻碍了资本市场效率。因此,如何有效鉴别和提高会计信息透明度将具有重要的理论和实践意义。而目前国内学者对此类问题的研究还是比较欠缺的,本文立足中国实际背景,采取理论分析和实证检验方法,对A股上市公司会计信息透明度问题进行系统研究,以期为提高我国上市公司会计信息透明度提供理论和实践依据,缓解会计信息透明度较低问题,促进我国资本市场健康发展。
本文从会计信息透明度概念界定入手,沿着“重要作用→市场现状→经济后果→影响因素→研究启示”的主线,建立关于会计信息透明度的研究框架。首先,从理论基础上揭示逆向选择、道德风险与会计信息透明度之间的相互作用,明确会计信息质量特征对于会计信息透明度的要求；运用经验数据检验会计信息透明度对资源配置的作用。然后,在分析我国上市公司会计信息透明度现状的基础上,运用博弈论、资本资产定价模型等基础理论,采取解剖经典案例的方式探讨会计信息透明度产生的经济后果。最后,建立会计信息透明度影响机制实证模型,运用深证A股上市公司数据,检验资本结构、营运能力、盈利能力、成长能力、外部审计意见、违规情况、投资者特征七个方面的相关指标对会计信息透明度的影响和解释能力。
本文主要研究结论如下：
提高会计信息透明度能够降低会计信息不对称程度；会计信息透明度至少涵盖了“可靠性”、“相关性”、“可理解性”、“可比性”、“及时性”、“重要性”、“实质重于形式”、“谨慎性”、“完整性”、“公开性”十个基本特征,它是衡量会计信息质量的全面指标；提高会计信息透明度能够降低投资者的信息风险,促进资源优化配置,提高证券市场运行效率。
通过统计分析发现,虽然上市公司会计信息披露质量逐步改善,但未按时报告或披露重大事项、未按时披露或履行定期报告、业绩预测结果不准确、会计信息披露不真实等问题仍比较突出。
会计信息透明度越低,资本资产均衡价格偏离真实价值的程度越大、系统性风险和市场波动性越大、资本成本越高、股东财富损失越大、社会成本越高,这些问题严重到一定程度最终会导致市场的无效率。
实证检验表明,在资本结构、营运能力、盈利能力、成长能力、审计结果、违规情况、投资者特征各项指标中,总资产周转率、违规情况、机构投资者持股比例始终比较显著,是影响会计信息透明度的主要变量；权益乘数、应收账款周转率、营业利润率、销售期间费用率、销售成本率、营业收入增长率、外部审计意见在部分样本模型中也比较显著,一定程度上影响着会计信息透明度；整体来看,这些因素综合影响着会计信息透明度。
本文的主要贡献是：
在研究内容上,围绕“概念界定、理论基础、现状研究、经济后果、影响因素、政策建议”等方面对会计信息透明度进行了系统研究,这在国内是一个比较新鲜的课题。本文全面考虑数量和质量因素,结合我国A股市场特点,确定了以深圳证券交易所信息披露考评结果作为会计信息透明度的替代变量,排除了片面性；本文首次对会计信息不对称、会计信息透明度、会计信息质量三者之间的关系进行了深入探讨,突出会计信息透明度的重要作用；本文全面考虑上市公司、股东、监管机构、社会大众等各方利益,分析了会计信息透明度对资本资产定价、资本成本、社会成本、系统性风险和波动性、股东财富等方面的影响,弥补了研究的片面性；本文建立实证模型,系统地考虑了各项财务指标对会计信息透明度的影响,而目前国内现有的几篇实证研究大多着重于公司治理结构或仅涉及某一项或几项财务指标对会计信息透明度的影响。
在研究方法上,本文综合运用了多种分析方法。一是将规范分析和实证分析相结合,以规范分析为基础,在研究会计信息透明度对资源配置的作用、会计信息透明度影响机制时采取了实证分析；二是将定性分析和定量分析相结合,在研究我国上市公司会计信息透明度现状时采用大量的统计分析,并选取经典案例对会计信息透明度的经济后果进行实践检验；三是采用了比较分析法,在分析国内外相关组织会计信息质量要求、会计信息透明度现状及进行实证检验时,均采取了纵向、横向或分类比较的方法；四是采用了博弈论分析方法,在研究会计信息透明度对资本资产定价的影响时采取了博弈论方法。
在研究目标上,本文基于研究发现与结论,从会计信息属性、会计主体行为特征、公司内部管理、外部监管环境等方面探究会计信息透明度问题的根源,提出了建立内控监督体系、建立风险评估体系、完善激励约束机制、加强上市公司诚信建设、建立信用考核机制、培育良好的诚信文化、加大政府监管、完善外部审计管理体制、完善会计信息透明度评价体系、建立信息交流机制等一系列建议和措施,特别是勾画了以“基本目标、基本原则、评价准则、实施主体、评价方式、整体评价、项目评价、结果报告”为主线、以各项财务指标为基础的会计信息透明度评价框架,这无疑将具有重要的理论和实践意义。
Accounting information transparency is most important problem of capital markets and it receives more attention both from academia and practitioners. It is universal in capital markets and more serious in emerging stock markets such as China. For starting relatively late, there are still long distances for us to keep up with developed countries. The accounting information disclosures of our listed companies are faced with the main problems of delay, reluctance, inadequacy and forgery, which cause very serious economic consequences. A series of accounting information disclosure violations harm the investors'interests, hit their confidence, distort participants'transaction behaviors, bring high supervision costs, ruin market environment and seriously destroy the whole market. So, it has profound theoretical and practical significance to effectively discern and improve accounting information transparency. Based on theoretical and empirical analysis, this dissertation hopes to supply theoretical and practical supports for enhancing accounting information transparency and promote capital markets'development.
This dissertation starts from the definition of accounting information transparency and sets up the research framework along with the clue of its important role, its present situation, its economic consequences, its determinants and the inspirations. Firstly, this dissertation analyzes the interrelation between accounting information transparency and accounting information asymmetry, definites its role in quality of accounting information, and practically tests its action on allocative efficiency of resources. Secondly, this dissertation studies the present situation of accounting information transparency in China, and then probes into its economic consequences by using game theories, CAPM model and classic cases. Finally, based on the datas of A-share listed companies,this dissertation establishes positive models to test the effects of indicators of capital structure, operating capacity, profitability, growth ability, audit opinion, rule violation, investor's characteristic on accounting information transparency.
The main conclusions of this dissertation are as follows:
The improvement of accounting information transparency level can relieve the degree of accounting information asymmetry. Accounting information transparency at least contains the basic characteristics of reliability, relevance, understandability, comparability, timeliness, materiality, substance over form, prudence, integrity and publicity, and it is a comprehensive indicator to measure the quality of accounting information. The improvement of accounting information transparency can relieve the information risks for investors, promote resources optimization deployment and enhance the operating efficency in stock markets.
Through statistical analysis, it is only to find that the problems of material matter disclousure delay, periodical report delay, inaccurate promotion prediction, and forgery are still serious, although it has achieved some improvement on the quality of accounting information.
With the worsening of accounting information transparency, the balance prices of capital assets have larger deviation from their real values, the systematic risks and fluctuations become heavier, the stockholders get more losses, the capital costs and social costs get up. These problems cause market inefficiency ultimately.
In determinant models, the indicators of total asset turnover, rule violation, rate of institutional investors'shares are always most significant, while equity multiplier, accounts receivable turnover, rate of operating profit in total operating revenue, rate of fees during selling period, rate of selling costs, operating revenue growth rate,and audit opinion are significant for some part samples. As a whole, these indicators influence the accounting information transparency level together.
The main contributions of this dissertation are provided as follows:
This dissertation chooses the new subject of accounting information transparency, studies systematically by centering on the clue of definition, theoretical bases, present situation, economic consequences, determinants and inspirations. Considering the quantity and quality factors, this dissertation chooses Shenzhen Stock Exchange's information disclosure evaluation results as accounting information transparency variable and does researches in A-share markets, which avoids one-sided problems. It is the first time that this dissertation probes into the relations among accounting information transparency, accounting information asymmetry and accounting information quality. And also these discussions highlight the importance of accounting information transparency. Considering the interests of all relevant parties, such as the listed companies, the shareholders, the regulatory bodies and the publics, this dissertation analyzes the effects of accounting information transparency on capital asset prices, capital costs, social environment, systematic risks, fluctuations, shareholders'wealth, and regulatory costs. This dissertation establishes positive models and studies the effects of overall finance indicators on accounting information transparency, while few researches do like this now. At present, there are several positive researches on accounting information transparency, but they mainly study on corporate governance indicator determinants, fewer on finance indicators.
This dissertation comprehensively applies many research methods. Firstly, this dissertation combines together with normative analysis and empirical analysis. Based on normative analysis, this dissertation uses empirical analysis to study accounting information transparency's function on resources deployment efficiency and its determinants. Secondly, this dissertation combines together with qualitative analysis and quantitative analysis. In addition to qualitative analysis, this dissertation uses quantitative analysis like statistical analysis to study accounting information transparency's present situation, and classic cases to study its economic consequences. Thirdly, this dissertation uses comparative analysis to discuss the requests for accounting information quality from the main international organizations, to study the present situation of accounting information transparency and to test variables in positive models. Finally, this dissertation uses game theory to analyze the effect of accounting information transparency on capital asset prices.
And also, this dissertation researches into the roots of accounting information transparency problems, from the respects of accounting information's nature, the characteristics of accounting entities'behaviors, companies' internal management and the regulatory environment et al. Based on the studies and conclusions, this dissertation puts forward a range of suggestions and measures like establishing accounting information transparency evaluation system, strengthening supervision, setting up internal control system, building risk evaluation system, perfecting incentive and restraint mechanism, intensifying integrity construction, improving audit administration system and founding intermediary market. Upon overall finance indicators, this dissertation especially draws the outline of accounting information transparency evaluation system, which goes along the trail of basic objectives, basic principles, evaluation codes, implementation bodies, evaluation ways, general evaluation, item evaluation and reports. There is no doubt that the studies will have important significance in theory and practice.
本文从会计信息透明度概念界定入手,沿着“重要作用→市场现状→经济后果→影响因素→研究启示”的主线,建立关于会计信息透明度的研究框架。首先,从理论基础上揭示逆向选择、道德风险与会计信息透明度之间的相互作用,明确会计信息质量特征对于会计信息透明度的要求；运用经验数据检验会计信息透明度对资源配置的作用。然后,在分析我国上市公司会计信息透明度现状的基础上,运用博弈论、资本资产定价模型等基础理论,采取解剖经典案例的方式探讨会计信息透明度产生的经济后果。最后,建立会计信息透明度影响机制实证模型,运用深证A股上市公司数据,检验资本结构、营运能力、盈利能力、成长能力、外部审计意见、违规情况、投资者特征七个方面的相关指标对会计信息透明度的影响和解释能力。
本文主要研究结论如下：
提高会计信息透明度能够降低会计信息不对称程度；会计信息透明度至少涵盖了“可靠性”、“相关性”、“可理解性”、“可比性”、“及时性”、“重要性”、“实质重于形式”、“谨慎性”、“完整性”、“公开性”十个基本特征,它是衡量会计信息质量的全面指标；提高会计信息透明度能够降低投资者的信息风险,促进资源优化配置,提高证券市场运行效率。
通过统计分析发现,虽然上市公司会计信息披露质量逐步改善,但未按时报告或披露重大事项、未按时披露或履行定期报告、业绩预测结果不准确、会计信息披露不真实等问题仍比较突出。
会计信息透明度越低,资本资产均衡价格偏离真实价值的程度越大、系统性风险和市场波动性越大、资本成本越高、股东财富损失越大、社会成本越高,这些问题严重到一定程度最终会导致市场的无效率。
实证检验表明,在资本结构、营运能力、盈利能力、成长能力、审计结果、违规情况、投资者特征各项指标中,总资产周转率、违规情况、机构投资者持股比例始终比较显著,是影响会计信息透明度的主要变量；权益乘数、应收账款周转率、营业利润率、销售期间费用率、销售成本率、营业收入增长率、外部审计意见在部分样本模型中也比较显著,一定程度上影响着会计信息透明度；整体来看,这些因素综合影响着会计信息透明度。
本文的主要贡献是：
在研究内容上,围绕“概念界定、理论基础、现状研究、经济后果、影响因素、政策建议”等方面对会计信息透明度进行了系统研究,这在国内是一个比较新鲜的课题。本文全面考虑数量和质量因素,结合我国A股市场特点,确定了以深圳证券交易所信息披露考评结果作为会计信息透明度的替代变量,排除了片面性；本文首次对会计信息不对称、会计信息透明度、会计信息质量三者之间的关系进行了深入探讨,突出会计信息透明度的重要作用；本文全面考虑上市公司、股东、监管机构、社会大众等各方利益,分析了会计信息透明度对资本资产定价、资本成本、社会成本、系统性风险和波动性、股东财富等方面的影响,弥补了研究的片面性；本文建立实证模型,系统地考虑了各项财务指标对会计信息透明度的影响,而目前国内现有的几篇实证研究大多着重于公司治理结构或仅涉及某一项或几项财务指标对会计信息透明度的影响。
在研究方法上,本文综合运用了多种分析方法。一是将规范分析和实证分析相结合,以规范分析为基础,在研究会计信息透明度对资源配置的作用、会计信息透明度影响机制时采取了实证分析；二是将定性分析和定量分析相结合,在研究我国上市公司会计信息透明度现状时采用大量的统计分析,并选取经典案例对会计信息透明度的经济后果进行实践检验；三是采用了比较分析法,在分析国内外相关组织会计信息质量要求、会计信息透明度现状及进行实证检验时,均采取了纵向、横向或分类比较的方法；四是采用了博弈论分析方法,在研究会计信息透明度对资本资产定价的影响时采取了博弈论方法。
在研究目标上,本文基于研究发现与结论,从会计信息属性、会计主体行为特征、公司内部管理、外部监管环境等方面探究会计信息透明度问题的根源,提出了建立内控监督体系、建立风险评估体系、完善激励约束机制、加强上市公司诚信建设、建立信用考核机制、培育良好的诚信文化、加大政府监管、完善外部审计管理体制、完善会计信息透明度评价体系、建立信息交流机制等一系列建议和措施,特别是勾画了以“基本目标、基本原则、评价准则、实施主体、评价方式、整体评价、项目评价、结果报告”为主线、以各项财务指标为基础的会计信息透明度评价框架,这无疑将具有重要的理论和实践意义。
Accounting information transparency is most important problem of capital markets and it receives more attention both from academia and practitioners. It is universal in capital markets and more serious in emerging stock markets such as China. For starting relatively late, there are still long distances for us to keep up with developed countries. The accounting information disclosures of our listed companies are faced with the main problems of delay, reluctance, inadequacy and forgery, which cause very serious economic consequences. A series of accounting information disclosure violations harm the investors'interests, hit their confidence, distort participants'transaction behaviors, bring high supervision costs, ruin market environment and seriously destroy the whole market. So, it has profound theoretical and practical significance to effectively discern and improve accounting information transparency. Based on theoretical and empirical analysis, this dissertation hopes to supply theoretical and practical supports for enhancing accounting information transparency and promote capital markets'development.
This dissertation starts from the definition of accounting information transparency and sets up the research framework along with the clue of its important role, its present situation, its economic consequences, its determinants and the inspirations. Firstly, this dissertation analyzes the interrelation between accounting information transparency and accounting information asymmetry, definites its role in quality of accounting information, and practically tests its action on allocative efficiency of resources. Secondly, this dissertation studies the present situation of accounting information transparency in China, and then probes into its economic consequences by using game theories, CAPM model and classic cases. Finally, based on the datas of A-share listed companies,this dissertation establishes positive models to test the effects of indicators of capital structure, operating capacity, profitability, growth ability, audit opinion, rule violation, investor's characteristic on accounting information transparency.
The main conclusions of this dissertation are as follows:
The improvement of accounting information transparency level can relieve the degree of accounting information asymmetry. Accounting information transparency at least contains the basic characteristics of reliability, relevance, understandability, comparability, timeliness, materiality, substance over form, prudence, integrity and publicity, and it is a comprehensive indicator to measure the quality of accounting information. The improvement of accounting information transparency can relieve the information risks for investors, promote resources optimization deployment and enhance the operating efficency in stock markets.
Through statistical analysis, it is only to find that the problems of material matter disclousure delay, periodical report delay, inaccurate promotion prediction, and forgery are still serious, although it has achieved some improvement on the quality of accounting information.
With the worsening of accounting information transparency, the balance prices of capital assets have larger deviation from their real values, the systematic risks and fluctuations become heavier, the stockholders get more losses, the capital costs and social costs get up. These problems cause market inefficiency ultimately.
In determinant models, the indicators of total asset turnover, rule violation, rate of institutional investors'shares are always most significant, while equity multiplier, accounts receivable turnover, rate of operating profit in total operating revenue, rate of fees during selling period, rate of selling costs, operating revenue growth rate,and audit opinion are significant for some part samples. As a whole, these indicators influence the accounting information transparency level together.
The main contributions of this dissertation are provided as follows:
This dissertation chooses the new subject of accounting information transparency, studies systematically by centering on the clue of definition, theoretical bases, present situation, economic consequences, determinants and inspirations. Considering the quantity and quality factors, this dissertation chooses Shenzhen Stock Exchange's information disclosure evaluation results as accounting information transparency variable and does researches in A-share markets, which avoids one-sided problems. It is the first time that this dissertation probes into the relations among accounting information transparency, accounting information asymmetry and accounting information quality. And also these discussions highlight the importance of accounting information transparency. Considering the interests of all relevant parties, such as the listed companies, the shareholders, the regulatory bodies and the publics, this dissertation analyzes the effects of accounting information transparency on capital asset prices, capital costs, social environment, systematic risks, fluctuations, shareholders'wealth, and regulatory costs. This dissertation establishes positive models and studies the effects of overall finance indicators on accounting information transparency, while few researches do like this now. At present, there are several positive researches on accounting information transparency, but they mainly study on corporate governance indicator determinants, fewer on finance indicators.
This dissertation comprehensively applies many research methods. Firstly, this dissertation combines together with normative analysis and empirical analysis. Based on normative analysis, this dissertation uses empirical analysis to study accounting information transparency's function on resources deployment efficiency and its determinants. Secondly, this dissertation combines together with qualitative analysis and quantitative analysis. In addition to qualitative analysis, this dissertation uses quantitative analysis like statistical analysis to study accounting information transparency's present situation, and classic cases to study its economic consequences. Thirdly, this dissertation uses comparative analysis to discuss the requests for accounting information quality from the main international organizations, to study the present situation of accounting information transparency and to test variables in positive models. Finally, this dissertation uses game theory to analyze the effect of accounting information transparency on capital asset prices.
And also, this dissertation researches into the roots of accounting information transparency problems, from the respects of accounting information's nature, the characteristics of accounting entities'behaviors, companies' internal management and the regulatory environment et al. Based on the studies and conclusions, this dissertation puts forward a range of suggestions and measures like establishing accounting information transparency evaluation system, strengthening supervision, setting up internal control system, building risk evaluation system, perfecting incentive and restraint mechanism, intensifying integrity construction, improving audit administration system and founding intermediary market. Upon overall finance indicators, this dissertation especially draws the outline of accounting information transparency evaluation system, which goes along the trail of basic objectives, basic principles, evaluation codes, implementation bodies, evaluation ways, general evaluation, item evaluation and reports. There is no doubt that the studies will have important significance in theory and practice.
引文
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