硕士论文 上市公司信息披露违规的企业特征分析.docVIP

PAGE  PAGE 85 上市公司信息披露违规 的企业特征分析 摘 要 本文以2001至2005年，中国证监会公开处罚的信息披露违规公司作为违规样本，同时选取同行业、同交易所、规模相近的未违规公司作为匹配样本。通过对两类公司的规模、股权结构、董事会监事会结构、高层管理人员变更、外部审计师变更、财务状况、融资行为等企业特征的实证研究发现： 违规行为大多发生在1998至2000年，而且呈现“多年违规”的特征；违规公司“再处罚”比例较高；违规的类型绝大多数为“披露不真实”、“披露不充分”。此外，违规公司还具有以下特征：公司规模较小、股权集中度低、监事会规模较大、执行董事比例较大、更容易在违规前一年或当年更董事长或总经理、也更容易在违规前一年或当年更换外部审计师、具有较高的财务杠杆。通过构建Logistic回归模型，最终得到由4个变量构成的模型，对2006年证监会公开处罚的违规样本进行检验，结果发现回归模型具有一定的预测能力。最后，针对信息披露违规的特征，提出了相关的建议。 关键词： 信息披露违规； 特征； Logistic回归 Emperical Study on Characteristics of Information Disclosure Violations of Listed Companies Abstract This paper uses samples subject to enforcement by CSRC from the year of 2001 to 2005 to analyze characteristics of information disclosure violations. Results reveal that: Most of the information disclosure violations happened during the year of 1998 to 2000 and lasted more than one year. Some companies subject to CSRC enforcement violated repeatedly. Most of the violations are related to financial fraud. Furthermore, violating companies are more likely to be small companies; have large board of directors; have more executive directors; more likely to switch CEO and chairman of the board, and also more likely to switch external auditors during the year before violation to the first year of violation. Also, violating companies have high financial leverage. By setting up Logistic model, we can to some extent forcast information disclosure violations. At the end, some advices are given to advoid information disclosure violations. Key Words： Information Disclosure Violations; Characteristics; Logistic Regression 目 录  TOC \o 1-4 \h \z \u  HYPERLINK \l _Toc137183350 摘 要  PAGEREF _Toc137183350 \h I  HYPERLINK \l _Toc137183351 Abstract  PAGEREF _Toc137183351 \h II  HYPERLINK \l _Toc137183352 目 录  PAGEREF _Toc137183352 \h III  HYPERLINK \l _Toc137183353 图表目录  PAGEREF _Toc137183353 \h V  HYPERLINK \l _Toc137183354 第 1 章 绪论  PAGEREF _Toc137183354 \h