【作者】 毛铁庄；

【导师】 邓德胜； 孙灿明；

【作者基本信息】 中南林学院 ， 森林经理， 2002， 硕士

【摘要】 上市公司是证券市场的基石，而现在仍有许多弄虚作假的公司在市场上招摇过市。所以严厉整治上市公司信息失真的问题已是迫在眉睫，刻不容缓。本文从上市公司信息披露的涵义以及重要性着手。不同的国家有着不同信息披露制度，我国《公司法》、《证券法》针对上市公司信息披露也有着符合本国国情的规范内容。上市公司信息披露失真的问题由来已久，为治理这个问题从1990年开始至目前，我国已有若干项法律法规出台。我国目前上市公司信息披露的问题主要有：信息披露不真实——虚构利润、虚假文件；信息披露不及时——故意延迟披露重要信息；信息披露不充分——隐瞒重大事项，以及手段狡猾——利用关联交易、非经常性收益或损失；披露信息时欲说还休、遮遮掩掩。由此得出我国证券市场仍然还处于无效市场阶段。针对我国信息披露现状，本文并运用了博弈论、信息不对称、会计信息的模糊性等理论进行分析。由于我国上市公司中国有股和法人股占绝对主要地位，而委托人只是一个形而上的概念，也就是“委托人虚位”的问题存在，作为公司的管理层很容易利用信息不对称的优势，处于与委托人或投资者博弈过程中的上风；再加上会计信息固有的模糊性，导致目前信息披露不规范现象的产生。针对实践中法律法规的内容及执行问题；公司治理结构的不健全等，本文提出了完善法律法规内容、加大执法力度；设立独立董事、建立激励机制；发展网络技术；政府适当干预等若干项建议。今后我国上市公司披露的信息可能还须包括预测性的财务信息，证券市场的发展也可将重心向债券市场转移，希望我国上市公司信息披露失真的问题在多方的讨论及研究下，能够不断规范不断完善，为我国证券市场的稳定起到积极的作用。更多还原

【Abstract】 There are several outstanding matters about present corporation disclosure disclosure falsification-making up profit , false documents ; to postpone the disclosure on purpose ; disclosure insufficiency-hiding very important proceedings ;and trickish disclosure methods-making use of affiliated business , and occasionalgain or loss ; and so on . From above , we can get that the present securities business in our country is still on the phase of non-effective market . As to the present situation of the disclosure of our country , this article analyzes it , which utilizes Game Theory , information dissymmetry , illegibility of accounting information . Because national stocks and juridical stocks have absolute major status , actually , the consigner doesn’t exists veritably . managers of corporation can take advantage of dominance of information dissymmetry to get the run upon during the course of "Game" with the consigner and investors . In addition to above all , the connatural illegibility of accounting result in irregularities generated in corporations . So this article brings forward some suggestion , such as , perfecting the content of laws , strictly executing the laws ; setting up self-government directors , constituting stimulant system ; developing network skill ; managing properly by all levers of governments ; carrying out accounting accreditation system . In the future , the information corporations should disclose may include predictable financial information . The development pivot of securities business could transfer to bonds business . After much helpful discussion in the theory field , this author does hope that the securities business of our country can keep on perfecting and getting standardization , and can actively work on stabilization of our securities business.更多还原