【作者】 胡海川；

【导师】 张心灵；

【作者基本信息】 内蒙古农业大学 ， 农业经济管理， 2014， 博士

【副题名】基于行业特征视角

【摘要】 信息披露制度对于资本市场中投资价值的发现和均衡价格的形成发挥着重要的作用。现阶段,以传统制造业上市公司作为基本假设前提的信息披露规则已经很难适应不同行业上市公司在生产经营模式、盈利以及估值基础等方面的差异化披露要求,无法充分反映公司所独具的行业特征以及进一步满足利益相关者对于高质量信息的需求。2013年12月,上海证券交易所发布了《上市公司日常信息披露工作备忘录第12号》和《上市公司分行业经营性信息披露指引(第1、2、3号)》,标志着我国上市公司信息披露由之前的以辖区为基本单元向以行业为基本维度的转变,更加注重信息披露的决策相关性,但该指引只包含房地产、煤炭以及油气开采这三个行业。农业类上市公司虽然在我国证券市场中所占比重较低,但基于农业产.业的重要地位,国家会进一步强化对农业类上市公司的扶持力度；从历年所发生的财务舞弊事件来看,该类公司占据了较大的比重,不仅给资本市场的声誉带来了负面的影响,也不利于该类公司在资本市场中的持续发展；同时,利益相关者与社会公众对于该类公司信息披露质量的提升有着更高的诉求。分行业信息披露这一新型制度的出台必然会对上市公司信息披露质量的改善产生深远的影响,这也正是本文从行业特征角度探讨农业类上市公司信息披露问题的根本出发点。本文围绕“农业类上市公司应如何根据行业特征,开展有针对性的信息披露”这一问题展开,从农业类上市公司的行业特征入手,研究的核心问题为“披露什么”、“怎样披露”以及“如何改善信息披露的质量”,旨在为分行业信息披露制度的制定与完善、农业类上市公司信息披露质量的提升提供有参考价值的理论与方法。本文主要的创新性工作及形成的研究结论如下：(1)将分行业信息披露的理念引入农业类上市公司信息披露的研究中。农业类上市公司采用现有的信息披露规则,在合理反映行业特征以及提升信息披露有效性方面存在着一定的局限性,因此,本文结合我国农业类上市公司的发展历程、农业生产经营活动的特点以及该类公司在资本市场中的表现,充分考虑信息披露的供给、需求以及监管等因素,进一步明确了农业类上市公司信息披露的侧重点：处于农业活动产中阶段的公司应重视生物资产信息披露,处于农业活动产后阶段的公司应重视交易活动信息披露,同时,这两类公司都应当注重生产经营风险信息披露。(2)生物资产是农、林、牧、渔类上市公司价值创造的重要基础,也是反映该类公司行业特征最主要的因素,本文构建了农业类上市公司生物资产信息披露框架,提出了改善生物资产信息披露质量的实现路径：采用历史成本计量属性的上市公司,应细化分类,根据种类披露生物资产的账面价值、实体数量及增减变动信息,监管部门应鼓励和提倡该类公司在表外披露生物资产的公允价值信息；采用公允价值计量属性的上市公司,在保证合理计量的基础上,应进一步细化生物资产种类和数量信息的披露,并按种类披露公允价值及其变动信息,同时还要阐明公允价值的确定依据。(3)农副产品和食品加工制造类上市公司的交易活动中涵盖了较多的不确定性因素,根据该类公司交易活动的特殊性,本文构建了农业类上市公司交易活动信息披露框架,提出了改善交易活动信息披露质量的实现路径：供应商和客户是该类公司交易活动最重要的两个方面,在披露供应商信息时,公司应重点关注与农户和农业中介机构(如农民专业合作社)之间的交易活动；在披露客户信息时,应着眼于公司产品的销售渠道,重点披露与代销模式和直销模式相关的客户信息；如果供应商、客户与公司存在关联关系或者非关联化的关联关系时,要对其做出相应的说明。(4)农业产业的“弱质性”会使农业类上市公司面临更多的风险,这也是该类公司区别于其他上市公司的一个显著特征,提升风险信息披露的质量对于利益各方意义重大,本文构建了农业类上市公司风险信息披露框架,提出了改善生产经营风险信息披露质量的实现路径：该类公司应重视农业风险信息的披露,所披露的风险信息应包含三个方面的支撑点,分别为风险属性信息、风险管理信息以及风险管理实施效果评价信息,而这三个支撑点又分别依赖于风险的识别与评估、全面风险管理(或内部控制)以及内部控制实施效果的自我评价。更多还原

【Abstract】 The system of information disclosure plays an important role in discovery of investment value and formation of equilibrium price in capital market. At present, rules for information disclosure with traditional manufacturing listed companies as the basic assumption premise can hardly be adapted to different disclosure requirements of listed companies in different industries in aspects such as production&operation modes, profit gaining and valuation bases and also cannot fully reflect the unique industrial characteristics of companies or further satisfy demands of stakeholders for high-quality information. In December2013, Shanghai Stock Exchange issued the No.12Work Memo of Daily Information Disclosure of Listed Companies and the No.1, No.2and No.3Guidelines for Operational Information Disclosure of Listed Companies in Different Industries. The issuance symbolizes the changes of information disclosure of listed companies in China from taking the area under administration as the former basic unit to taking the industry as the basic dimensionality, and also symbolizes the greater importance attached to decision correlation of information disclosure. However, the Guidelines only include three industries of real estate, coal and oil&gas. Agriculture-related listed companies have relatively low proportion in the securities market in China, but the state will further strengthen the supporting to agriculture-related listed companies based on the important role played by the agricultural industry; it is shown in financial fraud events occurring over the years that companies of this type occupy relatively big proportion, not only bringing negative influences to reputation of the capital market, but also hindering development of companies of this type in the capital market. Meanwhile, stakeholders and the social public have higher demands for the improvement of quality of information disclosure of this type of companies. The new system of operational information disclosure in different industries will surely produce far-reaching influences on the improvement of quality of information disclosure. This is also the fundamental starting point for discussion of information disclosure of agriculture-related listed companies from the perspective of industrial characteristics in the paper.In the paper, research is carried out centering on the problem about "how agriculture-related listed companies carry out targeted information disclosure according to industrial characteristics". Starting from the industrial characteristics of agriculture-related listed companies, core problems about "what to disclose","how to disclose" and "how to improve quality of information disclosure" are researched in order to provide theories and methods with reference value to perfection of the system of information disclosure in different industries and improvement of quality of information disclosure of agriculture-related listed companies. Innovation work and main research conclusions of the paper are as follows:(1) The author introduces the idea of information disclosure in different industries into the research of information disclosure of agriculture-related listed companies. Agriculture-related listed companies adopt existing information disclosure rules and are limited for reasonable reflection of industrial characteristics and improvement of effectiveness of information disclosure. Therefore in combination with characteristics of agricultural production and operational activities, the development history of agriculture-related listed companies and their expression in the capital market, the author gives sufficient consideration to factors such as supply, demands and supervision of information disclosure and defines emphases of information disclosure of agriculture-related listed companies. Those emphases include that companies at a middle production stage in agricultural activities should pay attention to information disclosure of biological assets, and companies at a post-production stage in agricultural activities should pay attention to information disclosure of trading activities. Meanwhile, companies of both types should pay attention to information disclosure of productive and operational risks.(2) Biological assets are sources for value creation by listed companies in agriculture, forestry, animal husbandry and fishing and are the most principal factor for reflection of industrial characteristics of this type of companies. The paper built a frame for biological asset information disclosure of agriculture-related listed companies and puts forward a realization manner to improve the information disclose quality of biological assets:the listed companies which adopt properties of historical cost measurement should be refined and classified, book value, entity number and variation information of increase and decrease of biological assets should be disclosed as per types, and supervision organizations should encourage or advocate this type of companies to disclose fair value of biological assets outside the balance sheet; the listed companies which adopt properties of fair-value measurement should define types and quantity information of biological assets based on ensuring reasonable measurement, disclose fair value and relevant information about its variation as per types and also clarify bases for determination of the fair value.(3) Trading activities of listed companies for manufacturing of agricultural-products and food processing contain a lot of uncertain factors. According to specialty of trading activities of this type of companies, the paper establishes an information disclosure frame for trading activities of agriculture-related listed companies and puts forward a realization manner to improve the information disclosure quality of trading activities: suppliers and customers are the two most important aspects in trading activities of this type of companies, when information of suppliers is disclosed, companies should pay attention to relevant trades between them and peasant households as well as those between them and agricultural agencies (such as farmers’professional cooperatives); companies should focus on sales channels of company products and should mainly disclose customer information related to a consignment mode and a direct selling mode when information of customers is disclosed; companies should make relevant explanations if incidence relations or dereferencing incidence relations exist among suppliers, customers and companies.(4)"Feebleness" of the agricultural industry will bring more risks to agriculture-related listed companies and this is also a distinguishing feature which makes this type of companies different from other listed companies. Promotion of information disclosure quality of risks is very meaningful to all stakeholders. The paper establishes a risk information disclosure frame of agriculture-related listed companies and puts forward a realization manner to improve the information disclosure quality of production&operation risks:this type of companies should attach importance to disclosure of agricultural risk information, risk information disclosed by companies should contain supporting points of three aspects:information of risk properties, information of risk management and information of evaluation of implementation effects of risk management, while the three supporting points will respectively depend on recognition and assessment of risks, comprehensive risk management (or internal control) and self assessment of internal control effects.更多还原