CAJ | 학술논문

通过应用内容分析法考察新股发行招股说明书中所披露的风险因素的隐性内容,检验其中是否存在轻描淡写或陈述不足的倾向,即对其进行意向分析,可判断风险信息披露的＂言外之意＂。对我国新股发行风险信息披露进行意向分析的结果表明,风险因素的内容明显具有乐观性、高估性的＂误导＂倾向,投资者无法依据风险信息披露所表达出的意向来预测发行人的盈利能力和后市表现。为此,新股发行信息披露文件中应强调实质风险因素的披露;要构建投资者监督机制,形成新股发行信息披露的强大社会监督群体。
통과응용내용분석법고찰신고발행초고설명서중소피로적풍험인소적은성내용,검험기중시부존재경묘담사혹진술불족적경향,즉대기진행의향분석,가판단풍험신식피로적＂언외지의＂。대아국신고발행풍험신식피로진행의향분석적결과표명,풍험인소적내용명현구유악관성、고고성적＂오도＂경향,투자자무법의거풍험신식피로소표체출적의향래예측발행인적영리능력화후시표현。위차,신고발행신식피로문건중응강조실질풍험인소적피로;요구건투자자감독궤제,형성신고발행신식피로적강대사회감독군체。
With the method of content analysis,we examined the latent content of the risk factors in the IPO prospectuses,tested whether there was the intention of soft-pedalling risks or understating.That is,we made a tone analysis to observe the meanings beyond the words in the risk factor sections.The result showed that the risk information tended to have misleading optimistic and overestimated tones.The investors cannot rely on the tones of the risk factors to make predictions of the profitability and the after-market performance of the issuers.Consequently,we suggested that the supervisors should emphasize the disclosure of the real risk factors,and construct of a mechanism of investors′participation in the IPO information disclosure supervision and form a strong public supervision group.