公众公司财务报告的披露、分析与解释机制

The Disclosure, Analysis and Interpretation Mechanism of Public Company Financial Reporting

本文旨在研究公众公司财务报告的披露、分析与解释机制。以披露为基础的财务报告架构要想有效地发挥其功效, 必须做到两点第一, 必须要披露财务报告; 第二, 使用者应该有效地使用所披露的财务报告。前者通过公众公司财务报告披露机制完成, 其中披露规则和披露过程是关键; 后者则需要借助公众公司财务报告的分析与解释机制, 主要包括证券分析师、评级机构等中介服务机构功能的发挥。本文对这些机制和要件分别进行了理论探究和制度分析, 并在此基础上针对中国相关机制的现状和问题进行剖析, 得出一些有益的启示和改进的建议。

This paper focuses on the disclosure, analysis and interpretation mechanisms of public company financial reporting. There are two key factors for the financial reporting regime based on disclosure to operate effectively, the first is to disclose the financial reports, and the second is to effectively use the disclosed financial reports. The first one depends on the disclosure mechanism of public company financial reporting, among which the key elements include the disclosure rules and procedures. The second one relies on the analysis and interpretation mechanisms, which mainly fall back on the functions of markets intermediaries such as securities analysts and rating agencies. The paper takes theoretical explorations and institutional analyses on those mechanisms and their elements, then studies the related status and problems in China, and draws some helpful findings and improving suggestions.