信息“解码器”——财务分析制度探析

Information Demodulator: A Study on Financial Analysis System

证券市场从某种意义上而言也是一个信息市场,完善的信息披露制度结构是其正常运转的重要基础。安然事件后,从信息披露制度入手成为目前监管证券市场的重要思路。但在信息披露制度结构中,人们似乎更多地讨论会计、审计制度安排,而财务分析制度作为这一制度结构中不可或缺的一项制度安排,对其关注较少,这在逻辑上是缺乏理由的。本文拟就财务分析制度的产生、其制度收益以及制度的再安排作初步的探讨。

The security market, to a certain extent, is a information market which is based on the efficiency of the institutional instruments about information disclosure.Especially in the post-Enron era ,more and more people realize that the information disclosure system is the foot-stone of the security market.There is no logical reason why people always focus heavily on the institutional instruments about accounting and auditing and take relatively little interest about the financial analysis system which is the indivisible part of the whole information disclosure institutional structure.This paper analyses the institutional innovation, institutional proceeds and institutional development about the financial analysis system.