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The Empirical Study on the Information Disclosure of the Chinese Listed Banks

Author: ZhangHaiMing
Tutor: FanAiJun
School: Shandong University
Course: Industrial Engineering
Keywords: Public Bank Prospectus Content Analysis Information Disclosure
CLC: F832.5
Type: Master's thesis
Year: 2013
Downloads: 66
Quote: 0
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Abstract


There is no doubt that information is the heart of the stock market. Efficient Information Disclosure System is the footstone of the market operations. As the incorrect and incomplete information might result in the low efficiency of the market, the ’stock market’ is also called the ’information market’. Nowadays, the further development of the stock market requires the information to be complete, correct, accurate and in time. Therefore, the institution and development of the stock market in our country is the most important way to increase the effectiveness of the market.As one of the most important legal documents of the public company’s information disclosure system, prospectus is not only a reference for investors and supervisors, but also an explanation of the company’s first public issue, a commitment made by the public company and the underwriting organization, the only reliable document which investors could rely on to evaluate the stock value, and for supervision department, it reflects their basic requirements of information disclosure. Although the system of stock issue and information disclosure in our county has been successively developed and improved, there still exist severe problems such as dramatic decrease in enterprise revenue after coming into the market and changes in invest direction of the investors. Moreover, investors might not able to know the information about the public company well. As the commercial bank is an important part of the socialist economic construction, analyzing the situation of the information disclosure while stock issue, exploring the deep-seated problems and providing advice of improvements truly benefit not only the regulation of the information disclosure behavior of investment bank and publisher and but also the protection of investors’ profits.This paper has researched the Shanghai Stock Exchange, provided the quantitative and demonstrational analysis of the prospectus at the stage of issuing and investigated the information revealed in the prospectus of the public bank, and therefore know about the characteristics and the quality of its information disclosure in IPO (initial public offering) stage. First of all, this paper has described the general situation of the initial public issue of the public bank and set up a evaluation criteria of its information disclosure. Secondly, the condition of stock issuing in our country and the regulation instrumented by the supervision department has been described. Then, by applying the content analysis, the relation between information disclosure and the short-term gains of the bank has been discussed, which is also the most important part of this paper. The final part is about the research in future. It is worthwhile and practical to keep research in this field.According to the financial data, the stock value and other factors after issuing new shares, by applying the content analysis, as well as regression analysis, efficiency coefficient method, Delphi method, assignment method, this paper has done the statistical and empirical study in order to verify the main characteristics of public bank’s prospectus.The practical use of this paper is multiple. Firstly, this paper does have significant impact on improving the verification system of stock public offering of new shares especially the bank shares. Additionally, it also benefits the inspiration of the public bank to disclose the situation about risk and other information voluntarily. Moreover, this paper is able to provide the usage basis for bank to develop healthily and a basis for supervision department to supervise the information disclosure system and the behavior of publishers and mediators. And another point is it can also help to protect the profit of small investors. The innovation points of this paper are:it is not usual to analyze the condition of the stage of issuing of shanghai stock exchange based on the analysis of prospectus; this paper has examined the typical risk factor of prospectus, internal control factor, corporate governance factor and financial accounting information to investigate the standardization and integrity of the quality of the information disclosure while issuing new shares; this paper has quantized and analyzed the information in prospectus which is an innovation of using content analysis; this paper has also achieved to reveal the relation between the quality of the shanghai stock exchange’s information disclosure and the yields of the initial issue.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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