科创板上市公司信息披露问题研究
——以软件服务业核心竞争力为例
摘要
2019年7月22日科创板正式开板上市，当天第一批实行注册制企业共计25家。科创
板的《注册管理办法》涵盖8章总共81条规定，在此规定中明确指出科创板是以注册制
下的信息披露为核心点，要求对我国目前证券市场上市公司的上市条件进行优化布局。另
外出台的《持续监管办法》有9章36条，同样也强调组建具有科创板属性的信息披露制
度的重要程度，不断完善科创板行业信息和经营风险的披露，并且增加信息披露制度的宽
容度。基于以上相关规定，本论文重点研究的是基于企业核心竞争力的科创板上市企业的
披露信息，由于投资者一直以来都是被关注的一方，希望通过此研究成果能够在投资者权
益保护上提供一些有价值的帮助。
为了系统且客观地完成本次研究，本论文所涉及的研究方法有：文献分析法、定性与
定量分析法、案例分析法以及比较分析法等。本论文前期通过研读了大量上市公司信息披
露的文献，特别是仔细地研读了科创板上市企业信息披露的相关规定，然后再对有关上市
公司核心竞争力文献及相关理论进行回顾。再次，笔者对科创板上市企业的基本特征进行
分析整理，阐述了上市企业核心竞争力信息披露制度现状并强调它的必要性；结合相关上
市企业核心竞争力理论，将其作为本文研究的理论基础。同时，笔者秉承坚持基本理论、
市场需求和可操作性的要求，探索构建起我国科创板上市公司核心竞争力信息披露指标体
系；同时以该指标体系为框架，选取了科创板软件服务行业的30家上市公司作为研究案
例，以分析上市企业核心竞争力信息披露中存在的问题；最后，为科创板软件服务企业的
核心竞争力信息披露提供可操作性的建议。
本论文得出的结论是：目前我国科创板软件服务行业上市企业核心竞争力信息披露的
过程中，存在着对核心竞争力信息披露不够重视、过多的披露非核心竞争力的内容、核心
竞争力信息披露的持续更新不够等问题。现存的诸多问题不仅增加了外部利益相关者对于
信息筛选的难度，而且也增加了投资者的风险，提高了上市公司的融资成本，长此以往终
将影响科创板市场的健康发展，加大我国金融市场改革的难度，从而影响我国未来高新技
术产业的发展。存在上述问题的主要原因是我国科创板新设不久，目前仍然处于摸索阶段，
相关法律法规对上市企业核心竞争力信息披露的规范要求不足、信息披露制度尚未健全以
及缺乏具体的参考实践指引。
关键词：科创板；信息披露；核心竞争力；适度披露；软件服务行业
I
Research on Information Disclosure of Listed Companies
on the Science and Technology Innovation Board——Take
the core competitiveness of the software service industry
as an example
Abstract
On July 22,2019,the Science and Technology Innovation Board was officially launched for
listing,and there were 25companies in the first batch of registration systems that day.The
"Registration Management Measures"of the Science and Technology Innovation Board covers 8
chapters and the a total of 81regulations.In this regulation,it is clearly stated that the Science
and Technology Innovation Board takes information disclosure on requirements as the core point
and the requires optimization of the listing conditions of listed companies in my country's
securities market.In addition,the "Continuous Supervision Measures"has 9chapters and 36
articles,which also emphasizes the importance of establishing an information disclosure system
with the attributes of the Sci-tech Innovation Board,continuously improving the disclosure of
industry information and business risks on the Sci-Tech Innovation Board,and increasing the
information disclosure system.Based on the above relevant regulations,that paper focuses on the
disclosure of information of the companies the listed on the Science and the Technology
Innovation Board based on the core competitiveness of the company.Since investors have
always been a concerned party,it is hoped that the results of this research can be used to protect
investors’rights and interests.Provide practical help.
In order to complete this research more systematically and objectively,this research
methods the involved in the thesis include:literature analysis,normative analysis,comparative
analysis,historical analysis and case analysis.In the early on stage of this thesis,a large number
of the documents on information disclosure of listed on companies were studied,especially the
relevant regulations on information disclosure of listed companies on the Science and
Technology Innovation Board,and then the literature on the core competitiveness of listed
companies and related theories were reviewed.Third,the author analyzes and sorts out the basic
characteristics of listed companies on the Science and Technology Board,presents the status quo
of the core competitiveness information disclosure system of listed companies and emphasizes
its necessity;combined with the core competitiveness theories of listed companies,it is used as
the research of this article.Theoretical basis.Thirdly,the author adheres to the requirements of
adhering to basic theory,market demand and operationally,and tries to establish an index system
for the core competitiveness information disclosure of listed companies on my country's sci-tech
innovation board;at the same time,using this indicator system as the framework,select the
II
software services of the sci-tech innovation board.30listed companies in the industry are used
as research cases to show the problems in the core competitiveness information disclosure;
finally,it provides practical suggestions for the core competitiveness information disclosure of
the science and technology innovation board software service companies.
The conclusion of this paper are that:in the process of core the competitiveness information
the disclosure of listed the companies in the software the service industry of my country's science
and the technology innovation on board,there is insufficient attention to the disclosure of core
competitiveness information,too much disclosure of non-core competitiveness content,core
Issues such as insufficient continuous update of competitive information disclosure.Many
existing problems not only increase the difficulty of information screening for external
stakeholders,but also increase the risk of investors and raise the financing costs of listed
companies.If things go on like this,this will eventually affect the healthy development of the
science and the technology innovation on board market,increased the difficulty on my country's
the financial market reform,or thus affect the development of my country's future high-tech.The
main reason for these problems is that my country's sci-tech innovation board has not been newly
established and is still in the exploratory stage.The relevant laws and regulations have
insufficient regulatory requirements for core competitiveness information disclosure,the
information disclosure system is not yet complete,and the lack of specific reference practical
guidance.
Key words:Science and Technology Innovation Board;Information
disclosure;Core competitiveness;Appropriate disclosure;Software
service industry
III
目录
第一章引言...............................................................................................1
1.1选题背景及研究意义.......................................................................1
1.1.1选题背景.....................................................................................1
1.1.2研究意义.....................................................................................1
1.2文献综述...........................................................................................2
1.2.1国外研究现状.............................................................................2
1.2.2国内研究现状.............................................................................3
1.2.3文献述评.....................................................................................6
1.3研究内容及框架...............................................................................6
1.3.1研究内容.....................................................................................6
1.3.2研究框架.....................................................................................7
1.4研究方法...........................................................................................8
1.4.1文献分析法.................................................................................8
1.4.2定性与定量分析法.....................................................................9
1.4.3案例分析法.................................................................................9
1.4.4比较分析法.................................................................................9
1.5创新点及不足...................................................................................9
第二章科创板相关概述及理论基础....................................................10
2.1科创板的界定.................................................................................10
2.2科创板信息披露机制的具体表现................................................10
2.2.1基础制度的差异化安排...........................................................10
2.2.2优化信息披露规则...................................................................11
2.2.3有效简化信息披露要求...........................................................12
2.3科创板软件服务业核心竞争力信息披露制度及必要性............12
2.3.1科创板软件服务业概述及其上市主体基本特征..................12
2.3.2核心竞争力信息披露必要性...................................................13
2.4科创板软件服务业核心竞争力信息披露理论基础....................14
2.4.1核心竞争力相关理论...............................................................14
2.4.2上市公司信息披露相关理论...................................................14
2.5本章小结.........................................................................................15
第三章科创板软件服务业上市公司核心竞争力信息披露设计原则及
评价模型.................................................................................................16
3.1科创板核心信息披露的具体规定................................................16
3.1.1保护投资者合法权益信息披露基本规范..............................16