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Accounting information disclosure of listed companies public punishment analysis

Author: XuJingYao From: www.yourpaper.net Posted: 2009-04-29 18:11:58 Read:
[Abstract] This article publicly punished by the SFC and the Shanghai and Shenzhen Stock Exchange statistics, that the punishment of violations to non-disclosure of a single means of punishment, the responsibility is unknown, ineffective, resulting in a listed company there has been a violation The rife and tired penalty does not change the phenomenon. This article has been described with specific data.

Listed companies in China living in a very important position in the national economy. As of December 31, 2006, Shenzhen, Shanghai Stock Exchange, the total number of listed companies reached 1,421, with a total market capitalization of more than 9 trillion, China's listed companies every move on social prohibitive. Listed companies in terms of structure, management known as the most standardized. However, there are still many in the accounting information disclosure deficiencies. , Shenzhen, Shanghai Stock Exchange, public punishment, as evidenced by the China Securities Regulatory Commission.
As used herein, the data from the website of the China Securities Regulatory Commission, Shanghai, Shenzhen Stock Exchange, the time until September 30, 2006, after finishing, classification criteria are: information disclosure is not implemented into the false statements, non-disclosure as a material omission the non-disclosure If no supplemental disclosure is included in the material omissions. Penalty notice only one, and the punishment of the same company may have more than one table, in the case of graft, separately, so the last line of the proportion of 100%. The proportion column is on a line totals accounted for the proportion of the total number of penalties.

Information disclosure of the nature of the violation Statistics

As can be seen from Table 1, 2002-2006, the China Securities Regulatory Commission fine of 167, 76 listed companies involved in each of the four companies to be punished twice, actually be punished for 72. Tables 2 and 3, respectively, the Shanghai Stock Exchange and Shenzhen Stock Exchange in the past four years nearly five years of public punishment statistical results.

According to the SFC basis for punishment and qualitative information of listed companies to disclose the nature of the breach can be divided into three categories:
Failing to timely disclosure. This, in turn, is divided into two categories, one is not timely disclosure of annual and interim reports, such as Chongqing Dongyuan February 11, 2003 Interim Report was published in 2002; the other is temporary announcement on significant issues not timely. September 2000 to January 2003, the total amount of 187.5 million yuan and out of the four-way Hi-Tech Total loan bankers' acceptances 114 Total amount of 970 million yuan, the major debt is not disclosed in the relevant periodic report, part of the material temporary announcement after the signing of the agreement has not yet fulfill its obligations. Therefore, it is included in this section and material omissions.
(2) a false statement in the report fictitious numbers and business. Such as silver mansions from the period 1998 to 2001 the cumulative fictitious sales income of 1,049,626,000 yuan, less charges 48,453,400 yuan and 771,567,000 yuan, resulting in inflated profits.
3 material omissions, provisions for significant events and regulatory matters related to listed companies do not follow regulations or arranging disclosure of such activity may cause distortion of information, but do not take the initiative to fictional, it is not included in the false statements. Aspect of international not disclosed in the Annual Report 1999 to 2000 with three companies signed a three amounted to 2.5 billion mutual insurance agreement and its protocols under guarantee contract.
Can be obtained from Table 1, the punishment of the China Securities Regulatory Commission, the three categories of the nature of the proportion of non-compliance in more than 50% of the total, that are listed companies in the form of frequent violations. However, information disclosure is not timely higher than the proportion of false statements and material omissions. If you remove the 2002 data is not timely disclosed as 68.8%, 60% of the material omissions, false statements to 54.29%. View from Table 2 and Table 3, information disclosure is not timely accounted for a clear majority, the greater degree of listed companies is regulated by covert means, and no longer just a fraud.
In addition, the penalty imposed by the SFC nearly one-third of both false statements have material omissions. This suggests that part of the company in order to report whitewash to do anything. Shenzhen, Shanghai Stock Exchange in this regard less is punishment in the Commission, the Exchange is not processed. Second, the means of punishment

Table 4, 5, 6, respectively, of the Securities and Futures Commission, the Shanghai Stock Exchange, Shenzhen Stock Exchange means of punishment statistics.

Regulations of the stock issuance and transaction management Provisional Regulations shall come into force on January 1, 2006 the new Securities Law of the People's Republic of China, in May 2006 the Fifth Amendment of the Shanghai Stock Exchange Listing Rules " system, listed companies and relevant information disclosure obligor breach of the regulatory system, or the commitments made. Stock depending on the seriousness given to the following discipline: reprimand; publicly condemned; publicly identified not suitable to serve as directors, supervisors and senior management of listed companies. Issuer, the listed company or any other information disclosure obligor is not in accordance with the provisions of disclosure of information, or the information disclosed false records, misleading statements or material omissions, shall be ordered to make corrections by the securities regulatory authority, given a warning and a fine. The directly responsible person in charge and other directly responsible personnel be given a warning and a fine.
Due to the difference in power, the punishment of the China Securities Regulatory Commission to impose fines, Shenzhen, Shanghai Stock Exchange as a public condemnation of the main. Means a single violation penalties, the Commission generally fine the company, the amount of 30,000 yuan -60 million, depending on the different levels of change is also directly responsible for warning the penalty, the amount of 3 - 30 million; Shenzhen, Shanghai Stock Exchange with public censure and reprimand.
From the case, the Securities and Futures Commission and the Stock Exchange are basic regulations deal to fulfill their duties.

, The prevalence of non-compliance with tired penalty does not change

China Securities Regulatory Commission and Shanghai, Shenzhen Stock Exchange five years a total of penalties 264, 186.
From Table 7, the penalties for a total of 186, and not to the delisting of listed companies in China even with 1500, to be punished more than 10%, the ratio is quite substantial. Poor overall environment will greatly affect the enthusiasm of investors. In fact, China's stock market index, in spite of the favorable macroeconomic backdrop actually a row from 2001 to 2005 fell nearly five years, but also that the disappointment of investors of listed companies.
Judging from the effect of punishment, it should be said, the role of punishment. First of all, there are eleven of the same year, two penalties (Shanghai Science and Technology, ST Shida, Haci shares, Jinlikeji Dahlman, A relay Prairie Xingfa, Chongqing Dongyuan, Inner Mongolia Matterhorn Neptunus Bioengineering, Tonghuajinma), we can see, these companies contempt of punishment; Secondly, in the case of missing data of Shanghai Stock Exchange, within five years to be punished four times two, was penalized three times with 12 45 to be punished twice, fully reflects the attitude of listed companies on the punishment.
Only in rare cases, the management have a jail, such as Yinguangxia, and general means of punishment, such as warnings, public reprimands, fines of tens of thousands to hundreds of thousands of listed companies and management such as nowhere near enough. Shanghai Realize Investment Consulting Co., Ltd., according to the survey of 2005 Annual Report of the listed companies, the highest annual salary of 20, without exception, more than 100 million, the executives of listed companies, the highest average annual salary of 290,800 yuan, compared to 2004 increased $ 5.45 million, a rise of 23%, reflecting the senior management of listed companies good "money scene", as opposed to a fine of a few tens of thousands of dollars (many directors usually 3-5 million, the general directors long or persons responsible for higher fine before, and the chairman of the annual salary of a corresponding higher), to keep the seat clearly than public reprimand or a fine of more cost-effective. Kelon Electrical executives in 2004, the highest annual salary of 450 million yuan, ranking the first of the year, 400 million in 2003, but the company's 2004 annual report, the loss per share of 0.065 yuan.
In the case of a lack of transparency in information disclosure of executive compensation, investors can not know why the executives to remain the same in the case of the mediocre performance of a highly paid, information asymmetry and principal - agent problem appeared together.

Fourth, the responsibility of the problem

Of the "Accounting Law" Article IV: The person in charge of the unit responsible for the integrity of the unit of accounting and accounting for the authenticity of the information. Above in the periodic reports of listed companies, there are generally three people signed commitment is responsible for: the report of an officer, in charge of accounting and accounting department.
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