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On problems and countermeasures information disclosure of listed companies in China

Author: WangYanRu From: www.yourpaper.net Posted: 2009-07-28 18:20:57 Read:
Abstract: The information disclosure for listed companies to investors, the main way of the securities regulatory authority and supervision of listed companies, information disclosure system is an important principle of the legal system of the countries securities. With the further improvement of China's capital market, establish a standard system of information disclosure and regulatory regime, and is of great significance. Analysis of China's listed companies in the accounting information disclosure proposed measures recommended information disclosure of listed companies.
Keywords: listed companies; Information Disclosure; problems; countermeasures

1 information disclosure of listed companies in China exist

(1) The disclosure of information is not timely, the Annual Report quarterly dystocia phenomenon.
As we all know, the value of information is often reflected in the timeliness. Listed companies to disclose information about their stock market price is closely related to, and the information often played the role of price signals. Timely disclosure of information to help investors make the right investment decisions; timely disclosure of information, but as an insider staff time difference insider trading, to profiteering or timely hedge provide the conditions for ordinary small investors words, is extremely unfair and unjust.
(2) the lack of consciousness.
Information disclosure of listed companies is an obligation, the vast majority of listed companies only completed the mandatory disclosure rarely voluntary disclosure, the disclosure of accounting information be considered as a task, even now, many see this as a listed company is burden, not take the initiative to disclose information that should be disclosed, keep muddling along, good performance, especially for those losses listed companies always worry about losing allotment status or will be suspension, so the non-disclosure as disclosure not less disclosure as little as disclosed, the information disclosure of listed companies results in a passive cope with the situation of trouble.
(3) the degree of distortion of accounting information.
Listed companies to disclose the information must be accurate, true and not false records, misleading or deceptive, which is a basic requirement. However, some of the information disclosure of listed companies serious misrepresentation, or even a pack of lies. Joan source, Zhengzhou Baiwen Branch Venture "and" Abandonment ", and both had a huge impact on China's securities market caused triggered again and again a crisis of confidence.
(4) The information disclosure is inadequate and incomplete.
Information users through the analysis of a full and complete accounting information and its articulation, can determine the authenticity and accuracy of the accounting information of listed companies. Therefore, some of the listed companies is always taken to minimize the disclosure of accounting information to conceal false information that may exist. For example, some listed companies in its investment income accounted for more than half of the total profit, but what is investment where the income, investment yield, the degree of risk, and neither do the appropriate instructions.
(5) imperfect means of accounting information disclosure.
Means of accounting information disclosure of accounting information disclosure of listed companies and channels. With the development of information technology, some of the market has established a specialized accounting information disclosure system of listed companies, and the use of the Internet to the disclosure of accounting information.

The 2 specifications listed companies' information disclosure measures recommended

Standardize the accounting work is to improve the quality of accounting work, to ensure that the accounting information is true and reliable basic link. Modified due to the development of society, the advancement of technology and regulations as well as the environment and requirements change, it is necessary to strengthen in-service continuing education for accountants, both ideological and policy, or theory and knowledge, to make it keep pace with the times, capable of performing the work to ensure that the quality of accounting information.
(1) the development of listed companies' information disclosure standards.
System of information disclosure of listed companies building consists of two levels: first, the development of information disclosure standards, to develop the system of information disclosure rules. Throughout the development of the securities market of the world, listed companies' information disclosure guidelines should at least include: integrity, continuous, symmetrical, sensitive. standards of integrity. Listed companies only speak honest and trustworthy, and take the initiative to disclose the information in accordance with true, accurate, complete and timely requirements to eliminate fraud from the fundamental. continuing guidelines. Listed companies in the process of continuing operations, to disclose information in strict accordance with the provisions of the laws, regulations and the Articles of Association of the Company. (3) symmetry criteria. The stock market, often there is serious information asymmetry between different investors. sensitive guidelines. The share prices of listed companies in a variety of events and changes have shown a considerable degree of sensitivity. (2) the establishment of a scientific and reasonable information disclosure and regulatory mechanisms.
Establish a scientific and reasonable disclosure of information and regulatory mechanisms, strengthening of regulatory penalties, increase cost accounting fraud, and eliminate the chances of the accounting fraud. Governance lies in designing a reasonable responsibility for the violation of accounting information disclosure behavior and constraints arrangements, so that the cost the executor of violations of accounting rules to bring more than the gain by it, thereby changing the the rational accounting rules execution behavior of human decision-making.
(3) improve the corporate governance structure of listed companies within the.
Information asymmetry exists between the investors and business management is a major incentive for accounting fraud, for this information asymmetry, the internationally accepted practice is to resort to the arrangements of the corporate governance structure. Improve corporate governance through the distribution of powers, checks and balances, and information disclosure mechanism, forcing operations management to release information, balanced information segment.
(4) the implementation of integrity engineering, and strengthen moral education.
By listed companies in China's credibility crisis led to the crisis of investor confidence in the securities market, and reflects the essence of China's securities market existing moral crisis. The trust of the majority of investors in the securities market is based on the national credit basis. The moral crisis of the securities market in the destruction of the national credit, the unauthorized letter behavior of listed companies at the expense of national credit. To this end, we should pay attention to the following aspects: (1) increase publicity and education efforts to improve accounting integrity and credibility of the maintenance of accounting ethics. The accounting education not only to impart the necessary skills and knowledge, but also to instill ethical standards and professionalism, the students began to learn accounting sense of dignity to recognize the importance of accounting integrity, ethics, establish the accounting profession. establish a standard of social credit system and lose the trust of constraints punishment mechanism to ensure integrity were able to get a proper return, lose the trust must be punished, and to provide an institutional and legal safeguards for raising the level of social integrity; play to the supervisory role of public opinion , the behavior to praise integrity, condemning lose the trust of those who carry forward honest and trustworthy character.
(5) to improve the quality of accounting personnel.
The accounting officer is a direct provider of enterprise accounting information, professional and ethical standards and professional quality of accounting personnel directly affect the quality of accounting information. On the one hand, the accounting staff to foster the spirit of love and dedication. National guidelines, policies and rules and regulations must be strictly enforced, and enhance the country, the people responsible for the high degree of responsibility, maintaining the security of the state property; should adhere to the principle of seeking truth from facts, to provide accurate, truthful accounting information; want to learn from, familiar with financial management the policies, rules and regulations, improve the accounting business skills, to master the production and operation of enterprises, effectively strengthen internal financial management, and provide timely and accurate accounting information. On the other hand, the government financial departments at all levels should conscientiously strengthen the management of the accounting work. To strengthen the training of accounting personnel, improve professional and ethical standards and professional quality of accounting personnel; accounting personnel to support the functions and powers according to law, and resolutely accounting personnel due to adhere to the principle of being retaliate against justice; gradually purposes of Financial Supervision in the large and medium-sized enterprises or chief accountant designation system, improve the status of accounting in business management.
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