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Discussion on the problem of information disclosure of listed companies

Author: SunLiMin XuYunZhen From: www.yourpaper.net Posted: 2010-05-12 02:50:14 Read:
[Paper Keywords] financial accounting reports accounting information disclosed
[Abstract] listed companies exist many problems, this paper focuses on the issues of accounting information disclosure of listed companies, and focuses on the status of a listed company disclosure of false information, the reasons and put forward some countermeasures.
The adequacy of the disclosure of accounting information, real, comprehensive, reliable, accurate, timely, enterprises, investors and creditors are crucial. Because it is not only directly related to the interest of all aspects related to the effective allocation of social resources, but also related to the orderly operation of the health of the securities market as a whole.
First, the problem of information disclosure of listed companies
Currently, the information disclosure of listed companies in China mainly in the following six categories:
(A) Information Disclosure phenomenon
excessive "not completely" and "disclosure"
Disclosed too much information is some disclosure of accounting information for information users versatility little role in decision-making. The company stock issuance, the listed transaction information and the number of shareholder structure of listed companies to disclose their holdings information. Because only a few of the current stock market special information users need this information, so versatile.
Disclosure is incomplete means listed companies tend to compress the information and reduce the slope exposed non-disclosure, non-disclosure of the place is not disclosed, such as the purpose and actual use of some of the listed companies on the prospectus to raise funds not the match listed companies not to disclose.
(B) disclosure of information distortion or disclosure of misleading information
Information disclosure distortion is the most serious in the information disclosure of listed companies in China, endangering the biggest problem. Prevalence of inadequate information disclosure and accompanied by massive fraud is the root cause of China's securities market information asymmetry. X J-information generated and its objectivity, authenticity and validity is difficult to predict, buyers and sellers on the changes in the value of the stock is to judge very uncertain. Both information asymmetry is very prone to price manipulation, leading to serious distortions of the stock price, thereby causing the securities ShangXi between irrational speculative. Thus, on the one hand, to increase the risk of the securities market, on the other hand direct damage to the interests of investors. Research on data they can get a glimpse of false accounting information of listed companies, Qiu Xuewen in the first half of 1999 x J-100 public securities investors surveyed, the survey results showed that 33% of respondents do not trust listed companies accounting information, 4l% of respondents accounting information of listed companies held "in doubt but uncertain attitude; same time, a lot of empirical research results show that the ROE as an important basis for listed companies to apply for allotment of listed companies since they there is a clear manipulation on the data; addition, the number of units of Audit 1983-1998 audit, the audit coverage and judged by the amount of discipline analysis shows that many investors suffer disclosure of misleading information.
(C) the disclosure of accounting information content is not high
Due to the subjective and objective reasons, the content of the accounting information disclosed by listed companies in China is not an important criterion to measure the level of accounting information content whether the accounting information it provides multiple economic elements "sharing", the ability for all types of investment decisions of investors to provide an effective basis. From another perspective, the accounting information of listed companies in China demand contradictions, manifested as the contradiction between wide information needs structure and narrow the supply structure and high-quality information needs and low-quality information supply contradictions, the contradiction in the medium term The report is particularly prominent.
(D) the accounting information of objective bias problem has become increasingly evident
Objectivity deviations transformation due to the accounting information disclosure of listed companies rely on the information technology, accounting information disclosed in the form of laws and regulations exist defects as well as factors such as force majeure caused by listed companies to disclose the actual accounting information of listed companies accounting status the deviation between. Currently accounting information of listed companies in China has become increasingly evident bias problem, the inflation force majeure the accounting information of listed companies, the objective deviation is undeniable.
(E) is not timely information disclosure and transparency, the measures loopholes and contradictions, arbitrary
According to statistics, more than 80% of the listed company's financial report after the end of the fiscal year 4 monthly report out before this, wise investors already through other channels to get to quite a lot of information, made as early as on the decisions of other investors. This accounting information disclosure is not timely serious damage to the economic interests of other investors, do not really make each shareholders are treated fairly.
(F) information the disclosure of non-initiative
Listed companies tend to accounting information disclosed seen as an additional burden, rather than see it as an obligation of, and therefore not actively take the initiative to disclose relevant information, but holding less disclosure less disclosure non-disclosure not psychological disclosed. Deviation on this understanding of the listed companies in the information disclosed in the passive cope with the situation.
To improve the quality of information disclosure of listed companies countermeasures
(A) to improve the quality of accounting standards, to regulate the behavior of the information disclosure of listed companies
Listed companies earnings manipulation behavior, should be issued accounting standards, in order to establish a standard of disclosure. The current system of accounting standards exist two deficiencies: no reasonable behavior on the reorganization of listed companies; absence of specific guidelines for the preparation of the consolidated financial statements of listed companies. In recent years, the asset restructuring of listed companies behavior intensified, the reason is that a considerable part of the reorganization of assets to manipulate profits. Individual assets replacement, a listed company in exchange for high-yielding assets, in order to achieve the target profit from associated enterprises in the non-market price on the basis of low-yielding assets. Therefore, we should enact specific guidelines about the reorganization of assets, in order to regulate the behavior of listed companies, so that they no space can be drilled.
(B) improve the modern enterprise system and corporate governance structure of listed companies grew out of the state-owned enterprises, there are some historical issues, the internal reforms are not in place, the mechanism is not flexible, powers and responsibilities of uncertainty, imperfect corporate governance structure The problem is a great need to be solved. Therefore, the corporate governance structure of listed companies as the company's core system, to enable enterprises to the real boss, the owner of the country's strict supervision by authorized management of state-owned assets, capability in place. Can do enterprises manage their own business. (C) to strengthen the board of directors construction
A sound and effective board of directors, independent directors on the board plays a very important role; Board of Supervisors subject to the company's management, its behavior is difficult to separate. Formed by the shareholders' meeting, board of directors, board of supervisors and senior executives of interdependence and mutual checks and balances of corporate governance structure should be strictly in accordance with the requirements of the Companies Act, the establishment of a structured personnel management system, build and accountable management system continue to introduce a system of independent directors. To develop practical measures to make the independent directors and supervisors have focused on monitoring the functional complementation imperative. Establish an audit committee to safeguard the company's financial transparency. Its main function is the supervision and inspection of the accounting policies, financial position, internal systems, corporate behavior rules.
(D) the establishment of a unified system of information disclosure
The financial information disclosure system is not uniform, the Ministry of Finance set of information disclosure system, the SFC a set of financial information disclosure system, around there around the financial provisions, multiple standards to corporate information disclosure is not normative, but also the formation of enterprise information disclosure to manipulate the same enterprise due to the need to achieve the purpose of, and submit the data to the different parts of the financial statements. So the information disclosure unified, requirements statements unified design to achieve harmonization of indicators caliber, unified completing the range, so that it helps eliminate false accounting information disclosure should be required to.
(E) to speed up the securities market legal system construction, intensify law enforcement
The provisions of Article 29 of the Administrative Punishment Law ":" undiscovered violations within two years, no longer be subject to administrative penalties. "And China's legal system for more than criminal penalties, civil penalties less, and the negative real legal responsibility and be punished for the unit responsible for a few people to slip through the net and a lot of people. Disclosure of false information to take a small risk, and the benefits are great. In addition, investors sued the listed companies tend to evolve into the punishment on listed companies, even with the shareholders' equity shareholders to repay the loss, the false disclosures behavior by investors to listed companies bear responsibility, we can see that our legal does not quite sound law enforcement and serious enough, the early sound of our legal system, made early accounting system perfect foreshadowing.
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