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The Study On The Effectiveness Of Penalties For Accounting Information Disclosure Violations

Posted on:2013-08-18Degree:DoctorType:Dissertation
Country:ChinaCandidate:L LiFull Text:PDF
GTID:1109330452463440Subject:Accounting
Abstract/Summary:PDF Full Text Request
From the stock market at the beginning of establishment, the securitiessupervision mechanism and theory with the different historical stages as happenedwith the constant change. Supervision or indulge? As the stock market developingeternal set of variations. In the1929years before the great crisis, whether the Britishgovernment or the U.S. government, for securities market attitude is "laissez-faire(laissez-faire)"(Burk,1985).1929great crisis are filled with speculation,manipulation, fraud and deception, making the government had to implement thesecurities market supervision to crack down on the illegal market transactions, andsafeguard the interests of investors. On this basis, the United States determinedmainly by information disclosure supervision mechanism-1933securities law and1934of the securities and exchange act. After the second world war, the United States,for the core of western capitalist countries into the postwar golden development stage,pure market liberalization thought occupies the mainstream, make economists beginto question the necessity of the securities supervision and effectiveness. Stigler to as arepresentative of the "revisionist" even think,"securities law led to high costs andthere is no income." On this basis, the governments of the securities field graduallyrelaxed regulatory, innovative products and related financial trading pattern alsobegan to emerge in endlessly, which eventually led to the2008financial crisis. Afterthe financial crisis, governments began to take a new look at globalization andelectronic communication technology in highly developed new historical stage, basedon the information disclosure system as the foundation stone of the necessity of thesecurities supervision and effectiveness.The China securities regulatory history also is so, from start simple plan forexamination and approval supervision, to plan and registration, and the combinationof the last European and American developed country for reference model withinformation disclosure as the core of the securities supervision system. However,neither the China securities market in the early years of the "treasure delay" events, or later "kelon" and "YinGuangXia" event, that shows that China’s securities marketaccounting information disclosure of the violations or more severe and rampant. Atthe same time, China securities market of accounting information disclosure system toput forward new thinking.This article from the Jordan Fama effective market assume that punishment,combined with the game theory, from the static two sides game to dynamic two sidesgame, from simple to complex game two party many game, set up a China securitiesmarket supervision system based on the diversity of the accounting informationdisclosure violations dynamic game model, from the logic of motivation deeplyanalyzes the listed company why using illegal conduct accounting informationdisclosure, and also from the model structure of the clear to appear on the marketcompany in what circumstances, consider the factors that will benefit for the behaviorchoice. From the two parties to many, from the static to dynamic, comprehensivebuilding on the existing regulatory mechanism of listed company informationdisclosure behavior selection strategy and logical path, for empirical analysis andsystem construction provides a strong ideological basis. On this basis, the author ofthe huge data acquisition work hard, saw from2000-201010years of accountinginformation disclosure with breaking the database, for nearly ten years for accountinginformation disclosure was punished illegal all listed companies and relatedannouncement financial information, and an empirical analysis, and through differentannual, analysis and comparison of the different market, fully analyzed the securitiesmarket accounting information disclosure of the punishment of the illegal behaviorcharacters and features, motivation factor analysis, and established a punishment ofrelated linear regression analysis function. At the same time, this paper also throughtime, repeated violations, punishment abnormal yield index analysis, evaluation fornearly ten years accounting information disclosure with breaking the effectiveness.Finally, according to the game framework and empirical analysis of the conclusion ofthe China securities market accounting information disclosure punishment mechanismthe existing problem of comprehensive comb, and took out the effective measures.
Keywords/Search Tags:accounting information disclosure, punishment, effectiveness
PDF Full Text Request
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