The Study On The Enterprise Credit Information Publicity Institution

On October 1,2014,China officially promulgated the “Interim Regulation on Enterprise Information Publicity” and a series of relevant supporting provisions,marking the information publicity as a means to credit supervision as the core of the new regulatory model has established.In accordance with the provisions of the Provisional Regulations on Enterprise Credit Information Publicity,the enterprise announces two types of information through the publicity system.The first category is the annual report information,including the enterprise address,contact information,the state of existence,the enterprise's investment,the ownership structure and the accounting information,By the enterprise independent reporting and reporting.The second category is immediate information,mainly including register information,filing information,investment changes,administrative penalties,etc.,such information emphasizes the immediacy of publicity,in the above information produced within 20 working days,enterprises should take the initiative to log on the publicity system to have the immediate information be publicized.If the above information is found to be false,the AIC(Administration of Industry and Commerce)can put the fraud enterprise into the Lists of Enterprises with Abnormal Operations.The enterprise credit information publicity system clarifies the information disclosure obligation of the enterprise and the government,helps to construct the new enterprise credit mechanism,eliminates the market information asymmetry,resolves the potential credit risk,thus realizes the effective disposition of the market resources and the stable and efficient commercial transaction.First,from the government's point of view,enterprise credit information publicity system contains the credit regulation,the concept of government streamlining,reflects certain intervention and guidance of the government for market behavior,and also in line with Reasonable Supervision advocated by the public choice theory of economics.The enterprise credit information publicity system embodies the combination of state interventionism and market autonomy,that is,through government action to force the public to open the information to maintain the freedom of choice of the main market,and then ensure that the free competition market mechanism to play a role.Second,from the market's point of view,enterprise credit information publicity system for the maintenance of market order and the elimination of market risk also can be of great benefit.Enterprise credit information publicity system through the publicity of enterprise-related information,and actively take the initiative to eliminate the risk of market information asymmetry,to protect the market security.Only the market information flow sufficiently,can we eliminate information asymmetry caused by the "adverse selection" and "moral hazard",reduce transaction costs,maintain market order,improve resource allocation efficiency.Third,from the enterprise's point of view,after the revision since 2014,China's "Company Law" transferred the traditional paid-up capital system into a complete subscription capital system,enterprise's capital credit is weakened.Therefore relying on enterprise credit information publicity system to achieve information publicity,credit supervision,to overcome difficulties about the current deficiency of acquiring enterprise credit information.As the main commercial subject,enterprises need to obtain information fully,comprehensively,timely and accurately to clarify the ability of counterpart's credit capability,to control the risk of trade,excluding the non-qualified subject from the transactions;also need to pass their own information to the market,highlight their own fulfillment of legal obligations or obligations of the credit capacity,which is also conducive to high-quality enterprises to obtain publicity and return,and as much as possible access to contract opportunities will comes.As of June 30,2016,enterprise which through the enterprise credit information publicity to disclose information has reached 18.166 million,rate of annual report reached 88.3%.Enterprise credit information publicity system has been widely used by the community,the cumulative number of passenger visits reached 18.5 billion,the cumulative query amount reached 7.85 billion.According to statistics,an average of 30 million people a day enter enterprise credit information publicity system for enterprise credit information.Enterprise credit information publicity system through the Internet sharing to achieve the multi-department joint disciplinary,so that the Credit constraint function can be fully reflected from every part of the world.AIC and market regulators provide data to other departments 3.5 billion,and communicate with the Supreme People's Court between the Internet to share the "Lao Lai(deadbeat)" blacklist information(accumulated 42,000 people)and make multiple restrictions to the "Lao Lai",including restrictions on the company duties,limited loans and other high standard consumption.In 2014,China has ushered the fully subscribed capital system,and also established the enterprise credit information publicity system as an important measure to protect the enterprise' creditors.Through the disclosed information,the parties of transaction can reduce the information asymmetry between the both sides,thereby reduce the risk and maintain the safety of market.However,there are many problems about the legislation of existing information publicity system and the practice of law enforcement,such as the legislation provisions of general public standards should be differentiated,the quality of information needs to be improved,the legal responsibility of information publicity platform should be clear.It is necessary to put forward the corresponding suggestions for the improvement of the enterprise credit information publicity system,in order to achieve the goal of safeguarding the creditors' security and demonstrating the enterprise's asset credit.