Research On The Chinese Listed Companies' System Of Accounting Disclosure

The system of Accounting Disclosure (the system of AD) regulates the securities issuing companies and the related persons to disclose the accounting information and other information to the investors and the whole security market complete^ accurately and timely. This system is the foundation stone of the supervision system of the main security markets in the world, which has the same importance both in the countries who carry out the Full Disclosure Regulation and in the others who carry out the Substantive Regulation. The existence of the system can protect the investors' lawful interests, strengthen the management of the capital market, uphold the order of the stock market, minimize the illegal behaviors, realize the good disposition of the social sources as well as supervise the managers to improve the management of the corporations.From the economic angle, it is not difficult for us to find that the existence of the system of AD has its solid economic theoretical support. This system is helpful to wipe out the asymmetric information phenomenon, avoid the agent problems like the adverse option and moral hazard, improve the illegal cost and punished hazard, and impel the managers to disclose honestly from their own rational knowledge. The theory of Efficient Market Hypothesis also explains the necessary and rational existence of the system of AD. The current research fruits show that the half-strong effective market is easy to realize but the strong one is difficult to reach, so the contents of the system of AD can not only transfer every new information but also impel the corporations to disclose the relevant information completely and timely, improve the transparency of the market and uphold the fairness of the transactions.Our country highly values the draft of the system of AD continuously. From the period of non-formal system to preliminary establishment of it to form a scientific and rational construction, the system of AD of Chinese listed companies has made great progress. The system of AD consists of the contents of security legislation, accounting regulation and auditing regulation. Our country drafted the basic security laws on the basis of Corporate Law, Securities Law, Accounting Law and the CPA Law, which regulates the disclosure of accounting information respectively on different aspects. In order to form the concrete requirement of the basic securities legislation, the SEC formulated "the Standards of Contents and Pattern for the Information Disclosure of the Corporations Publicly Issuing Securities", " the Compiling Regulation for the Corporations Publicly Issuing Securities" etc, and preliminarily established the system of AD. The aspect of accounting regulation is mainly about the system of accounting standards that can be divided into two levels: the first level is "the Accounting Standards of Corporation (basic standards)", the second level is concrete standards and " the Accounting System of the corporations". Auditing regulation is mainly about the system of auditing standards that can be divided into three levels: the first level is basic standards, the second level is concrete standards and the third level is the guidance of working regulation.The America and China are both the countries of central legislation and supervision and one of the most sufficient legislation on the system of AD in security market, so this dissertation selects the basic construction of the system of AD ofAmerica as a reference in order to improve the Chinese system of AD on the basis of the introduction of Chinese system.Compared with the mature legislation of security market, the system of AD of listed companies of our countries still exists some defects. I select the Shenzhen Yuanye Industrial Corp. Ltd. As a typical case and analyze that in Chinese security market, the supervisors avoided the just and fair value when they formulated the relevant standards which include most of the international accounting standards in order to prevent the listed companies from rigging the profits, however, th...