The Research On Selective Disclosure Of Listed Companies' Information

The validity of stock market is based upon regular and proper information disclosure. There exist many problems about information disclosure on China Stock Market nowadays, which are irregular and improper, which is called selective disclosure in this thesis. Selective disclosure of listed companies disturbs stock market order and results in faith crisis that causes existing-investors to withdraw from the stock market by "vote with the foot" and potential investors to wander at outward, and all that threaten our stock market to develop healthily. Therefore, the research on selective disclosure of listed companies is of practical significance.This thesis defines selective disclosure on the basis of theoretical analysis. According to time, space, material three-dimensional inspection, the extension of selective disclosure includes concealing information, postponing disclosure, stating falsely, and disclosing information through informal channels in main. By analyzing the content of public denouncement of listed companies that were publicly denounced by Shanghai Stock Exchange and Shenzhen Stock Exchange, we summarize the main forms of selective disclosure. Because there have been many research results on space selective disclosure (inside information), this thesis, according to the practical situation of China Stock Market, emphatically discusses content selective disclosure and time selective disclosure, Firstly, content selective disclosure performs at three aspects of connected transaction information, earnings information, and forecasting information comprehensively. Secondly, this thesis takes listed companies that issued "A" stock on Shanghai Stock Exchange and Shenzhen Stock Exchange as sample. By comparing the average EPS and ROE among companies that disclose information ahead of schedule, behind schedule, and on schedule of appointed disclosure days, it confirms the rule of "good news early, bad news late" on China Stock Market. Through analyzing the discrepancy between appointed disclosure day and practical disclosure day of ST Corporations and profit indicators of corporations who disclose information on final ten days (before April 30), we find that corporations who have bad news incline to postpone disclosing information.In view of the behaviors of different kind of selective disclosure, this thesis perspective the cause of selective disclosure in three respects of illegal motive, the absence of mechanism of supervision and control, the weakness of punishment. Based on these, we put forward some advices from aspects of rectifying motive, controllingdisclosure process and disciplining consequence to ameliorate the conditions of listed companies' selective disclosure on China Stock Market.