Research On The Effectiveness Of Non-compliance Penalties On Listed Company

Cases of violation of our listed companies appear despite repeated prohibitions in recent years,which seriously damage the interests of the general public,give a blow to the confidence of investors and affect the healthy development of securities market. How to protect the parties involved in the stock market,particularly the interests of capital,How to create a fair environment for market competition to maintain market confidence,and how to effectively prevent the occurrence of violations have became a focus of attention.This article first reviews studies on violation of listed companies at home and abroad,followed by exploring the relevant theoretical basis on penalties for violation of our listed companies. On the same time,This article analyses violations of our listed companies and their cause. Then it analyses the current implementation situation of penalties for violation of our listed companies and problems,with in-depth analysis of the direct causes and underlying causes for failure of listed companies non-compliance penalties. And then,on the basis of the strictly defined research sample,we explore the effectiveness of evidence from the type of violation from the listed companies,listed regions,penal institutions,forms of punishment in terms of non-compliance penalties for listed companies respectively to put forward the recommendations of how to improve the effectiveness of non-compliance penalties of our listed companies. Finally,this article puts forward the conclusions and outcomes of this research applications,and points out the shortcomings and limitations of this study,and future research directions in this field. The main idea of this paper is analyzing the types of irregularities of listed companies , and the corresponding violation of sanctions, in order to provide a train of thought for later policy recommendations in the normative part; based on the characteristics of listed companies in China, we recommend in some certain drawing on their predecessors in the model in evidence part. Empirical results show that: the violation listed company on the Shanghai Stock Exchange; punishment type of public is censure; penalty units is the Commission; type of violation is stock market manipulation and other irregularities,those four situations of non-compliance penalties have a certain significance, but on the whole they are invalid .Then we put forward suggestions to improve the effectiveness of the proposed non-compliance penalties on listed companies.This article focuses on the effectiveness of a variety of violations penalties of listed companies,in order to do a useful complement and perfection for the study on the effectiveness of securities markets and further research on our securities market regulation and the maintenance of the healthy operation of the securities markets in the future.