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China's Listed Companies Mandatory Disclosure And Voluntary Disclosure Of The Status Quo And Countermeasures

Posted on:2005-10-26Degree:MasterType:Thesis
Country:ChinaCandidate:L LiuFull Text:PDF
GTID:2206360122988113Subject:Business management
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Nowadays, there is an honesty crisis in the securities market in our country and investors are not satisfied with the disclosure of listed company, so we show solicitude for the development of the securities market. In our country, mandatory disclosure takes a large proportion of disclosure, while voluntary disclosure is treated coldly. As two important ways of disclosure, mandatory and voluntary disclosure can supplement each other. It' s not that one can take the other' s place or one is superior. Compared with our country, the countries with mature capital market have had good result in the study about voluntary and mandatory disclosure. The thesis is timely put forward as to this situation.The thesis is divided into 4 sections. The first section mainly discusses the development of the style of the information disclosure. The second section is about the validity of the capital market and the necessity of information disclosure.The third section analyses and studies mandatory disclosure. First, from the discussion of the market foundation of information disclosure, the necessity of mandatory disclosure is put forward. Then, I compare our regulations with those of American on 3 aspects: security laws, Accounting standard and Auditing standard. From the comparison, I point out that there are disadvantages in the system of information disclosure in our country. As to the disadvantages, suitable suggestions are advanced. After that, through careful study about the execution of information disclosure, the annual statement and the annual auditing of CPAs, I learn the present situation of mandatory disclosure in listed company. From this, I can conclude that, although the condition is improved somehow, there still exist problems. Finally, I point out suitable countermeasure. Through randomly selection of the annual statements in 2002 of 40 listed companies, I find that the disclosure system was not executed properly. In the fourth section, the analysis of voluntary disclosure is an innovation. First, the discussion of Agency Theory & Signal Theory is the theory foundation. Second, the interior and exterior requisitions decide the possibility of voluntary disclosure. In the end, I expound the restrict factors of its practice from cost-benefit principle, theconfirmation of reliability and the quality of investor. Third, I take the annual statements in 2002 of the listed companies which has floated stock in the Shanghai stock exchange to analyze the situation of voluntary disclosure. And the result shows that the voluntary disclosure is inferior and insufficient. Besides, 50 listed companies are spot-checked. Through the analysis of their annual statements in 2000, 2001 and 2002, I find that the financial circumstances and political rules can have some influence on voluntary disclosure. This is and innovation of the methods as to the study of the present situation of voluntary disclosure. Finally, I put forward the countermeasures as to the present situation. With the development of securities market, the information disclosure of listed company will change from mandatory disclosure alone to mandatory and voluntary disclosure.I hope through the study about the present situation and countermeasure of mandatory and voluntary disclosure, I can supply foundation for the management authority of listed companies, provide auditing stress for auditing department, provide suggestions for legislation sectors, so that the quality of the information disclosure and the efficiency of securities market can both be increased.
Keywords/Search Tags:mandatory disclosure, voluntary disclosure, present situation, countermeasure
PDF Full Text Request
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