Study On The Financial Characteristics Of Listed Companies Prior To Illegal Disclosure Of Information

In recent years, information disclosure of listed companies in China often seen violations, serious violations of standards of market integrity, damage the damage the legitimate interests of investors and affect the healthy development of securities markets, the stability of securities markets pose a great Threat. How effective information disclosure of listed companies to prevent the occurrence of violations have become the focus of attention.Securities and Futures Commission and the illegal and penalties for the event in Shanghai and Shenzhen Stock Exchange as the research object, analyzes the current stock market information disclosure of the problems, the causes of the violation, and use descriptive statistics The method of information disclosure of listed companies listed types of non-compliance violations, illegal nature of the types of penalties, and finally selected to represent the financial characteristics of listed companies in a range of indicators to summarize the information disclosure of listed companies with violations of financial characteristics.Financial information based in the capital market with a dominant position, financial information quality directly influences the level of investor decision-making, which directly affects the quality of the flow of resources is cost-effective industry. Financial statements and notes contained in the listed companies mainly reflects the financial position, operating results and cash flow characteristics. Financial characteristics of these three aspects is the main expression.The current stock market information disclosure of listed companies exist violations, primarily for listed companies using the "modified, processing, and operating" financial measures to "beautify" the company’s image, giving the public a false state of corporate disclosure. Therefore, from the aspects of the financial characteristics of information disclosure of listed companies, specific and effective, the ability to detect those violations that may occur disclosure of listed companies, to regulatory agencies in a timely manner to conduct supervision and management of non-compliance.The significance of this study is to be able to SFC, the Shanghai Stock Exchange, Shenzhen Stock Exchange to strengthen the information disclosure of listed companies provide the basis for supervision, to provide investors with more realistic, reliable, timely information to better protect investors interests and to build early-warning information disclosure mechanism to strengthen the securities market regulatory system, and promote efficient operation of securities markets, and ultimately better able to maintain the stability of the securities and financial markets, making the securities more sophisticated financial markets, to make it fully play a role in promoting the national economy. Paper is divided into five chapters, each chapter of the main contents are as follows:The first chapter is an introduction, the main brief background on the paper, but also of ideas, methods, and this innovation and inadequate.The second chapter is mainly domestic and foreign literature on information disclosure theory are reviewed.The third chapter is an introduction on the theory of information disclosure, including information disclosure system, content, and the existing description of the problem.The fourth chapter is the illegal status of information disclosure of listed companies and its causes, including the report on the violation type, violation year, type of punishment, illegal nature of the data to do statistics. These violations occurred and the reasons were analyzed.Chapter representatives of listed companies by selecting the profitability of business operations, profitability and development capacity, debt capacity and other indicators, a detailed description of statistical analysis, the last of the violations listed company’s financial characteristics are summarized. Finally, how to better regulate information disclosure of listed companies made some suggestions.The main features and innovations:the work done a lot of descriptive statistics, information disclosure of listed companies in the types of violations, types of penalties, violations, financial characteristics, etc. described statistical analysis, information disclosure of listed companies shows the overall violation situation Inadequacies of this article is:the theory is relatively weak, violation of information disclosure of listed companies and the illegal disclosure of the impact factors of the theoretical analysis of the causes of such issues is still not deep enough.