The Research On Information Disclosure System Of Unlisted State-Owned Enterprises

The state-owned enterprises as the backbone of China’s national economy, theimprovement of its corporate governance structure is essential. In recent years, the variousproblems in State-owned enterprises’ corporate governance aroused more and moreattention. The theoretical proved that a perfect information disclosure system is thecornerstone of corporate governance. In this paper, from the start of the interactionrelationship between information disclosure and corporate governance, select the unlistedstate-owned enterprises as the research object, discussed the improvement of its corporategovernance. The state-owned enterprises belong to the whole people, so the public shouldbe one of the important subjects of corporate governance. The main ways of the public toplay its governance role is through the media to supervise and constraint the state-ownedenterprises. But recently the financial information of state-owned enterprises not open tothe public, which makes the public be difficult to obtain information about the operation,let alone the participation in governance. Therefore, building the unlisted state-ownedenterprises’ information public disclosure system, through the mandatory requirements ofthe system, placed the unlisted state-owned enterprises under the supervisions of the public.This way will improve the efficiency of supervision and the corporate governance structureof the unlisted state-owned enterprises.In this paper, first review the theoretical studies at home and abroad, then found thatthe theoretical circles have reached consensus on the interactive relationship betweencorporate governance and information disclosure. But these studies are mostly for listedcompanies, few scholars study for unlisted state-owned enterprises. So this article based onthe perspective of corporate governance, try to establish the information disclosure systemfor unlisted state-owned enterprises is theoretical and practical significance.Second, define the concept of corporate governance and information disclosure system.Then use the contract theory and corporate agency theory to describe the theoretical originsof corporate governance and information disclosure’s interaction relationship. Explain theimportance of information disclosure to the corporate governance in theory.Third, analyze the necessity and feasibility of the establishment of unlistedstate-owned enterprises’ information disclosure system from the perspective of corporategovernance. Through the analysis of problems in the governance in our current unlistedstate-owned enterprises found that information’s opaque is one of the reasons of these problems. Therefore, in order to alleviate the problems that exist in corporate governance,adequate information disclosure is crucial. But through the statistical analyze of the presentsituation of the information disclosure in China’s unlisted state-owned enterprises, wefound that the information’s opaque phenomenon is very serious. In such circumstances,building the information disclosure system of unlisted state-owned enterprises is veryimportant.On the other hand, the SASAC as the supervision institutions of unlisted state-ownedenterprises is one of the maker and implementers in information disclosure system.Therefore whether the unlisted state-owned enterprises’ information disclosure system isfeasibility, the SASAC’s attitude is essential. The Former SASAC Director Li Rongrong,clearly stated that the state-owned enterprises must public their financial books andShenzhen SASAC has already public part financial books. Besides, through the fieldresearch of JN SASAC, we found that they also agree that at present, establish theinformation disclosure system of unlisted state-owned enterprises is feasibility.Finally, research the disclosure of unlisted state-owned enterprises experience at homeand abroad. On this basis, design the information public disclosure system. The wholesystem includes the formal system and informal system, as well as the protectionmechanism. In which the formal system is the core, namely the establishment of theunlisted state-owned enterprises’ information disclosure regulations system. This articlefrom the perspective of corporate governance, specific describe the main body ofinformation disclosure, the content of disclosure and disclosure measures. At the end of thearticle, illustrate the effect of information public disclosure system on corporategovernance. Put the unlisted state-owned enterprises under the supervision of public, is theimprovement of the current oversight mechanisms. Meanwhile, public’s supervision willformed constraints to the state-owned enterprises and their regulatory bodies, so thatrealize the checks and balances of power, and ultimately achieve the purpose of improvingour unlisted state-owned enterprises’ corporate governance structure.Of course, this study has many shortcomings, especially in the system construction.By the limit of study level and space, the design of the disclosure legal system’s content isnot comprehensive, which is need to refine and improve in the future research.