Research On Market Supervision And The Trend About Irregularity Information Disclosure Of Listed Companies In China

As the specific performances of the “Open, Equitable&Just Principle” for Securities Law,information disclosure system is one of the core concepts of standardized stock market, and it isan important measure to protect the legitimate interests of the majority of shareholders. Itrequires that listed companies must disclose the information truly, accurately, completely andtimely. Listed companies should not have any false, seriously misleading statements and materialomissions.Since the irregularity information disclosure has a serious and widely impact on theeconomic, financial information disclosure, which is a way to decrease the informationasymmetry between listed companies and investors, becomes more and more outstanding and isgot more and more attention. So combined with the background of the promulgation andimplementation of《Administrative Measures for the Disclosure of Information of ListedCompanies》 in2007in our country, I choose the data in the regulatory authorities’announcements, which are punished for the irregularity information disclosure (mainly includingdelayed disclosure, false statements and material omissions three cases) of listed companies,from2002to2011(to be divided by according to the date of the regulatory authorities’punishment announcements) in this paper. Combined with the triangle theory of fraud, I analyzedand compared the trend of violations from the aspects of the overall situation, industry, the typeof violations involved, penalty units, the object of punishment and the type of penalties. Basedon the above research, I made some recommendations by Improving and refining laws andregulations, the regulatory system, the establishment of an effective early warning mechanism,strengthening the external oversight and advocacy internal governance, increasing illegalexpected cost of punishment and strengthening the management of joint accountability topropose improvements.