Research On The Illegal Information Disclosure Of Listed Companies

With the rapid development of market economy in our country, our country securities market is gradually perfect,but compared with western developed countries,still exist many defects,the listed company information disclosure is the main problem,also is our country in recent years, focus on theoretical and practical circles of a problem.Wuliangye indemnity case wuliangye was the cause of the false information disclosure statements, important information missing or incomplete information disclosure, not in time, and so on and so forth, according to the SEC investigation and punishment, medium and small investors’ rights litigation,lasted from 2011 to October2014, In this process,the first thing we can analyze the cause of the wuliangye information disclosure violations,including equity concentration, the independent directors didn’t play their role,capital operation efficiency is low, in addition,government regulation is weak,the firm’s independence is lower and the fierce competition in the industry are also become the cause of the wuliangye information disclosure violations. This can be attributed to some extent for our country market economy development degree is not high and the time limits, and wuliangye to get rid of the information disclosure violations,also made efforts, this is a microcosm of the development of China’s listed companies, from illegal hold fluky psychology to realize the development of listed companies must be a law-abiding people,this is progress of listed companies, is also the process which the progress of legal system in our country.Wuliangye indemnity case witnessed a development process in the system of our country’s information disclosure, internal equity ownership structure and governance structure of listed companies in improving, the external economic environment and more legalized,these changes have benefited from similar wuliangye reparations cases deal with the accumulation of experience. In addition, wuliangye starting in 2009,has been for its information disclosure violations the manpower cost,decline in corporate image,including the middle and coordinating the investors and the court verdict,wuliangye costly civil liability. To this, we can draw inspiration,our country should reevaluate cost information disclosure violations of listed companies, information disclosure violations,a new round of gaming between benefits and costs, under the weight of the civil liability,make different decisions. In addition, our countiy should strengthen the supervision of information disclosure of listed companies, including government supervision, judicial supervision, accounting audit, etc., from the external environment of control over the quality of information disclosure in our country. Finally,from the point of legislation safeguard rights and interests of investors from the side is more effective to increase quality of information disclosure in our country.