Research On The Problems And Countermeasures Of The Core Competence Information Disclosure Of China 's Listed Companies

The growth enterprise market (GEM) has already become an important part of capital market in China. Compared with the main board market, GEM has more uncertain factors, and the external information users more urgently need to know about the enterprise core competence. At present, the GEM core competence disclosure has many problems, and the overall quality of information disclosure is not high. How to properly identify and disclose the core competence based on the actual need, which has become an important issue faced by both the GEM listed companies and the regulators.Firstly, the author reviews related research on the core competence identification and information disclosure of listed companies. Secondly, the author analyzes the basic features of the GEM listed companies, and points out the current system and necessity of the core competence information disclosure. Then, by sorting out the basic theory on the core competence and information disclosure of listed companies, the thesis summarizes eight characteristics of the core competence and its constituent elements, and establishes the theoretical basis of this study. Again, following the principles of conforming to the fundamental theory, meeting the requirement of the market, and easy to operate, the author tries to build a GEM core competence disclosure index system. Under the framework the author makes a case study by selecting 100 GEM listed companies, and reveals tihe problems in l:he core competence disclosure and analyzes the harm and its main causes. Finally, the author makes policy suggestions on overall disclosure mechanism and guarantee mechanism for GEM listed company core competence information disclosure.Through the study of this article, the author constructs a set of GEM core competence disclosure index system including 5 primary core competitiveness indicators,12 secondary core competitiveness indicators, and 82 supporting indicators. The primary core competitiveness indicators include marketing and selling ability, R&D and technology ability, management ability, human resources and enterprise culture, as well as the production and operation ability. Considering the case study result, the author puts forward policy suggestions on the overall disclosure mechanism, mainly including:the information disclosure should insist on the principles of full disclosure, relativity, relief for business secret and aftereffect inspection; the disclosure should adopt the combination mode of mandatory disclosure and voluntary disclosure; the disclosure should use the non-financial disclosure forms complementary with the necessary financial support indicators, and duly take the form of separate regularly core competence report; and "menu type" disclosure index system should be established. In terms of disclosure guarantee mechanism, the author recommends to improve disclosure guide specifications and detail disclosure requirements; to perfect supervision regulations and increase the intensity of law enforcement; to strengthen the construction of internal system of the listed companies and constantly improve the quality of information disclosure; and to raise awareness of protecting investors’rights and interests and cultivate rational investors.