Accounting Information Disclosure Research On The NEEQ Market

In December14,2013, the State Council issued that the National Equities Exchange and Quotations (for short, NEEQ) market has become a national securities trading place, as the service scope of NEEQ just expanded to the whole country. Until April14,2014, there are2014companies having been listed on the NEEQ market, which means the NEEQ has entered a stage of rapid development in our country. The total capital stock listed in the NEEQ is as high as2.32billion, the average P/E is25.6, the total market value reached13billion yuan, which means the NEEQ has entered a stage of rapid development in our country.To weaken the information asymmetry between information providers and demanders effectively, it is necessary to establish acceptable accounting information disclosure system on the NEEQ. Only in this way, can the investors and the listed companies achieve win-win situation. Researches on the accounting information disclosure of the NEEQ market have important significance. Firstly, a scientific and rational accounting information disclosure system can protect the interests of listed company and help investors make rational investment decisions. Secondly, it also helps to establish the price system and provide a more smooth access for PE or VC to exit. Finally, it provides financing services for the small and medium-sized micro enterprise. The author hopes to attract more scholars study the NEEQ market accounting information disclosure system.This article mainly adopts normative analysis and analytical research method, using a small amount of statistical data, aims to explore the accounting information disclosure status of the companies listed on the NEEQ market. The current accounting information disclosure behaviors on the NEEQ have problems both in rules and practices. This article comes up with thoughts of the present accounting information disclosure rules, draw lessons from foreign experience in OTC market information disclosure, and puts forward suggestions on the NEEQ information disclosure. The information providers and the regulators should both take force on improving the quality of information disclosure. This article mainly includes the following content:The first part is the introduction, beginning with the background and the significance of this topic; reviewing the research on OTC market made by scholars at home and abroad, put forward the research methods and innovation points as well as the deficiencies. The second part mainly summarizes the characteristics and fundamentals of the NEEQ market, introduced the development process of the NEEQ market; accounting information disclosure system influenced by the layered design of the NEEQ market.The third part is on the problems and present situation of accounting information disclosure of the NEEQ listed company. Taking disclosure statistics of the listed company as the research object, we find disclosure behaviors on the NEEQ have problems both in rules and practices, and accounting information disclosure on the NEEQ market is irregular, inadequate and delayed, descriptive. We come up with thoughts of the present accounting information disclosure rules.The fourth part is the information disclosure OTC market abroad inspection. Through the research of information disclosure on American, Japan, Taiwan OTC market, we analyze the characteristics of information disclosure on OTC market abroad.The fifth part is the suggestions to improve the quality of accounting information disclosure on our country’s NEEQ market. We put forward the corresponding countermeasures to the problems from the principles and specific measures. We should adhere to the combination of commonness and individuality principle. And the listed companies, market makers and the regulators should cooperate to improve the quality of accounting information disclosure...