Violation Of Information Disclosure Of Listed Companise Sutdy

Information disclosure is listed companies to disclose information to external stakeholders and securities investors, the main media of the communication with each other. Securities market is a circulation of information market,"openness, fairness and justice" is the basic requirement of securities market. Information disclosure system in our country has more than20years of development, the construction of the mechanism and perfect the extent, have made great progress, but the problem of information disclosure of listed companies in China still has a lot of, in recent years, the listed company information disclosure violations are exposed more and more, by regulatory authorities shall order the punishment of the company is also common occurance, such as disclosure of information is not timely, false statement, insider trading, accounting information distortion, seriously damage the interests of investors and hindered the healthy and orderly development of China’s securities market. Therefore, this article mainly through absorbing domestic and foreign scholars on the research of the information disclosure system theory, according to the present situation of information disclosure of listed companies in China, puts forward the importance of information disclosure of listed companies and the necessity of further research. In order to explore the universal problem in information disclosure of listed companies, this article selects the points with the research methods, selected the typical state-owned enterprises listed company wuliangye group as the research target, from the appearance of irregularities wuliangye group, in-depth study the inducing factors behind the violations, various defects existing in the mining of wuliangye group, which reflect in the information disclosure of listed companies in our country, the shortage problem is widespread, and we will continue to improve the information disclosure system. At first, this paper expounds the significance and research method of the research on information disclosure system, and points out the deficiencies of the research. Based on relevant theories of information disclosure system and the domestic and foreign scholars to the listed company information disclosure of related research, as to provide theoretical basis for this paper is to research the late. And then to the actual case of wuliangye company information disclosure illegal review of events, or in violation of the basic situation and due to the violations of relevant punishment. Then according to the violations of wuliangye group, from two aspects:the internal control and corporate governance on the case study analysis, in-depth analysis of the cause of its information disclosure violations, such as internal governance structure imbalance, lack of internal audit, risk assessment, information and communication does not reach the designated position, and the lack of external governance environment, such as poor government regulation, intermediary service institutions lack of independence and the relevant laws and regulations system is not sound, etc. Through the analysis of wuliangye company information disclosure violation events, fully reflects the defects in the aspect of information disclosure of listed companies in our country, and the company governance deficiency, but also reflect the construction of the information disclosure system in our country is not perfect enough. Finally, according to a study in this paper, put forward the perfect information disclosure system in our country, reduce the occurrence of information disclosure violation behavior of relevant improvement measures and strategies.