The Research On Information Disclosure Of Unlisted State-owned Enterprises-Situation Assessment And System Design

Domestic and international practice shows that the disclosure of information of state-owned enterprises often becomes an important and difficult problem because of its specificity in the structure and nature of business equity. So far, the disclosure of information of China’s state-owned enterprises is also a lack of a complete rational system of rules, especially unlisted state-owned enterprises have performance gap between the expectations of society and the public. Therefore, establish and improve the information disclosure system of state-owned enterprises, has become a state-owned enterprise reform storm current stage must be overcome. August 24, 2015, the CPC Central Committee, State Council issued the "Guidelines on Deepening the reform of state-owned enterprises" and "opinion" clearly stated: to improve the state-owned assets and state-owned enterprise information disclosure system, the establishment of a unified public information network platform, according to the law in accordance with regulations, timely and accurate disclosure of state-owned capital operation and the overall supervision and management of state-owned enterprise corporate governance structure, business, financial condition, interrelated transactions, enterprises who pay and other information, building sunshine state-owned enterprises. Thus, information disclosure of the state-owned enterprise has been national attention and becoming the focus of attention.First, this paper analyzes the disclosure of non-listed state-owned enterprises as the research object in the background, and the theoretical and practical significance of the study made an exposition, then the disclosure of information about domestic and foreign, state-owned enterprise reform, non-listed state-owned enterprises disclosure of information necessity and Document system Construction of the sort, find relevant literature on this topic is still a lack of systematic research, but more related content found scattered among the articles. In addition, the study of non-listed state-owned enterprises often factual information disclosure, the lack of a broader and deeper perspective. Therefore, this article would like to deepen state-owned enterprises reform based on the current context, the combination of state-owned enterprises and reform of state-owned property management system, a non-listed state-owned enterprises to build a scientific and rational information disclosure system.Secondly, the paper summarized the concepts and theories related to information disclosure, mainly in the principal-agent theory, asymmetric information theory, the efficient market hypothesis and signaling theory as the theoretical basis of the information disclosure system. In the logical basis of information disclosure, this paper from the property rights system, corporate governance, corporate image management perspectives unlisted state-owned enterprises to disclose information to find five reasons to support fully proved the necessity of non-listed state-owned enterprises will be information disclosure, to study the text and lay a solid foundation.Thirdly, this paper reviews the current status of information disclosure of China’s unlisted state-owned enterprises, voluntary information disclosure of state-owned enterprises found is not yet in place, and manner of information disclosure depends on the mandatory disclosure of the SASAC. Through 27 decrees and regulations related to state-owned enterprises SASAC organize information disclosure, discovery of non-listed state-owned enterprises in the information disclosure of the existence of many problems, mainly in the main body of information disclosure fuzzy awareness, information disclosure was limited to government institutions the public’s right to know can not be guaranteed, the information disclosed is the lack of standardized and comparable, the lack of effective channels of information disclosure and information disclosure regulatory body and the lack of accountability mechanisms lacking. Meanwhile, in order to devise a more comprehensive information disclosure system, the paper also disclose information about domestic and foreign research and practice are summarized and learn from these experiences from the United States, OECD member countries and relevant information disclosure of listed companies for the non-listed state-owned enterprises to establish information disclosure system has important reference value.Finally, based on the aforementioned studies, this paper presents the information disclosure system design for the unlisted state-owned enterprises, including the disclosure of information with the state-owned enterprise reform combined with the use of mixed ownership reform and state-owned assets management system reform and information disclosure system complementary; for the disclosure of information legal system propose amendments; been specifically designed in four areas of information disclosure subject, object, content and channels; the internal and external security mechanism proposed information disclosure.