The Empirical Analysis Of Factors Of Information Disclosure Violation Of Listed Companies On GEM

Information disclosure is the foundation for the healthy development of securities market. Growth Enterprise Market was officially launched in October 2009. As the most important component of the securities market, the development of GEM perfects the constant development of information disclosure system. In April 2015, Shenzhen Stock Exchange puts forward morning information disclosure system to strengthen the reform of information disclosure system. Since GEM of our country is short in establishment time and lack of experience in market supervision, operating practice of listed companies is far from the existing rules and information disclosure violations frequently occur. Such financial fraud behavior undoubtedly violates the honest management rule on the market, raises market doubts and thinking about the authenticity and reliability of listed companies on GEM, and seriously damages the credibility of GEM. The quality of information disclosure is really worrying. Therefore, this paper more deeply discusses the factors influencing information disclosure violations on GEM, for the purpose of attracting more attention from supervision departments and investors to the information disclosure violations and thus making them adopt corresponding governance and punitive measures. This will definitely stimulates the development of securities market.This paper takes information disclosure violations as research object and points out the background of information disclosure according to the analysis of theoretical research at home and abroad. The period of study is from 2010 to 2015. Through exploring the indicators such as present status and issues of information disclosure violations of the listed companies on GEM, this paper divides the violations into the following four types: false record, misleading statement, material misstatement and delayed disclosure, and finds that violations are concurrent. From this we can conclude that the information disclosure on GEM has the problem of untruthfulness, incorrectness, incomplete and incompleteness and delay. It can be seen that development speed and potential of GEM are great, and thus the damage caused by information disclosure violations to the market and investors cannot be ignored. Considering that both corporate governance structure and financial condition have significant impacts on information disclosure violations, the article selects 168 listed companies and eleven indexes of each company. In order to guarantee the authenticity and comparability of sample data, the period selected for the study is from 2010 to 2014. The methods used in this paper are basic, such as descriptive statistical analysis and binary logistic regression analysis. After that, we summary that five indicators, for instance, the debt paying ability and profitability have significant effects on information disclosure violations. Then we apply the results above to Hirisun, which tests the violations from two dimensions of corporate governance and financial condition. Finally, on the basis of analysis, we offer a proposal to improve the quality and system of information disclosure.