Accounting Information Disclosure Research On The NEEQ Market

In December 2013,approved by the State Council,National Equities Exchange and Quotations(NEEQ)become a national securities trading market,marking the NEEQ expand to the country.Followed by the rapid expansion of the number of listed enterprises,China's OTC market has entered into a period of accelerated development.As of February 2017,listed companies in the NEEQ have exceeded 10,000,more than the sum of companies listed on the Shanghai Stock Exchange and the Shenzhen Stock Exchange.Only in terms of the number of enterprises,the NEEQ has become one of the world's biggest stock market.Company's information disclosure is essential for the effective functioning of an effective capital market.Adequate disclosure of information is conducive to solve the information asymmetry and agency conflicts between company managers and external investors,which is conducive to efficient allocation of economic resources in the capital market.With the continuous development of the NEEQ listed companies,accounting information disclosure problems surfaced,becoming the focus of discussion.On the one hand,the NEEQ accounting information disclosure is not timely,inadequate,non-standard and has other issues.The quality of accounting information disclosure needs to be improved,and accounting information disclosure rules and regulatory mechanisms need to be improved.On the other hand,due to the number of NEEQ listed companies continue to grow,enterprise's scale and quality difference is also growing.In May 27,2016,the NEEQ launched layered management measures.The listed companies are divided into the base layer and the innovate layer,and provide the corresponding stratification standard and maintain standard.To a certain extent,it improves the efficiency of screening of the market information,but no further measures are provided for the base layer and the innovate layer in accounting information disclosure rules and ways,restricting the effect and impact of the rules.This paper mainly adopts normative analysis of research methods and some statistical data analysis.Firstly,it elaborates the relevant theories of the OTC market accounting information disclosure,analyzes the content,current situation and characteristics of the NEEQ accounting information disclosure,aims to explore the existing problems of the NEEQ listed companies in the accounting information disclosure.This paper mainly discusses the problems existing in the rules of the system and the problems existing in the actual operation of the listed company,and further analyzes the possible causes of the problems in the two aspects.Then it sums up the experience of the United States,Japan and Taiwan OTC market in the operation of accounting information disclosure.It mainly includes the design of accounting information disclosure system for different levels of the market,strengthening the supervision of the disclosure of the information disclosure and the combination of mandatory disclosure and voluntary disclosure.Finally,this paper puts forward some countermeasures and suggestions for the construction of the accounting information disclosure system of the NEEQ in our country.Firstly,designing the NEEQ market accounting information disclosure system and making the relevant disclosure recommendations which is based on the characteristics of the basic level and innovation level of the listed company.Secondly,the disclosure of information should be guided by the needs of investors,including the diversification of information disclosure and the refining of the financial information disclosure.Thirdly,the main body of the NEEQ market should make joint efforts to improve the quality of accounting information disclosure,and the recommendations are mainly from listed company,the brokerage and external supervision,which hopes to promote the construction and development of the accounting information disclosure system.