Study On The Quality Of Accounting Information Disclosure In China's NEEQ Listed Companies

The National Equity Exchange and Quotations(NEEQ)is an important part of China's OTC market.Compared with capital markets in other levels,the NEEQ has its unique service targets,market function and institutional arrangements.The current relaxation of the listing conditions,the simplification of approval procedures and the listing system focused on information disclosure are several beneficial attempts to promote the development of the capital market.Also,it breeds rapidly in real world practice.As of December 31 st 2017,according to the NEEQ,there is a total sum of 11,160 companies listed.NEEQ carries out information disclosure as the core to the enterprises and relies on the self-regulation of the continuous supervision by the host brokers,among which the disclosure of accounting information is the key factor.Facing the large-scale market,the relatively lagging accounting information disclosure mechanism,the less-qualified practitioners and the immature environment,the quality of accounting information disclosure can play a vital role in NEEQ market.This article explains the quality of accounting information disclosure in two aspects,"the quality of accounting information itself" and "the quality of accounting information disclosure process",that is,from accounting information production to accounting information disclosure to the final reception of accounting information by information users.The existing problem is that the quality of the accounting information disclosed in NEEQ market does not have an authorized reference,like the rating assessment or the integrity files in the Shenzhen Stock Exchange or the Shanghai Stock Exchange,or the qualitative or quantitative criteria provided by the authoritative agencies.Lacking certain reliable reference is not conducive to prompt the market transparency and activity.Therefore,the outline of this paper starts with the existing problem of accounting information disclosure quality of the NEEQ listed companies,and then transforms the the qualitative disclosure requirements of NEEQ into the quantifiable accounting information quality evaluation indicator system.Using the newly established innovation layer listed companies as sample to test the system's applicability.Finally,according to the evaluation results to explore some feasible suggestions.Transparency is a reflection of the quality of information disclosure.The higher the transparency of a company,the higher the quality of information disclosure.Different regulatory authorities in our country have different opinions on the qualitative requirements of information disclosure in different markets,but most of them are focused on the requirement of realness,comprehensiveness and accurate.For the NEEQ market,first of all,it is a relative young market,the related study of the quality of accounting information disclosure is relatively few and mainly focused on normative study,also the authoritative references are mainly from the NEEQ documents.Secondly,the massive listed companies contribute to more copies of the disclosure documents which make the data collection work more exhaustive.Lastly,it is necessary to consider the specific characteristic of the NEEQ market in the process of quantify the accounting information.In the process of trying to quantify the quality of information disclosure,the paper chooses to use the combination of Analytic Hierarchy Process(AHP)and Dichotomy to establish an accounting information disclosure quality evaluation system,considering the availability of data and the operation complexity.After the construction of the evaluation system is completed and picking the 2016 innovation layer listed companies as sample,combined with the previous qualitative and quantitative analysis,this paper draws the conclusion that the quality of accounting information disclosure of the innovation layer listed companies in the NEEQ market is acceptable but there is still a gap from the higher market levels.Lastly,this paper analyzes the causes of the existing disclosure problems in NEEQ market and provides possible methods to improve it.And hopes that it can provide later researchers with more ideas and references.