The Analysis On Causes And Consequences Of Annual Report Postponing Disclosure Appointment Of Tianmushan Pharmaceutical

Information disclosure system of listed companies is the inevitable product of the development of the securities market to a certain stage.With the continuous improvement of capital markets and continuous improvement of information technology,the information disclosure system has been improved with the continuous improvement of accounting standards in our country.The disclosure system of annual reports is one of the achievements in the development of information disclosure system in our country.On December 16,1997,CSRC released the appointment disclosure system for annual reports of listed companies for the first time,setting the disclosure time for listed companies to reserve scheduled reports for their exchanges,with no more than 10 daily disclosures during the disclosure period.Subsequently,in 2003,China Securities Regulatory Commission(CSRC)improved the appointment disclosure system,requiring the Exchange Company to release the date of bookings of listed companies' annual reports disclosed at the same time,and required the daily disclosure amount of the annual report of the Shanghai Stock Exchange to be no more than 35,and the disclosure period of the Shenzhen Stock Exchange Disclosure of annual reports does not exceed 25 daily.In the course of implementation of disclosure of annual reports of listed companies,there is a clear phenomenon of "tightness before and after relaxation",which affects the usefulness and timeliness of accounting information,affects the normal order of securities market and brings investors Adverse effects.Under this premise,this article uses the case analysis combined with existing theories to analyze the causes and consequences of the delay in disclosing the annual report of Tianmushan Pharmaceutical.First of all,it elaborates the concepts,rules and regulations of the information disclosure system which is implementation in our country theoretically,analyzes the causes and theoretical explanations of the deferred appointment booking.Secondly,it introduces the background of the delay of disclosure of the prescription of Tianmushan Pharmacy,2006 to 2016 annual report scheduled to disclose the reasons for postponing the analysis,and the appointment of the annual report delayed the results of the study conducted in-depth discussion;Finally,summarized the conclusions and enlightenment of the Tianmushan Pharmaceutical postponing disclosure.In the process of analysis,using the theory of stakeholder and internal report hypothesis,this paper qualitatively analyzed the causes and consequences of delayed appointment of annual reports,and analyzed quantitatively the share price,audit fees,the delay of appointment disclosure time and other data were analyzed.Then the comparative analysis method was used to compare the share price of Tianmushan Pharmaceutical with the overall trend of A-share market and the deferred appointment of A-share market in different annual report appointments,and then analyzed the influence of various factors on the deferred appointment of Tianmushan Pharmaceutical annual report.Through the analysis of the cases disclosed by Tianmushan annual report,the conclusions of the paper are as follows:(1)Postponing disclosure appointment will lead to audit risk and audit fees increasing;(2)Postponing disclosure appointment will lead more risk of stock price crash,(3)Postponing disclosure appointment will result in higher corporate debt financing costs,and(4)Postponing disclosure appointment will result in lower annual corporate information content.On this basis,we draw the following research implications:(1)Investors should raise their concern about the delay in disclosure of annual reports,(2)The listed company should disclose in detail the specific reasons for the delay in the disclosure of annual reports(3)The annual report pre-disclosure system should be improved by increase the punishment.