The Comparative Study On Information Disclosure Of Listed Companies Before And After The Switch Of Stock Markets

To solve the problems of low proportion and narrow channel of direct financing faced with micro,small and medium enterprises,the construction pace of equity market in China has sped up in recent years,and exploration of establishing equity markets switch mechanism has begun.On the basis of building massive market switch channels,companies listed in Qilu OTC have switched their markets to NEEQ in three batches starting from 2014.In this paper,using the information about companies that have switched markets disclosed on Qilu OTC and NEEQ’s official websites,analysis and comparison on listed companies’ information disclosure before and after the switch of stock markets are made,regular patterns are recognized,suggestions on how to prevent information disclosure errors and disclosure violations are proposed,in order to provide guidance for securities companies on tutoring and supervising listed companies,as well as enlighten listed companies to better realize their set roles.This dissertation is divided into five parts.The first part is introduction,mainly explains the research background and significance,defines the research goals and perspectives based on literature review.The second part states the research foundation and samples,defines relative concepts and theoretical basis,summarizes the differences of equity market system arrangement,groups sample companies according to their need,lays the foundation for the research.The third part analyzes the changes in equity structure and information disclosure in companies that have switched markets.Based on comparison of changes in equity structure,differences in information disclosure of companies that have switched market were analyzed from various aspects,including information disclosure,regular report,interim report and the timeliness of information disclosure.The fourth is on information disclosure and regulations for companies that have switched markets.Status and reasons for unregulated information disclosure are summarized and analyzed;regulations of information disclosure in companies that have switched markets are discussed.The fifth part is conclusion and prospect.The main conclusions are:(1)During the successive listings in two stock markets,the orientations of equity structure change and status of disclosure are vastly different.On one hand,level of internal controls tends to increase during the process of market switch;on the other hand,the information disclosure mechanism compiling of management,promotion,supervision and penalty ensures that the information disclosure is more regulated after the switch.(2)Level and quality of information disclosure in listed companies is largely increased after the market switch.Meanwhile,more cost of information disclosure will be exposed to the equity market after the market switch.To be more specific,the amount,scope and levels of information disclosed has risen sharply;the information disclosed has become more systematic and complete;the timeliness of information disclosure has greatly improved;status of timely corrections and additions of information disclosed has enhanced by a great amount;the amount of information disclosed among companies,especially the number of periodical reports has become more balanced.(3)After market switch,the information disclosure of small-sized companies and companies that have highly concentrated equity as seen great improvement.However,information disclosure especially disclosure of related transactions in companies that have highly concentrated equity remains a problem.(4)Suggestions on how to prevent errors and violations in information disclosure are proposed,in aspects of enhancing the sense of rule abidance,improving working methods of information disclosure,optimizing corporate governance mechanism and improving levels of corporate standard operation.Innovations of this thesis exist in the following aspects.First,the perspective of this paper is innovative.The equity market has a relatively short history of development in China;existing studies barely focus on the field of companies that have switched markets.This study fills this gap,adds to the study in China’s equity market.Second,there’s innovation in the content of this study in that it focuses on information disclosure of companies that have switches markets,and proposed solutions on the prevention of errors and violations in information disclosure.