Research On Information Disclosure And Supervision Of Listed Companies

In the capital market,information is very important resource,and the subject with more accurate information will have the initiative in the capital market.The profit-driven of listed companies tend to view its disclosure of information as a kind of burden,could be as far as possible not to disclose.Because the announcement of listed company is a major source of information to the investors,so regulators need to tighten regulation to protect the interests of small and medium investors with limited information content.Therefore,sufficient and complete information disclosure can help to alleviate the information asymmetry phenomenon,and strong regulation is the necessary safeguard of normative information disclosure behavior.To strengthen the information disclosure of listed companies and its regulation is the key to promote the information disclosure transparency.It is beneficial to standardize the information disclosure behavior of listed companies.It is also necessary to protect the interests of investors,to enhance the liquidity of the capital market and to optimize the allocation of resources.This paper adopts the method of standardizing research and case study to study the information disclosure and supervision of listed companies.Firstly,this paper defines the information disclosure and supervision of listed companies,and expounds the predicament of information disclosure regulation of listed companies under the condition of information asymmetry.The paper think the key to alleviating information asymmetry is to strengthen regulation.At the same time,the article discusses the changes of information disclosure and supervision system in Britain and America.This has certain reference significance to regulate the information disclosure behavior of listed companies in China and strengthen the supervision of information disclosure in China.Secondly,the research object of this paper is erkang pharmaceutical,a listed company listed on the shenzhen stock exchange.Through the analysis of the financial information and non-financial information,we found that the information disclosure is incomplete and unreal.As for the information disclosure of the pharmaceutical company,both the sponsor institution and the accounting firm are responsible for the inadequate supervision.Again,this paper argues that the reasons of above problem is that the board of supervisors system of listed companies and the independent director system is imperfect,the unbalanced principal-agent relationship between the disorder of listed companies and intermediary service organization,etc.Finally,this paper puts forward some feasible suggestions on the information disclosure and supervision of listed companies.It is believed that the disclosure of information by listed companies is the result of many factors.Solving the problem need the institutions which have the regulatory responsibility of multiple internal and external collaborate with each other.At the same time,the article also suggested to increase the intensity of punishment for illegal disclosure of information behavior.The policy Suggestions proposed in this paper will contribute to the improvement of information disclosure and supervision of subsequent listed companies.It is also hoped that these measures will play an active role in protecting investors' interests and standardizing information disclosure.At the same time,this research will play an active role in improving the internal control and improving the quality of information disclosure.The data of the case analysis of this paper comes from the public disclosure information,which may not be comprehensive and sufficient.And my knowledge level is limited,the analysis of the problem may not be thorough and comprehensive.