| Equity pledge is a more common form of financing in the securities market.Before the introduction of the "Pledge New Regulations",the equity pledge was in a state of disorderly growth,especially for private listed companies.The pledge ratio was too high,and it was easy to have systemic risks in the case of extremely irrational market conditions.At the same time,in the securities market,the violations of listed companies frequently occur repeatedly,but the information disclosure violations are mainly based on more than 70%.Information disclosure is the core of the securities market.The standardization and standardization of accounting information disclosure of listed companies plays an important role in the effective operation of the securities market and the effective allocation of resources.Listed companies with equity pledges are more likely to conduct selective disclosure of accounting information to maintain the appearance of false prosperity,only to publish good news and hide bad news or even information violations.This has caused the interests of investors in the vast capital markets to be infringed to varying degrees,which has led to a decline in the efficiency of market resource allocation.Many scholars in China have found out the correlation between equity pledge and information disclosure violation through empirical analysis.However,no scholars have studied the mechanism of action and related adjustment variables,and there is no specific analysis of cases.In this context,the typical case of Longlive Bio was selected for analysis.From the annual reports,temporary announcements and prospectus and other information,the information disclosed was thoroughly compared and found to be in violation of the information disclosure.In the process of analysis,this paper refers to the method of empirical research,taking the equity pledge of large shareholders as the explanatory variable,the information disclosure violation as the explanatory variable,and the existing literature as the theoretical support,in order to explore Longlive Bio equity pledge and information disclosure violation.The mechanism of action provides a useful complement to the existing literature.At the same time,the board of directors in the internal environment,the internal supervision and the audit institutions and administrative supervision in the external environment are used as the adjustment variables,and the impact on the equity pledge and information disclosure violations is analyzed.Through analysis,it was found that Longlive Bio's information disclosure violations were manifested as insufficient information disclosure,insufficient disclosure of external guarantees,untimely disclosure of debt defaults,and untrue disclosure of accounting information,and reached corresponding conclusions:First of all,the motive of these violations lies in the hidden risks of the company.The major shareholders can successfully complete the equity pledge,and at the same time display a well-functioning company image to prevent stock price fluctuations and be forced to liquidate.Secondly,it discusses the role of internal and external governance factors.In the context of the excessive concentration of the power of major shareholders within the company,the dereliction of duty of the board of directors,the failure of internal supervision,the failure of audit institutions in the external environment and the lack of administrative supervision have all aggravated the violation of information disclosure.Finally,based on the results of the case study,it provides substantive suggestions for the listed companies to improve the quality of information disclosure from four aspects.From the internal management of the board of directors,the board of supervisors,corporate culture construction;external auditing accounting firm independence,CPA professional quality;administrative supervision duties and social supervision under the legal supervision system;penalties and penalties for violation of punishment measures. |
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