Longwei Media's Acquisition Of Wanjia Culture Information Disclosure Violation Case Study

With the continuous development of the socialist market economy,China's securities market is gradually developing and expanding,playing an important role in the international arena and becoming an indispensable part of the international capital market.Listed companies are important participants in China's securities market.The information disclosed is an important medium for information transmission between them and investors and the public,and is the link connecting each other.Therefore,whether the content of information disclosure is true and accurate,and the quality of disclosure is undoubtedly of great significance to companies and investors.If the company discloses true,accurate and complete information,it will improve the operational efficiency of the securities market.A sound information disclosure system can protect investors and other stakeholders from exercising their right to know and protect their immediate interests.However,in recent years,information disclosure violations have emerged in an endless stream,which has adversely affected the stock market and seriously damaged the interests of investors.The lack of effective market resource allocation hinders the healthy and effective development of the securities market,and at the same time brings huge losses to the social economy.Therefore,we urgently need to improve the quality of information disclosure of listed companies,which will help maintain the open,fair and just principles of the securities market,and is of great significance for promoting the healthy and effective development of the securities market.Firstly,it expounds the domestic and international background related to information disclosure and its theoretical and practical significance,and further understands the theory of information disclosure through relevant theoretical foundations and literature review.This article takes Longwei Media's acquisition of Wanjia Culture as an example,and through the information disclosure violations that Longwei Media has made during the acquisition process,including:1.There are major omissions in information disclosure.2.There are false records and misleading statements in information disclosure.3.Information disclosure is not timely and other major illegal acts.Then,the specific reasons for these violations are analyzed,not only the internal governance mechanism is imperfect,the quality of management personnel is low,the pursuit of illegitimate interests,but also the imperfect information disclosure system and the weak enforcement of the regulatory authorities.These violations have serious consequences,including the harm to the company itself,reducing the company's own reputation,as well as damage to the interests of investors,and even disrupting the order of the securities market.Finally,for the content of violation of information disclosure,this paper puts forward relevant suggestions:1.Optimize the internal governance mechanism of the company.2.Improve the information disclosure system of listed companies.3.Increase supervision and punishment.4.Strengthen public opinion supervision.It is hoped that it will provide a certain reference value for the healthy development of the securities market,so as to greatly improve the allocation efficiency of market resources and ensure that China's securities market can develop healthily and steadily.At the end of this paper,the paper summarizes the papers.It should be fully recognized that there are still many shortcomings in China's relevant laws,regulations and regulatory measures.The phenomenon of information disclosure violations is still very serious.All parties involved in information disclosure should perform their duties and work together.Form a healthy and orderly market for good prosperity.