The Case Study On ENE-Carbon New Materials Information Disclosure Violation

How to ensure the timeliness,completeness and accuracy of company information disclosure has always been an important problem for listed companies.High-quality information disclosure can help companies raise funds,optimize economic structure and improve resource allocation efficiency,and reduce information asymmetry between listed companies and investors.The correctness of investors' investment decisions depends heavily on the quality of information disclosure of listed companies.The disclosure of complete and compliant information by listed companies can help investors make correct investment decisions,protect the interests of investors,and promote the healthy development of the securities market.In the past three decades,although China's securities market has continued to mature,there are still many incidents of information disclosure violations by listed companies.Information disclosure violations not only damage the image and reputation of listed companies,but also damage the interests of many investors and disrupt the trading order of the market.Therefore,how to reduce or even eliminate information disclosure violations has become an urgent problem to be solved.The company selected in this paper is the first company listed on the Shenzhen Stock Exchange in the Northeast.The company has experienced three major strategic transformations.It entered the real estate industry in 2000 and began to explore the graphene industry in 2013.It entered the new energy vehicle industry in 2016.In the end,the company formed a development pattern based on new materials and new energy automobile industry,supplemented by real estate industry.In December 2017 and May 2018,the company was twice punished by the China Securities Regulatory Commission for violations of information disclosure.The content of the penalties involved the disclosure of financial data was untrue,did not disclose major issues as required,and delayed disclosure of annual reports and first quarter reports.Under such a background,this paper relies on the relevant theories of information disclosure at home and abroad,using internal control theory,information asymmetry theory and fraud triangle theory to analyze the information disclosure of "ENE-Carbon New Materials" and find out the company information through analysis.The motive for disclosing violations is mainly to obtain refinancing eligibility,to cover up the decline in performance and to avoid special treatment.The reasons for the company's information disclosure violations include: the company's internal control system is not perfect,the employee's professional ethics is missing,the audit institution is derelict,the relevant regulatory agencies are too long to investigate and the punishment is lighter.After analyzing some motives and reasons for the violation of information disclosure of "ENE-Carbon New Materials",this paper puts forward the following suggestions: First,improve the company's internal control system and improve the internal supervision mechanism;second,strengthen the financial personnel and senior management.The third is to strengthen the management of audit institutions,improve the professional competence of auditors,and improve the quality of auditing;the fourth is to improve the supervision of government agencies,increase penalties for such violations,and expand the scope of civil compensation.It is hoped that the problems and suggestions put forward in this paper can provide reference for the internal governance of the company and the supervision of external institutions,and provide some help to reduce the occurrence of information disclosure violations.