Study On The Causes And Economic Consequences Of Information Disclosure Violations Of Listed Companies

With the continuous development of China's market economy,information disclosure is a carrier for transmitting information to the outside world.On the one hand,the company's business results,cash flow and other information can be fully and appropriately reflected on it,so that the intended users of the information can be satisfied.Make reasonable judgments on the demand for information;on the other hand,it is of great significance to the effective operation of the securities market.After years of development,China's Securities Regulatory Commission,the stock exchange and other regulatory agencies have issued a series of rules and regulations.However,in recent years,listed companies that have violated information disclosure in China still account for a large proportion,and there are not a few companies that have been investigated by the China Securities Regulatory Commission.Therefore,this paper analyzes Wuhan Fingu Company as a case company,discusses the causes of the information disclosure violations and the economic consequences,and makes corresponding suggestions accordingly.This paper uses literature research method,case study method,event analysis method and other methods to conduct research and analysis.The main contents are as follows: Firstly,the theoretical part introduces the research background and significance of this paper,from the three aspects of shareholding structure,market competition and financial pressure.The external literature reviews and further determines the research content framework.And the effective market hypothesis,information asymmetry theory,corporate governance theory and related laws and regulations were explained.Secondly,based on the information published by the exchanges and the Cathay database,the existing information disclosure violations in China are analyzed,and the information disclosure violations are introduced from three aspects: types,influencing factors and existing hazards.Then,the case analysis was mainly carried out for Wuhan Fingu enterprises.This paper briefly introduces the basic situation of Wuhan Fingu enterprises and the beginning and end of its information disclosure violations,and then analyzes in detail the problems existing in Wuhan Fingu's information disclosure and the analysis of its economic consequences.Finally,based on the analysis of the case,several suggestions were made.Through the above analysis,this paper comes to the following conclusions: First,the situation of information disclosure violations in China is still relatively serious,and the regulatory agencies' punishmentresults for most of the illegal enterprises are limited to criticism,warning and fines,and the punishment is weak.Secondly,the analysis of Wuhan Fingu shows that the enterprise's shareholding structure is unreasonable.The company faces huge market competition pressure and bears huge financial pressures,which are the motives for enterprises to conduct information disclosure violations.Third,through the use of event analysis and the collection of media information,it is concluded that the occurrence of information disclosure violations will have an adverse impact on enterprises in the short term.By combining actual cases,this paper seeks out the problems and provides help for the sustainable development of the company,and ultimately promotes the healthy development of the market.