Research On Information Disclosure Of Listed Companies In The National Equities Exchange And Quotations Of Special Equipment Manufacturing

The National Equities Exchange and Quotations(for short,NEEQ)is an important plate that can't be ignored in the process of building a multi-level capital market in China.It is also an emerging market with distinctive characteristics,and provides capital market financing platform for SMEs with growth and internal innovation.Since the nationwide expansion in 2013,the number of listed companies has grown rapidly and reached 10,000 in 2016.As of the end of 2017,the number of listed companies has reached 11,630.As a result,the market has slowly changed from the wild expansion of quantity expansion to the emphasis on quality.Regulate the stage of governance.Despite tightening supervision,many companies still violate relevant regulations in the process of applying for listing and follow-up development.According to incomplete statistics,562 cases of regulatory measures were taken in 2017 due to information disclosure violations,and no major issues were disclosing or concealing the use of funds by related parties or delayed information disclosure is the high-frequency word for the reasons for the penalty.In addition,there are many cases in which stock issuance and corporate governance violations exist.Inadequate information disclosure,inadequacy,or inaccurate information disclosure will directly harm investors' right to know.Regulating good information disclosure issues is of utmost importance in protecting investor rights and enhancing the financing function of the NEEQ market.The NEEQ listed company ST Modern received the “Administrative Punishment Decision” in November 2016.The company's provision for insufficient provision for impairment of assets,insufficient disclosure of related party transaction elements,and inaccurate disclosure were found to be information disclosure violations.The first company in the NEEQ market was investigated for suspected violation of laws and regulations.The paper analyzes the cases of information disclosure violations and hopes that the research of the thesis will help the listed companies attach importance to the quality of information disclosure.The theoretical overview of the thesis reviews the development history of the NEEQ,summarizes the basic characteristics of the listed companies,and introduces the current institutional norms of the NEEQ.The first part of the case section is a brief introduction to basic information and information disclosure violations of ST modern.Secondly,it analyzes information disclosure violations of ST modern in three ways: violation of measures,subjective motivation,and objective reasons.Disclosure of specific transaction elements of related party transactions and disclosure of inaccurate information,low provision for bad debts and provision for inventory depreciation,etc.lead to inflated profits;pursuit of financing is a subjective motive for information disclosure violations;lax supervision and information disclosure The professional weakness of the person in charge is an objective condition for company information disclosure violations.Finally,it puts forward countermeasures from the following aspects: perfecting corporate governance,satisfying investors' demand-oriented information disclosure system,and increasing penalties for information disclosure violations.This article believes that the normative information disclosure is related to the development of the NEEQ company itself,and that it is more practical to look at the standard of information disclosure in combination with the internal governance of the company.