Research On The Quality Of Information Disclosure Of Listed Companies In The Shenzhen Stock Exchange GEM Case

The growth enterprise market in our country listed company from 59 to 570 and the total value of listed companies are more than 5.22 trillion yuan from its inception in2009 to the end of 2016.In 2016,the total turnover is nearly 22 trillion yuan.The development of the growth enterprise market plays a very important role in establishing the multi-level capital market system in our country,helping the country financing entity economy development,promoting the reform of state-owned enterprises,establishing modern enterprise system,promoting the transformation and upgrading of the country's economic structure and so on.Despite the booming in the growth enterprise market in China,the information disclosure quality of the market is not high overall,there is a great distance away from the mature securities of the market standard.Improve the quality of information disclosure of listed companies,which is beneficial to reduce the degree of information asymmetry and maintain the operation order of the securities market.Therefore,it is of great practical significance to study the quality of information disclosure of listed companies to our country.This thesis is on the basis of research results at home and abroad,by adopting the method of combining normative analysis and case analysis and the requirements identified by the Shenzhen Stock Exchange listed company information disclosure quality evaluation method in principle.This thesis is taking a tentative study on the quality of information disclosure of GEM listed companies in China from the the five aspects of the timeliness of disclosure,the integrity of the disclosure form,the authenticity and accuracy of the disclosure,the fairness of the object of disclosure and the legal compliance of the Disclosure Act.The results show that the quality of information disclosure of Listed Companies in China's Listed Companies in the above 5 aspects have different degrees of problems.In view of the present situation of information disclosure quality,this thesis puts forward somesuggestions on improving the quality of information disclosure of GEM listed companies in China such as strengthening follow-up supervision,improving the information disclosure system,increasing penalties for violations and playing the role of supervision and restraint of new media.