The Construction Of A Forward-looking Information Disclosure Evaluation Index System For Listed Real Estate Companies And Suggestions For Supervisory Countermeasures

China's capital market has entered a new era of "registration system",which has brought many new issues to the securities supervision with "information disclosure as the core".In this paper,forward-looking information and the real estate industry are the starting point.Starting from the supply and demand sides of forward-looking information,it is found that information users pay particular attention to forward-looking information of housing companies,so regulators require listed companies to disclose relevant information.However,the forward-looking information disclosed by real estate companies is mixed,and cannot meet the information needs of investors.Therefore,the forward-looking information disclosure evaluation system of real estate listed companies is constructed to obtain the forward-looking information transparency of real estate listed companies,which provides a basis for regulatory agencies to strengthen supervision.Starting with the research on the special development process and operation rules of the real estate industry,drawing on the information disclosure benchmarking companies of Vanke and other industries,selecting a series of non-financial indicators and some financial indicators that can reflect the development potential of listed real estate companies,and constructing a forward-looking information disclosure evaluation of listed real estate companies The index system covers 6 major categories,21 subcategories,including land reserve area,next year's business plan,sales and pre-sales,and a total of 45 small indicators.Evaluation and scoring of the 2004-2018 index disclosure of the sample of 30 real estate development companies in the Shanghai and Shenzhen stock markets,and quantification of the sample data using the entropy weight method to obtain objective index weights.Analyze the importance of each forward-looking indicator and the degree of disclosure based on the weight of the indicator,and incorporate the indicators of strong importance into the mandatory information disclosure rules to provide a basis for the establishment of forward-looking information disclosure regulations for listed real estate companies.Study the impact of the forward-looking information disclosure regulatory policies issued by the securities regulatory agencies from 2004 to 2018 on the overall forward-looking information disclosure of housing companies The forward-looking information disclosure policy of housing companies revised by the Shanghai and Shenzhen Stock Exchanges in 2015 directly improved the overall transparency from 38.5 points to 54.7 points.Use the panel model to explore the factors that influence the transparency of forward-looking information disclosure by housing companies.After passing the robustness test,the results show that the main business income and institutional shareholding ratio will positively affect the transparency of forward-looking information disclosure of housing companies,while the return on net assets will inhibit the transparency of forward-looking information disclosure of housing companies,but it is well explained.The reason why Vanke believed in the decline in transparency after the "Baowan dispute".Incorporating indicators such as land reserve area and project plan development cycle into the mandatory information disclosure rule system of the real estate industry can improve the quality of supervision,reduce information asymmetry between investors and enterprises,and provide countermeasures for improving the forward-looking information disclosure regulation of listed real estate companies suggest.