Research On Voluntary Information Disclosure Violation Governance Of Gem Listed Companies

With the rapid development of China’s capital market,gem market has gone through 12 years of development.The gem listed companies are mainly companies in emerging industries,which is a potential reserve force for listing on the main board market in the future.At present,investor relationship management is a very important issue in the market.Strengthening information communication is also an important channel to maintain investor relationship.There are many ways of information communication,among which information disclosure can help the agent effectively transfer the internal information of the company to the principal.Voluntary information disclosure which supplements the mandatory information disclosure,has the characteristics of freedom and timeliness,and achieves more efficient information communication between the principal and the agent,which disclosing false information to gain more resources.Based on literature research,this paper studies the research by the method of statistical analysis and case analysis.By sorting out the status quo of the gem voluntary information disclosure violations,it is found that the information disclosed in violation is mostly related to hot events,the number of violation cases has shown an increasing trend in recent years,and the punishment is not serious.Taking Aba Chemicals as a typical case,this paper made a summary statement on Aba Chemicals’ violations and further explored the causes of violations,which mainly included imperfect internal governance structure,external interest driven,regulatory loopholes and fierce market competition.Based on the analysis of causes,this paper puts forward governance countermeasures from the external perspective,believing that policy support,perfect laws and supervision,and market regulation can all play a governance effect by studying the characteristics of gem listed companies and the governance experience of developed countries.The recent focus of China Securities Regulatory Commission(CSRC)is the voluntary information disclosure violation,According to it,this paper selects the case.Based on the case analysis,this paper draws inspiration and puts forward external countermeasures to govern the violation of voluntary information disclosure based on the development of information disclosure platform and information technology,and provide reference for corporate governance practice in China.Studying gem listed companies can improve the level of gem governance.We can not only get more useful results of voluntary information disclosure but also improve the principal and agent’s efficiency of communication.We also make a certain contribution to the research on investor relationship management.