Research On The Violation Of *ST Xinyi’s Accounting Information Disclosure Under The New "Securities Law"

Accounting information disclosure is the main way for the investors to know the company’s operation status and the main basis for investors’ investment activities.The high quality of information disclosure is beneficial to protect the advantages of investors and enhance the healthy and fast growth of the capital market.The issuance of the new "Securities Law" has basically improved the information disclosure requirements.Three years after the enforcement of the tough securities law,has it been able to effectively stop disclosure irregularities by listed companies? What changes will be made to the means of non-compliance in information disclosure by listed companies? Has the Securities and Futures Commission effectively implemented relevant policies to strengthen regulation?What changes will be brought about by the lowering of the threshold for admission of accounting firms on disclosure irregularities of listed companies? These are all real-life issues of great concern under the new "Securities Law".Therefore,it is necessary to start from the perspective of the new "Securities Law",conduct a multi-faceted research and analysis on the current situation of information disclosure of listed companies,understand the characteristics of disclosure irregularities under the new policy,and analyse the current problems and causes of accounting information disclosure irregularities of listed companies with specific cases,with a view to gaining corresponding insights,enriching the research perspective on accounting information disclosure of listed companies,and to provide effective guidance and direction to listed companies in order to regulate their behaviours and promote their healthy and sustainable development.On the basis of existing research,this paper sorts out the domestic and foreign literature on accounting information disclosure violations and the current institutional background,defines the concept of accounting information disclosure,and uses principal-agent theory,signal transmission theory,information asymmetry theory,and the fraud triangle.Supported by theory,follow-up analysis is carried out by using comparative analysis method,case analysis method and event study method.First,listed companies punished for information disclosure violations from 2017-2022 were selected as a sample,and compare and analyze the old and new "Securities Law" from seven aspects: the number,type,method,cost,punishment method,regulatory timeliness,and information disclosure quality of listed companies.According to the changes in "Securities Law",under the strict regulatory environment of the new "Securities Law",although the information disclosure violations of listed companies have been curbed,the quality of accounting information disclosure still has the characteristics of hidden dangers.And aiming at this current situation,further analyze the reason of the problems in accounting information disclosure of listed companies in our country.Secondly,this article introduces the situation of *ST Xinyi,and further analyzes the reasons for *ST Xinyi’s violations of accounting information disclosure by comparing its violations before and after the implementation of the new "Securities Law",including financial difficulties and pressure to protect the shell,internal Unsound governance mechanisms,omissions in external supervision and failure of external auditing,and the new "Securities Law" lowering the entry threshold for accounting firms provide opportunities for problem companies.Then,from the perspectives of market reaction and reputation impact,the consequences of the CSRC’s punishment of *ST Xinyi’s accounting information disclosure were studied,and it was concluded that in the short term,the company’s information disclosure violations would have adverse effects on it;finally,for the above Through the analysis,we get enlightenment on improving the quality of corporate information disclosure: improve the internal governance mechanism of listed companies;strengthen the supervision of accounting information disclosure violations;improve the auditing quality of accounting firms.