Author(s)

Hanlin Zhu and Youqing Wan

Corresponding Author

Hanlin Zhu

Abstract

Information disclosure of listed companies is the basis of investors'judgment and decision-making, as well as the basis of supervision and management of the securities market by the state regulators. Only by guaranteeing the standardization of accounting information disclosure, can we truly reflect the company's operating conditions, and obtain effective market feedback, so as to make the stock exchange market develop healthily and orderly. However, at present, in China's securities market, the information disclosure of listed companies is prohibited repeatedly. If information disclosure violations are widespread in listed companies, the stability of market order will be affected, the interests of investors will be damaged, and the securities market will not develop healthily, orderly and sustainably. This paper makes a statistical analysis of the decision on administrative penalty issued by the China Securities Regulatory Commission from 2013 to 2017, selects some valid samples, makes a comprehensive analysis and classified statistics on the information disclosure violations of listed companies, summarizes the objects involved, and puts forward some countermeasures to curb the frequent occurrence of illegal disclosure in the securities market. This has a certain reference for listed companies, so that relevant departments can play a more effective regulatory role and protect the rights of stakeholders, which is conducive to the healthy development of China's securities market.

Keywords

Information disclosure, Irregularities, Listed companies