Research On The Motivation And Market Response Of Continuous Information Disclosure Violation

Due to the natural information asymmetry between investors and financiers,information disclosure plays an important role in the operation of the capital market.Therefore,my country's regulatory agencies have introduced policies and systems to regulate the information disclosure behavior of listed companies,but the gradual improvement of my country's regulatory system corresponds to the increasing violations of information disclosure in the securities market.This article first conducts a statistical analysis and summary of the current situation of violations of information disclosure in my country from 2010 to 2019.Subsequently,this article takes aerospace communications,which is representative of the current situation of information disclosure violations in my country,as the case object,sorts out its specific violations from 2010 to the present,and analyzes the case from four aspects: internal and external motivations,specific violations,and market reactions.,And drew research conclusions.The results of the research show that the internal reasons for violations of information disclosure by Aerospace Communications for many years are financial pressures,internal control failures and performance gambling motives,and the external reasons are the low cost of violations and external audit failures;the main violations of Aerospace Communications are concealment or postponement of disclosure.Unfavorable news,revenue recognition of agency business according to the gross method,business fraud;research on the market response to violations of continuous information disclosure in aerospace communications shows that in addition to the relevant nature of the violation itself,market understanding deviation and market expectations will also affect The direction and extent of market response.The main contributions of this article: First,the current case studies on information disclosure violations are relatively rare and basically only analyze a specific event.This article enriches information disclosure by analyzing the continuous information disclosure violations of Aerospace Communications over the past 10 years.Case studies of violations;second,this article analyzes and summarizes the motivations and means of violations of space communications and gives suggestions,which have certain reference significance for improving the supervision of information disclosure;third,this article deals with continuous information disclosure violations of space communications The study of market reaction shows that market understanding deviation and market expectation will also affect the direction and degree of market reaction.