Availability Of Public Reprimand Stock Exchange Based On Financial And Corporate Governance Perspective

Firstly, through the use of efficient market theory, regulation theory, game theory and analysis of stakeholder theory:(1) capital market imperfections and institutional mechanisms for illegal operations; (2) public censure and the improvement of financial situation; (3) the level of public condemnation and the improvement of corporate governance.Based on the above theory, this paper, China A share market in 2005 to 2007,28 were listed publicly condemned the Division for the samples selected were denounced corporate profitability, operational capacity, solvency, cash flow, independent directors ratio, the chairman and general manager of the two level-one ratio and the proportion of top ten shareholders as the index, the cost of using paired T test before and after testing were denounced significant difference between these indicators the situation and concluded:(1) is condemned the listed company after being publicly denounced the profitability, operating capabilities and development capability has significantly increased, indicating that the public condemnation of the violations listed companies in China have a certain deterrent effect.(2) indicators related to assets than other indicators, the significant difference between T examination shows that the quality of public condemnation of the company's assets to improve the role of good.(3) publicly condemned the company will help promote sound financial fraud Board System. Again, in the public reprimand of the regulatory measures of the effectiveness of analysis, put forward proposals for further regulation: that the law both monitoring and self-control, the "protective wall" control, strict control and regulation and the strengthening of moral development appropriate.Finally, research limitations and further research directions. The limitations of the sample, paired samples T test index selection unity and denounced the continuing validity issues.