The Public Company Accounting Information Disclosure Violations Research In Our Country

Securities market is an essential part of the capital market in China, its healthy development is directly related to the overall situation of social and economic development in our country. The healthy and effective development of the securities market is based on the true, complete and timely disclosure of the listed company information. And accounting information disclosure as a core part of the listed company information disclosure, how the quality of disclosure is directly related to the effectiveness of the securities market and mature degree. Throughout the accounting information disclosure of listed companies in our country at present situation, in recent years, some listed companies continually happened accounting information disclosure irregularities. Listed companies accounting information disclosure irregularities seriously influenced the investment decisions of the investors and harmed the interests of the investors. In particular, the occurring of the information disclosure irregularities, seriously blow to the confidence of the broad masses of investors, led to the credit crisis, seriously damaged the foundation of the securities market is upon, and disturbed the normal order of the securities market. Visible,the information disclosure irregularities have become a stumbling block to impede the healthy sustainable development of the securities market. So to inhibit and prevent the occurring of the information disclosure irregularities can protect the interests of the investors and promote the healthy and orderly development of the securities market and to play effectively the optimal allocation functions for the resources, thus to promote the further development of the national economy has a very important role.This paper adopts the research methods of the combination for the normative analysis, empirical analysis and case analysis,also it can achieve the organic combination of qualitative and quantitative analysis.It carries on the comprehensive and in-depth、systematic analysis to the question of the research and drawns some useful conclusions.First of all, this article generalizes the related theory of reference.The related theory of reference including:the efficient market theory, principal-agent theory. asymmetric information theory, the fraud triangle theory and corporate governance theory, etc.Secondly, through the combination of normative analysis and case analysis method, it carries on theoretical analysis and generalizations to the manifestation forms, main types,means and harm of the listed company accounting information disclosure violations.(1) its main manifestation forms are summarized as:information disclosure is untrue, incomplete, not standard and not in time, etc.(2) its main, types are summarized as:false statements, seriously misleading statements.major omissions statements and improper disclosure:(3)its main means are summarized as:making false documents, fictional income, fictional profits.false increase assets.false reduce liabilities, false trading, concealing related transactions, concealing the guarantees, concealing entrust finance matters, concealing major litigation matters,using inappropriate accounting policy, the connection transaction into the non-affiliated transaction, less assets impairment loss and less provision for bad debt, establishment of off-the-books accounts, etc.(4) its harm is summarized as:illegal disclosure of the accounting information will affect the national macroeconomic regulation and control decisions, leading to chaos in the market economic order:Accounting information disclosure violations can lead to decline the efficiency of the market economy resources allocation; Accounting information disclosure violations mislead the investors and bring them huge economic losses; Accounting information disclosure violations lead to credit crisis undermine the foundation of the securities market is based:Accounting information disclosure violations influence economic forecasting and decision-making, lead to seriously waste of the social and economic resources; Accounting information disclosure violations induce to the corruption and the spread of the violations, seriously deteriorate the market economy environment.Thirdly, from the corporate governance structure, corporate characteristics and external factors, it carries on depthly analysis and summary to the motivation and main reasons for the accounting information disclosure violations of the listed company.(1) the motivation of the listed company accounting information disclosure violations is mainly summarized as:①subject to the temptation of the interests;②the pressure of penalty policy and the temptation of the rights issue policy.(2) The causes of the listed company accounting information disclosure irregularities are including:the reasons of corporate governance structure are summarized as the irrationality and defects of ownership structure, board of directors,board of supervisors; the reasons of company character are summarized as the unreasonable of company size, company growth.profitability and financial leverage; External reasons are mainly summarized as the quality of accounting personnel is not high.ineffective supervision of the market external regulators, and the defects of the accounting laws and regulations and other reasons.Finally, it carries on theoretical analysis to the main influencing factors of the listed company accounting information disclosure and puts forward some theoretical hypotheses. Then it uses the listed company data from2004to2010in shenzhen stock exchange main board, sets up logistic regression model and carries on empirical test to the theoretical hypotheses. It gets the following conclusions through the empirical analysis:①Ownership concentration,the proportion of the management shareholding and the number of the board meetings have a significant positive relationship to the listed companies accounting information disclosure irregularities.②The company size,the number of the board of supervisors meetings, the total compensation of the top three director have a negative relationship to the listed companies accounting information disclosure irregularities.③Board size, the proportion of the independent directors, part-time of the two job, the size of the board of supervisors, profitability and financial leverage have not a significant effect to the listed companies accounting information disclosure irregularities.According to the results of theoretical analysis and empirical analysis, the following policy suggestions are drawn on how to inhibit and prevent the occurring of the listed company accounting information disclosure irregularities:①Optimize the equity structure by declining the ownership concentration;②Boards to keep the appropriate scale, strengthening the supervision function of the board of directors;③Chairman and general manager must be separated;④To establish a sound independent director system, strengthen the independence of the independent director;⑤Set up the incentive and constraint mechanism for the board directors;⑥Perfect the construction of board of supervisors system, strengthen the function of the supervision of the supervisory board.