Study On Information Disclosure Of Chinese Listing Companies In Us Market

In recent 20 years, China’s economy has been developing sustainably and rapidly. More and more Chinese companies choose to seek financing abroad. The United States, as the world’s largest economy, its securities market is also the world’s most active, the most developed. According to related statistics, since the 1990 s, more than 300 Chinese companies have been in America main board market. These Chinese companies called “Chinese concept share" by investors, occupy the important composition in the market construction. U.S. securities markets, however, is not the paradise of Chinese listed companies. Especially in recent years, Chinese company information disclosure problems frequently, especially the accounting information fraud is serious, not only bring losses to the company, but also hit the securities investor confidence. All these above has hindered the development of Chinese enterprises in the international market. Information disclosure is the fundamental guarantee of the securities market’s openness, fairness and justice. Overseas financing is the trend of the times. Whether it’s the listed Chinese companies in the U.S. or the companies planning the future overseas financing in the U.S, how to improve the quality of information disclosure of securities market, and avoid the mistakes of the past has very important realistic meaning and theoretical research significance.First, this paper expound the information disclosure of the relevant concepts and basic principles. And then it introduces the related theory of information disclosure, and will share in the domestic and foreign relevant information disclosure documents reviewed and commented. Next, this paper introduces the basic situation of the capital market and the status quo of Chinese listed enterprises in the United States. Afterwards, this paper will take the Credibility Crisis of Chinese listing companies in US Market as an example, points out the problems on the disclosure of information, and from the case analysis of this paper, discusses the cause of the listed company information disclosure problems. This paper argues that the profit-driven, overseas reverse take-over and the differences between the securities markets of China and the United States are the main causes of these problems. Finally based on these reasons, from the perspectives of enterprises, securities market system construction, supervision department of China and the United States, this paper puts forward the corresponding suggestions for improvement.