Research On Violations Of The Provisions On The Disclosure Of Information In China’s Listing Corporation

Since the 21 st century, China’s economy has grown quite fast, and the capital market has further development that has occupied the leading position in social economy. At the same time, the phenomenon of information asymmetry in the market economy abound, the crux of the problem is from all walks of life decision makers are in an effort to grasp and understand the full information.In view of the current situation, the capital market in China started late and has development is still not mature, listing Corporation information disclosure system to establish the time is not long, although have formulated relevant laws and regulations to regulate the listing Corporation for disclosure of information, but all kinds of illegal phenomenon is frequent, and there is a growing trend. Therefore, to remove the criticism also market to the healthy development of the environment, we must start from the regulation violations, regulate the listing Corporation information disclosure behavior.In this paper, according to the listing Corporation of illegal information disclosure as the theme, with the method of normative research, statistical analysis and comparative analysis unifies, in the efficient market theory, asymmetric information theory, principal-agent theory, research information disclosure at home and abroad on the comprehensive arrangement and absorption, the system, in-depth study of the listing Corporation information I in the current situation of the disclosure of.First of all, the text will be the listing Corporation information disclosure of our country of illegal status as the breakthrough point, the period of January 1, 2009 to December 31, 2013, the Shenzhen stock exchange, all due to information disclosure violations punished listing Corporation a total of 210 penalties and sanctions decision as the statistical sample, using statistical analysis method and comparative analysis method, through a large number of data collection in the listing Corporation, and the number of cases of illegal information disclosure, company, industry, punishment, illegal, illegal personnel on duty in terms of the specific phenomenon and classification don’t multi dimension classification and analysis, draw on the plate distribution, regional distribution of listing Corporation, industry distribution, punishment and violations of duty conclusion the phenomenon of illegal information disclosure.Secondly, according to the statistical analysis of the conclusions, in accordance with the method of subjective analysis in-depth analysis, summed up the listing Corporation information disclosure of our country main causes of violations, including information disclosure violation punishment is not enough, the listing Corporation information disclosure consciousness is not strong, the information disclosure obligor fails to comply with the regulations, the Secretary of the board of directors fail to perform their duties, the strength of social independence the third party supervision weak five aspects.Finally, in view of our country listed company information disclosure violations of the main causes and put forward corresponding feasible five countermeasures: strengthen the regulation of government departments, intensify punishment; Improve its regulatory system, improve the social responsibility consciousness; Improve the professional quality of information disclosure obligor; The board secretary shall not concurrently hold, enhance the consciousness of the rite; Improve the independent third party supervision mode, put an end to an accomplice.The disclosure of information in China’s listing Corporation, involving a wide range ofstatistical data, the number of listing Corporation in similar research are rare, with a large number of statistical data is the starting point of in-depth analysis, in the summary of causes and countermeasures, the main analysis of the ideas, from the point of view of governmentpolicies and regulations, supervision of the listing Corporation the level of internal supervision structure, mainly related to the information disclosure obligor to perform their duties, to the society of independent third party supervision, to really make every subject in the capital market to improve their consciousness at the same time, strengthen the supervision and punishment, and the formation of long-term mechanism, the only way in consciousness andmandatory constraints under the real conditions in order to regulate the information disclosure of listing Corporation. Only the state, enterprises, social three work together to multiple supervision, in order to better regulate the capital market the more healthy, effective and sustained development.