Research On The Accounting Information Disclosure Of Enterprises Before Listing In The New Third Board Market

In early 2006, the establishment of the New Agency Share Transfer System means the formation of the New Third Board Market in China. After years of development, there are only 356 companies listing on the New Third Board Market by the end of 2013. By the end of 2014, the number of listed companies becomes 1572. And by the end of 2015, the number of listed companies becomes 5129. Those listed companies cover 18 categories of industries across more than 30 provinces in China. The New Third Board Market not only meets the needs of the development of small enterprises, but also benefits the development of China’s multi-level capital market.With the rapid development of listed companies, the different characteristics of enterprises are more and more obvious. The scale and the quality of accounting information disclosure are quite uneven. NEEQ (National Equities Exchange and Quotations) has higher requirements on the quality of initial accounting information disclosure. As the first responsible person of accounting information disclosure, listed companies should be strict with the quality of their accounting information disclosure. Besides the accounting information disclosure of listed companies includes the initial accounting information disclosure and continual accounting information disclosure. The initial accounting information disclosure is the first step for listed companies. The quality of information disclosure affects the speed and time arrangement of the listing of enterprises and directly determines the company’s success in the process of listing in the New Third Board Market.This paper reviews the domestic and foreign literature of the OTC market’s accounting information disclosure. Then it summarizes the condition, characteristics and listing process of these companies. Through the analysis of 311 companies and 1667 specific feedback statistics, it points out the quality of initial accounting information disclosure of enterprises is quite uneven. There are some problems during the process of listing, such as the inadequate accounting information disclosure and several rounds of feedback making these companies hard to pass the auditing of NEEQ. According to the problems, it analyzes the related reasons, including imperfect system, irregular management, miscommunication with intermediary agency and no detailed regulations for initial accounting information disclosure.According to D company’s data the author collected and problems encountered in the process of internship, this paper takes D company as an example and studies the accounting information disclosure in the process of listing. Then it points out the problems existing in the internal control, accounting calculation, related transactions and unique risk information disclosure of D company. And it analyzes the improving direction of initial accounting information disclosure of D company. It also puts forward corresponding countermeasures for D company, including reconstruct D company’s accounting information disclosure system, improve D company’s financial regulatory, regulate the relationship of related party and related party transactions and design D company’s risk information disclosure scheme.Finally, based on the above, it puts forward some measures and suggestions to improve the quality of initial accounting information disclosure of listed companies in the New Third Board Market in China, including institution, hierarchical design and hierarchical information disclosure; the enterprises, standardized operation and management; disclosure, mandatory and voluntary information disclosure; supervision, moderate supervision and aggravated punishment.