Analys Is Of Illegal Information Disclosure In Chinese NEEQ Market

Information has always played an important role in the capital market.A complete and effective accounting information disclosure system is the essential foundation and precondition to estabilish efficient and healthy market management regulation.Information disclosure has become the bridge for the marekt participants to conduct comprehensive information communication in the capital market.Genuine accurate thorough and timely information disclosure is not only beneficial to promote enterprises’ sound development,improve the capital market operation efficiency,but also helping investo rs to make reasonable investment decisions and lower investment risks.The establishment and development of the C hinese N EEQ market has changed our capital market “inverted pyramid” status,making up for the short slab of our capital market system.In recent years the NEEQ market listed enterprises increase sharply,entering the age of “myraid twinking lights”.However,the N EEQ market information disclosure level is not opmistic.The Chinese NEEQ market development history is short,plus incomplete institutional construction、laws making and regulation,so much rule-violating disclosure arised.Consequently,analyzing and researching the NEEQ market rule-violating disclosure can not just regularize information disclosure behaviors,strengthen information d isclosure quality,most importantly expedite the NEEQ market construction,promote medium small and micro-sized enterprises’ healthy and ordered development,finally reinforce our capital market system.The main content of this paper is from the Chinese NEEQ market “congenitally deficient”,research of the NEEQ market current situation to pave the way for information disclosure.And then from the connotation of information disclosure,the principal-agent theory,asymmetric information theory,the efficient market hypothesis,explains the importance of information in the C hinese NEEQ marke t;Furthermore,analysis of the Chinese NEEQ market information disclosure of the existence of violations,and combined with specific case analysis,information disclosure and comparison of the main board market to improve market information of the Chinese NEEQ market disclosure ways and quality;Finally through strengthening the mechanism construction of listed company,increasing the penalties and increase the violation cost,improving the agency credit level and other measures in order to improve our country’s capital market information disclosure system,reducing the phenomenon of illegal information disclosure.Finally,improve the quality of information disclosure of the Chinese NEEQ market,and then consummate our multilevel high-level capital market system.