A Study On The Problem Of *ST Yida Financial Information Disclosure Violation

Financial information disclosure is the main way for investors to understand the operating status of enterprises,and it is also the main basis for investors to carry out investment activities.High-quality financial information disclosure helps to protect the interests of investors,promote the improvement of resource allocation efficiency and the securities market's long-term healthy development.With the continuous development of China's market economy and the gradual maturity of the securities market,various types of investors,especially small and medium investors,are increasing.However,compared with major shareholders and institutional investors,the availability of corporate financial information by individual investors and their ability to identify whether financial information is authentic is weak.This requires enterprises to provide real,comprehensive,correct,timely,and complete financial information to facilitate the majority of small and medium investors to make correct decisions.However,in the current situation,violations of financial information disclosure are common,information disclosure violations not only damage the healthy development of listed companies themselves,but also cause losses to the interests of investors,damage the confidence of public to the securities market,and are not conducive to resource allocation and the rapid development of the securities market.On the basis of combing domestic and international research literature on financial information disclosure violations,relying on the theory of financial information disclosure violations,and fully understanding and tracking of*ST Yida violation cases,this article analyzes*ST Yida violations of financial information disclosure.First,through analysis,it is found that the reasons for*ST Yida violations include:personal interest-driven,mainly reflected in the reduction of holdings by large shareholders to cash out,and the transfer of assets by controlling shareholders;financial pressure driven by the company,specifically the poor financial status and operating level;chaotic corporate governance,mainly embodied by the problems of insider control,the failure of relevant responsible persons to perform their duties diligently,and the oversight of subsidiaries;the failure of audit institutions mainly refers to the lack of independence of audit institutions and the low professional quality of certified public accountants;the weak supervision power is mainly reflected in the low cost of violations and supervision is not timely.Secondly,this article analyzes the economic consequences of*ST Yida violations from the perspective of the company,the securities market and other stakeholders.Finally,based on the reasons for*ST Yida violations of financial information disclosure,the following governance measures are proposed:optimize the equity structure by introducing institutional investors;improve corporate operating performance;improve internal governance of the company by fixing independent directors and supervisors system,enhance the control of subsidiaries;strengthen supervision of audit institutions,including increasing penalties for violations of audit institutions,strengthening supervision of certified public accountants and establishing a third-party verification mechanism;improve regulatory quality by increasing penalties for violations,speeding up investigations and giving full play to the role of media supervision.