A Case Analysis Of Information Disclosure Violation Of“11 Chaori Corporate Bond"

Information disclosure is an important way for the capital market to transmit information and it is also the core of the supervision of the China Securities Regulatory Commission.However,China's bond market started late and the information disclosure system is still in the stage of exploration and development.In recent years,incidents of corporate bond market information disclosure violations have occurred repeatedly,investors and markets have caused serious adverse effects.In this context,this paper takes the corporate bond information disclosure violations as the analysis object,selects the "11 Chaori Corporate Bond" information disclosure violation case as a case and analyzes the impact of the information disclosure violation and the causes of the violation.Based on the theoretical analysis of the impact of corporate bond information disclosure violations,this article starts from the perspectives of companies,bond investors and intermediaries,it believes that information disclosure violations will affect the company's corporate image and reduce the company's value;second,it will increase the degree of symmetry and the credit risk,triggers irrational behavior of investors;third,it affects the reputation of the intermediary institutions.Based on the theoretical analysis of the causes of violations of corporate bond information disclosure,this paper starts with principal-agent theory,fraud triangle theory and game theory.It holds that the interest conflicts,information asymmetry,mutual game and information between internal and external parties in corporate bonds are the causes of violations.As for the case analysis of information disclosure violations of "11 Chaori Corporate Bond",this article has found out that there are multiple information disclosure violations by sorting out information disclosure before and after the issuance of "11 Chaori Corporate Bond".After clarifying the adverse effects of these violations on bond issuers,bond investors and intermediaries,this paper analyzes the reasons for the occurrence of information disclosure violations from the issuer,intermediary agencies,regulatory agencies and investors.The discovery of the issuer's huge financial pressure and lack of internal control,the conspiracy between the intermediary agency and the issuer and the incomplete performance of duties,the lack of regulatory loopholes and penalties imposed by the regulatory agencies,the lack of information and the lack of professional ability of the bond investors can all lead to information disclosure violations.Finally,based on the foregoing analysis,this article has obtained some case inspirations.For the corporate bond market,to improve the quality of corporate bond information disclosure and reduce the occurrence of information disclosure violations,the market participants need to make joint efforts.Specifically,debt-issuing companies should improve the information disclosure system and improve the level of corporate governance,credit rating agencies should improve their independence and quality of ratings,regulators should promote the development of uniform regulatory standards and increase penalties for violations of information disclosure,investors should increase their professional capabilities,risk awareness and actively safeguard their own legitimate interests.