Research On Accounting Information Disclosure Of National Equities Exchange And Quotations

The NEEQ market is an important part for OTC capital market of China.Its implementation of relaxing listing conditions,simplifying approval procedures,and listing information with enhanced information disclosure as the core is a useful attempt to promote the construction of China’s multi-level capital market.However,while achieving gratifying results,some problems of untimely,inadequate,and irregular information disclosure have been exposed.Based on this,the nationwide equity transfer company has implemented a reform of the layered system,and simultaneously carried out the reform of the information disclosure system.After the reform of the layered system in 2017,Information disclosure in China’s NEEQ market has entered a new phase.However,sometimes violations of accounting information disclosure still occur.The national stock transfer system revised the information disclosure rules again in December 2019.The main idea is to differentiate the information disclosure.But there are still hard to solve the problem of difficulty.Therefore,at this stage,status information disclosed three new board,internal and external causes of violations of information disclosure,and the countermeasures have become important issues.Existing research shows that it is necessary to disclose accounting information in the NEEQ market,and at the same time,hierarchical management should be implemented to reform the NEEQ market.However,the current situation of information disclosure of NEEQ companies after the New policy,as well as the problems and countermeasures that need to be resolved at this stage are rarely involved.On the other hand,most existing studies only analyzed the three new board accounting information disclosure from the company’s point of view.It is not known that the weak governance structure and market value management motivation of the company itself cannot escape its responsibility,and it also affects the direction of system reform.This article will first analyze the current status of accounting information disclosure in the context of the latest layering system.And on this basis,practice statistics are conducted to extract the three most prominent problems of irregularity,inaccuracy,and timeliness in the current NEEQ market information disclosure field.Subsequently,taking the Benteng Industry Group Co.,LTD punished by the Securities Regulatory Commission for violation of information disclosure as a case,starting from internal and external factors of the enterprise,it explored the motivation and reasons for its violations,and introduced the commonality of the common reasons for violating accounting information disclosure in the New Third Board Market.The reasons mainly exist at the level of regulations,supervision and corporate governance,and analyze the normative role and shortcomings of the new regulations in 2019.Based on this,this article puts forward corresponding improvement suggestions based on the relevant experience of overseas OTC information disclosure and the actual situation of China’s NEEQ market.First,We must strengthen the construction of new third board related regulations,enrich the forms of disclosure,deepen differences,increase civil relief,and promote voluntary disclosure.Secondly,improve the supervision system,combine administrative supervision with self-regulatory supervision,and enrich the punishment mechanism.Finally,intermediary agencies such as listed companies,securities firms,and auditing agencies need to work together.