Multiple Case Study On Information Disclosure Violation Of Listed Companies In Ferrous Metal Smelting Industry

With the continuous development of the securities market,violations of information disclosure by listed companies occur frequently.It not only disturbs the order of the securities market,but also damages the rights and interests of small and medium investors in China to varying degrees.In response to information disclosure violations in the securities market,in March 2021,the CSRC issued the latest revised version of the "Administrative Measures for Information Disclosure of Listed Companies" to further strengthen the quality requirements for information disclosure of listed companies.In order to maintain the stability and development of the securities market,listed companies should strictly control the quality of its own information disclosure.Ferrous metal smelting and rolling processing industry(hereinafter referred to as "ferrous metal smelting industry")is a key basic industry in my country's manufacturing industry,and it is also the hardest hit area for violations of information disclosure and other violations.Therefore,this thesis studies the typical listed companies with information disclosure violations in the industry,in order to promote the healthy development of the industry and reduce the frequency of information disclosure violations.This research is based on signaling theory,stakeholder theory and the hypothesis of "rational economic man".Statistics of the information disclosure of a total of 31 listed companies in the industry from2007 to 2020,and focus on the analysis of the number of penalties,types of violations and methods of punishment of 17 companies in the industry that have been punished for information disclosure violations.This thesis selects Fushun Special Steel,Chongqing Iron and Steel and ST Antai,which have been punished most times for information disclosure violation,as case companies,review its multiple information disclosure violations and punishments,and analyzes the serious consequences.For example,the company and its responsible persons are subject to administrative penalties,the stock price fluctuations damage the interests of investors,and the company's reputation is damaged and financing is blocked.Secondly,it analyzes the reasons why the case company violates the disclosure of information: Fushun Special Steel has problems of unbalanced equity structure,ineffective internal control,ineffective independent directors and lack of independence of internal audit.Chongqing Iron and Steel has a dominant equity structure and serious mistakes in corporate decision-making.ST Antai has unreasonable equity structure and defects in governance structure.On this basis,the common causes of information disclosure violations of listed companies in ferrous metal smelting and rolling processing industry are summarized,including unreasonable ownership structure,defective governance structure,ineffective internal control and low level of external supervision and punishment.Finally,this thesis puts forward countermeasures to prevent and govern information disclosure violations from two aspects of corporate governance and management and external supervision.Listed companies should optimize equity structure,improve corporate governance mechanism,improve and implement internal control,optimize capital structure;The regulatory department should improve the relevant laws and regulations on information disclosure,increase the cost of information disclosure violation,exert the supervision role of external audit.The thesis is in order to improve the quality of information disclosure of the industry,to further standardize the information disclosure of listed companies to provide reference.