Regulatory Research On Misrepresentation Of Listed Companies

The publishment of the new Securities law increases the requirements for information disclosure.From January 2018 to February 2021,a total of 87 listed companies(including listed companies and holding companies of listed companies)have been subject to administrative punishment by China Securities Regulatory Commission,and 52 enterprises have been punished for false statements in securities information disclosure.Among the 52 cases,36 cases had false records in the process of information disclosure,21 cases had improper disclosure,4 cases had major omissions,and 5 cases had misleading statements.Listed companies are an important subject of information disclosure.They are responsible for the quality of information disclosure.To explore the internal control system of listed companies and understand whether the corporate governance structure works well,we can analyze the motivation of false statements of listed companies from the internal aspects such as the board of directors,internal control environment and corporate internal governance structure,and better understand the omissions in information disclosure of listed companies,which is helpful to strengthen the supervision of information disclosure of listed companies.In this paper,from the perspective of company internal control,we study the frequent occurrence of false statements in the information disclosure process of my country’s listed companies and the causes of the problems,and summarize the current situation of false statements in information disclosure and the main manifestations of violations of information disclosure by penalized listed companies.From the macro-analysis of the corporate governance structure,the transformation of the model conforms to the need for separation of ownership and management.This transformation improves the efficiency of corporate decision-making and operation and promotes the development of market economy.The gradual alienation of the relationship between shareholders and the company makes it difficult for shareholders to realize ownership.In order to obtain more investment or retain company investors,company operators do not hesitate to deceive investors and falsely disclose the true situation of the company.The first chapter defines the false statement and internal control theory,the second chapter describes the current situation of the listed company’s false statement and analyzes the reasons for the listed company’s false statement from the perspective of governance structure change and internal control failure.The third chapter analyzes two cases Insufficient internal control of Ningbo Zhong bai’s board of directors and fraudulent business processes of Zhangzidao Company.Research on the specific manifestations of false statements in corporate information disclosure,and explore the causes of corporate false statements from the perspective of internal control.From the perspective of micro corporate internal control,three aspects of corporate internal supervision,information and communication,and risk assessment need to be improved.This reflects that the lack of internal control poses a huge risk to the information disclosure process of listed companies,and the lack of internal management greatly harms the interests of listed companies and the majority of investors.The fourth chapter proposes measures to improve false statements,formulates and improves internal control and information disclosure guidelines,implements corporate internal control management to improve corporate internal governance,strengthens supervision from the outside,and works together internally and externally to urge listed companies to follow the principles of information disclosure.The key to the operation of the entire securities market is the publicly disclosed corporate information of listed companies.During the operation of the securities market,the center of the transaction is the listed company.Investors in the market want to understand the operating status of the target company and rely on the company’s official The important channel for the state regulatory authorities to supervise listed companies is also to require listed companies to disclose information in accordance with regulations.Through the annual punishment cases of listed companies by the China Securities Regulatory Commission,it is not difficult to find that my country’s listed company information disclosure system still has some loopholes in its practice and needs to be improved.The problem of misrepresentation often arises.In recent years,the CSRC has also imposed administrative penalties on companies that have violated regulations due to the follow-up information disclosure of misrepresentation,and has made information disclosure a hot issue in the capital market.From the perspective of internal control,it is of great significance for securities supervision to analyze the current situation of information disclosure misrepresentation and study the causes of the problems.