Accounting ination disclosure of listed companies Problems and Countermeasures6362.doc

accounting information disclosure of listed companies problems and countermeasuresabstract at present, a number of listed companies in the accounting information disclosure in the existence of inside information trading, seriously disrupting the healthy development of securities markets. by analyzing the accounting information of listed companies to disclose the problems start, revealing the impact of accounting information of listed companies to disclose the reasons for and the corresponding countermeasures. key words listed company; accounting information disclosed; accounting oversight listed companys accounting information disclosure, refers to the stock of listed companies in accordance with relevant laws and regulations on a companys financial position and operating results and other relevant accounting information to the securities regulatory departments report to the public announcement of an act. the business activities of listed companies, the author and the public a comprehensive, timely, useful, real accounting information for investors to make rational investment decisions provide a basis for achieving the basis for effective allocation of social resources, but also the development of the socialist economy important safeguard. 1, the listed companys accounting information disclosure problems (a) disclosure of accounting information is incomplete since chinas accounting information disclosure system, imperfect, leading listed companies should disclose information that did not do a complete disclosure, but rather evasive, select the exaggerated information to their advantage to avoid self-incriminating information, concealing the truth, mislead investors persons. at the same time there are some listed companies, in the event of a major illegal or irregular incident is being investigated by any means that did not precede the information be disclosed. it is precisely because of these listed companies, incomplete disclosure of information, led to the false accounting information and stock market is not standardized. (b) disclosure of accounting information is not standardized as listed companies are not the integrity of accounting information disclosure, resulting in information disclosure of accounting irregularities, arbitrary. some listed companies in the accounting information disclosure in the absence of normative, randomly adjust the distribution of profits; interim report was too simple, can not conduct financial analysis and evaluation; part of the companys financial reports do not provide a year earlier, related to important data. because these non-standard accounting information, leading to mistakes in investment decisions of investors and undermine the interests of investors and affect the development of securities markets. (c) disclosure of accounting information is not timely the value of information lies in its timeliness. in a market economy, the timeliness of accounting information related to the vital interests of each investor. lapse of the accounting information, accounting information is useless, no value. at the same time, due to accounting information disclosure of listed companies is not timely, but also led to insider trading and other market manipulation of the fraudulent transactions. thus, with time-sensitive accounting information is to safeguard the socialist market economy and the sustained and healthy development. (d) disclosure of accounting information is untrue the authenticity of accounting information disclosure is the soul of accounting information. accounting information of listed companies the authenticity of the entire securities market, equity and development, chinas securities law has long been the provisions of article 59. but some listed companies to improve the stock price in order to achieve a smooth fund-raising purposes and to increase the performance of the company in violation of the law, to the stock market, investors with false accounting information and insider information, insider trading, a serious breach of the fair market economy, principle, undermine the normal investment in the securities market order, impair the legitimate interests of investors in general. second, the impact of accounting information disclosure of listed companies cause analysis (a) the relevant laws and regulations are incomplete chinas listed companys accounting information disclosure system of law, drawing upon the western developed countries stock market information disclosure system of experience and the actual situation in our country, built up. as the market economy, the continuous development of new economic business practices were the emergence of new economic tools to make the existing laws is difficult to keep up with 1:00. for example: accounting law and securities law contains no provision of false information and acts such as penalties for false accounts to make clearly defined. this ambiguity, in principle, the provisions has led to difficult to implement in real life, and those listed companies driven by interests also began to take the risk to get their best interests. (b) the internal governance structure of listed companies irrational chinas listed companies, there are many of them are from state-owned enterprise reform, and therefore appears cumbersome institutional settings, equity structure is irrational, and ineffective supervision of the board of supervisors and other issues. detailed analysis is as follows: first, institutional settings are too cumbersome and cause the companys weak internal controls and did not form an effective internal control, only the companys number one the final say, leading to false accounting information disclosure. second, the equity structure is irrational, leading to general meeting of shareholders a mere formality. as some former state-owned enterprise restructuring from the listed companies, out of state-owned asset protection motive, they would often state-controlled or state-owned shares of a dominant trend. result of state-owned shares due to the dominance, and controlled by an internal situation. this form, naturally weakened the authenticity of accounting information and decision-usefulness, leading to false accounting information disclosure. third, the supervision of the board of supervisors not in place. in china the company law and although the duties of the board of supervisors has made clear that, however, how to give full play to the terms of reference and role of the board of supervisors, company law in the absence of effective rules for the operation, but the law did not confer on the board of supervisors has a direct adjustment of company directors and managers the ability and means to act. therefore, the supervisory boards supervision work, at best, but in most companies play a role in advice and recommendations. this state of the board of supervisors is especially likely to cause non-existent, difficult to monitor the resolution made by the board. (c) the failure of accounting information quality and information disclosure system is not standardized at present, the information disclosure of listed companies often will appear to disclose arbitrary, false, inadequate, the failure phenomenon. for example: glossy; part of the companys disclosure of information the lack of normative, randomly adjust the distribution of profits; interim report was too simple, can not conduct financial analysis and evaluation; part of the companys financial reports do not provide important data related to a year earlier, competition in the market relating to companies, inflation, interest rate changes in exchange rates, marketing strategies, macro-industrial policy, not been completely revealed or not revealed. this information is a direct result of substandard quality of accounting information disclosure system is not standardized, and thus hinder the healthy development of chinas securities market and undermine the broad interests of investors. (d) third-party non-standard accounting supervision the so-called third-party accounting regulation refers to a certified public accountant qualified accounting firm to audit supervision of listed companies. in the securities market, the accounting firms audit work in the information disclosure plays a very important role in investors a great level of information available is from the accounting firms audit report. the nature of the audit lies in its independence, but in real life, have often been seen together accounting firms and listed companies, the phenomenon of false accounts to do so will result in the disclosure of false information, thus causing losses to investors impede securities the healthy development of the market. 3, the listed companys accounting information disclosure solutions (a) improve the legal system of accounting information disclosure, strengthening the governance of listed companies with the development of market economy, the market expansion of the accounting information disclosure requirements should be strictly constant. with regard to chinas listed companys accounting information disclosure laws, the basic scattered company law, accounting law and enterprise accounting system, securities law, provisional regulations on management of stock issuance and trading, public offering of shares the company information implementation rules and other relevant laws and regulations and did not form a unified standard, neither is easy to operate is difficult in the full implementation. improve the disclosure of accounting information on the legal system, i believe that: first, improve the legal system of accounting information disclosure of economic legal relationship. to this end those laws and regulations should be refined, improved to enhance its operability. second, improve the administrative supervision of the legal system. through the administrative laws and regulations in the manner authorized to grant stock exchange and the necessary regulatory powers to strengthen the cpas audit oversight functions and to strengthen its own supervision and management of certified public accountants. meanwhile, the cpa should be clearly given authority to punish the right to the establishment of certified public accountants disciplinary committee as soon as possible as soon as possible promulgated the rules of certified public accountants punished. finally, improve the legal system of accounting information disclosure system of criminal liability. at present, the academic theory of accounting information disclosure and the basic features of the concept of crime is no discussion, the judicial practice of the disclosure of accounting information of this kind of crime there is no clear definition of the crime, but simply the implementation of existing criminal law provisions of the several specific charges. because the reality of the behavior and criminal law provisions not close, but in the event of a specific criminal acts are often difficult to grasp. therefore, improving the criminal substantive law, the establishment of accounting information disclosure system of the basic theory of crime is very necessary. only through full disclosure of information related to improving the legal system in order to really achieve a legal basis and the law must be the ideal state. (b) improve the internal governance structure of listed companies, clarifying property rights to transform government functions at present, chinas listed companies are often controlled by an internal situation, which will lead to the disclosure of false accounting information. the need to improve the internal governance structure of listed companies, clarifying property rights transformation of government functions to regulate the accounting information disclosure system. first of all, optimizing equity structure, and put an end due to the dominance of the phenomenon. only a fundamental reduction of state-owned shares of listed companies held in order to enable other shareholders, investors are actively involved in the enterprise management activities, so that shareholders are not a mere formality, the effective exercise of their duties, become a real manager, jointly formulated to reflect the large willingness to invest the majority of the companys charter, and guaranteed real and effective disclosure of accounting information. second, improve the supervisory system board of supervisors, so that the board of supervisors did not become a mere formality. although listed companies in china in accordance with relevant provisions of the law set up the board of supervisors to supervise listed companies, but in reality often can not be bound by the boards decision. therefore, independent oversight of the board of supervisors should be given the right to expand the scope of supervision, so that the board of supervisors to play a real role, thus contributing to information disclosure of listed companies of real and effective. finally, a companys internal accounting information technology to increase the flow of accounting information. the full flow of internal information of listed companies can not do without information construction, generally include hardware, software, personnel and the system security aspects. smooth implementation of the network is a matter of, after accounting supervision guarantee. in addition, the accounting computerization is to improve the companys accounting and efficient and effective means of capital operation, the company is a form of internal accounting controls, but also the disclosure of accounting information effectively guaranteed. (c) improve the information disclosure system of listed companies, quantitative measure of accounting information disclosure of accounting information quality standards is a measure of accounting information is comprehensive, timely, useful, real quantitative assessment criteria, their request should include the following. 1. comprehensiveness of accounting information disclosure. accounting information should fully reflect the financial position, operating results and cash flows, as long as the user useful information for decision-making should be disclosed. whether positive or negative for enterprise should be disclosed, and not only stay in the disclosure of the surface of the object, but also to conduct in-depth disclosure. 2. the reliability of accounting information disclosure. reliability requirements of enterprise should be based on actual transactions as a basis for accounting recognition, measurement and reporting, accurately reflect the recognition and measurement requirements in line with the various accounting elements and other relevant information, to ensure true and reliable accounting information, content integrity. 3. comparability of accounting information disclosure. comparability requirements are different, which took the same or similar transactions or events under the accounting policies should be adopted to ensure that accounting information along the same lines, comparable with each other. 4. comprehensible disclosure of accounting information. intelligibility policy-makers and decision-making usefulness of links point to require corporate disclosure of accounting information should be clarity, easy to understand and use. 5. timely disclosure of accounting information. requirements in time after the occurrence of enterprises in economic operations, timely collection of accounting information, the timely processing of accounting information, timely delivery of accounting information, which enables users and timely use and decision making. 6. the importance of disclosure of accounting information. require enterprises to provide the accounting information should reflect the enterprises financial position, operating results and cash flows related to all significant transactions or events, for major projects, from detailed disclosure, and to highlight them; for minor projects were omitted disclosure, do primary and secondary clear, light and heavy are different, user-friendly and effectively utilized. 7. prudence disclosure of accounting information. require the enterprises in the face of uncertainty to make professional judgments circumstances, maintaining the necessary caution, fully aware of various risks and losses, neither overvalued assets or income, nor underestimate the liabilities or charges. 8. the relevance of accounting information disclosure. corporate disclosure requirements related to accounting information with the feedback value and predictive value can help investors make the right decisions. 9. substance over form of disclosure of accounting information. enterprises in the actual work required to follow the transactions or matters of substance and economic reality to judge, not only on the basis of their legal form. therefore, only the accounting information metrics to quantify, in order to be more explicit in the information disclosure to regulate chinas securities market, regulate the information disclosure system of listed companies. (d) improved external governance of listed companies, and strengthen supervision of accounting information of external forces accounting information of listed companies to disclose accounting information outside the norm can not do without supervision. the main body of external supervision of accounting information include third-party intermediaries, the external supervision, external supervision of independent directors, as