On the disclosure of accounting information of lis

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On the disclosure of accounting information of listed companies in China Thoughts

[Abstract] accounting information disclosure of listed companies in China main problems with accounting information is untrue, not fully, not timely, is not standardized. The main reason is the great temptation, low compliance costs, regulations, policies from different departments, the relevant system is imperfect. Disclosure of this information should be established to regulate the accounting system, accounting information disclosure system of supervision and re-monitoring system; and taken to strengthen governance of listed companies and strengthen the supervision of intermediary agencies, to strengthen the accounting information disclosure regulation, strict law enforcement, increased penalties and other specific measures. [Key words] listed company; accounting information; temptation of papers from China Union editing. With the emergence of capital markets with a series of accounting fraud Diego events, such as the source of the false Joan, Lam shares of fraud, illusion myths Yinguangxia; plus the United States, We know that the appropriate accounting information of listed companies disclosure is the basis for the effective operation of the capital market, if allowed to spread false accounting information, the value of stocks will be seriously distorted and disrupted the capital market order; will harm the interests of investors, hurt shareholders enthusiasm for investment. Therefore, we must crack down, otherwise, China's capital market is difficult to healthy development. In this paper, the disclosure of accounting information of listed companies and causes of the problems were serious thought, trying to find ideas and measures to solve the problem. First, accounting information disclosure of listed companies in China main problems 1. False accounting information. False accounting information is mainly reflected in the false, illegal and misleading. However, sources from the Joan Annual Report 1996 referred to 571 million in profit in 566 million yuan is fictional, more than 99% of total profits, to Yinguangxia only between 1999 and 2000 to 74.5 billion yuan fiction disclosure of profit world, companies of false accounting information has never stopped, and in the upgrade. Business management for the operation and management of special purpose, deliberate distortion or unwilling to disclose detailed, real information; underestimate the loss, over-income, making false financial information of listed companies; Furthermore, listed companies accounting for the use of inappropriate approach, providing an obvious misleading financial reports. For example, some companies have disclosed a distribution plan, but shareholders rejected the General Assembly and the profit distribution plan previously announced. The disclosure of accounting information with the dealer with the fact, misleading the market, the majority of investors caused bad influence. According to the survey, 70% of the public do not trust CPA audited financial statement. 2. Inadequate disclosure of accounting information. Inadequate disclosure of accounting information of listed companies is mainly reflected in the disclosure of accounting information asymmetry, the specific content is not sufficient. Accounting information asymmetry is the investment activities of the participants in the investment market has a degree in accounting information asymmetry, including the number has varied with the quality of the range, with a time range. This information asymmetry, before and after the transaction in the market may lead to Inadequate disclosure of the specific content of the information mainly for the purpose of capital investment, previous use of funds raised and inadequate disclosure of profits; inadequate disclosure of corporate solvency; company directors, supervisors and senior management do not fully disclose the equity changes ; disclosure of related party transactions is not sufficient; government policy changes impact on the company's information disclosure is not sufficient and so on. For example, some listed companies in its investment income accounted for more than half of total profits, but where exactly is investment income, the number of investment rate of return, risk degree and so on, were not doing the appropriate instructions. 3. Accounting information is not timely. In the stock market, and if the lack of timely information disclosure, no different from insider trading and market manipulation for the creation of opportunities. Disclosure requirements in the state of the company prospectus, the listing announcement, regular and ad hoc reports and other disclosures have done a strict time requirements. If a registered accountant forensic accounting report should be released to the public the first point, that within two days after the forensic report, but in fact, only about one-third of listed companies to meet the disclosure requirements. 4. Accounting information is not standardized. Accounting information disclosure violations, random. Such as glossy; part of the lack of seriousness of information disclosure, free to adjust the distribution of profits; interim report was too brief and can not conduct financial analysis and evaluation; part of the company's financial reports do not provide important data related to last year; and company related to market competition, inflation, interest rate changes in exchange rates, marketing strategy, not exactly reveal the macro-industrial policy, or simply not disclosed. Second, accounting information disclosure of listed companies the underlying causes of problems Why do some of our listed companies keen on the disclosure of false accounting information and disclosure to non-compliance, control information, and repeated it ? Analysis of the underlying reasons, there are four: First, a huge temptation; Second, low compliance costs; Third, regulatory policies from different departments; Fourth, related system is imperfect. Great temptation. Some listed companies in order to obtain through normal business channels can not be over-interest, from the stock market, a cup of soup We set up the company's shares, listed as the clues, the generation of false accounting information, the disclosure analysis. Because of the special economic environment, many joint-stock companies were formed by the restructuring of state-owned enterprises. Some of the restructuring of state-owned enterprises in order to succeed, access to the public issue of shares eligible to asset valuation and financial statements in the big tricks in order by the Securities Commission's approval. This is not only the enterprise itself willing to cheat, also tend to support the local government to do so. Because both the establishment of joint-stock companies to raise substantial funds to develop the local economy, but also improve work performance of local government. With local government support, other problems will be solved. The company is listed, some operating losses of enterprises, in order to meet the conditions for issuance of new shares or rights issue to raise the price of allotment, to groan from the capital market, the purpose of more money, often with inflated profits, loss-reporting methods, manufacturing, the disclosure of false accounting information to deceive investors. For example, Joan source fictional 56.6 billion in 1996 profits, inflated 657 million capital surplus, the share price rose by 1,000% in two years. Above: Disclosure Report Yinguangxia record performance in 2000 Based on the double, the share price increase of 440%. accounting information disclosure of listed companies in the other underlying causes of problems is the non-compliance and low cost. Performance is twofold: First, the disclosure of the probability is very small; Second, even if they are exposed, the punishment is also not big enough, the opportunity cost of illegal small. Analysis can be seen from the front, false accounting information around the company, involving many units and personnel, and some could have been law enforcement, but do not seriously enforce the law, but complicit with the company, partnership, cheating, false information to a more covert, increased the difficulty of investigation. In addition, an increasing number of listed companies, notice more and more accounting information, which occupies a lot of false information ratio can be said to investigate numerous investigations, the probability of being exposed is very small. Again, China has now released some of the laws governing false, the punishment was too light too wide fraud provisions. Such as . constitutes a crime shall be investigated for criminal responsibility. constitutes a crime, more than five thousand yuan may be imposed a fine of fifty thousand, are state workers, they shall by their units or the units shall be demoted, dismissed or expelled for administrative sanctions. list Such provisions not only lack of deterrence, but expressly frauds expected Thus, as long as the expected costs of fraud may be much lower than the counterfeiting of the ill-gotten gains, disclosure is not standardized. At present, China's legal system is not perfect, this legislation in the securities market have been very obvious. At present our formulation and regulations on information disclosure of listed companies the institutions are: National People's Congress, the State Council Securities Commission, China Securities Regulatory Commission, the Ministry of Finance and the State Commission for Restructuring the five major departments. Policies from different departments created difficulties in coordination between departments and responsibilities clearly defined, the behavior of listed companies will inevitably lead to the lack of effective supervision. Although the China Securities Regulatory Commission issued a number of criteria for information disclosure, but as a major part of the report and financial statements of the financial statements of the information generated is based accounting system developed by the Ministry of Finance. Unknown because the lack of coordination between the responsibilities and communication, lack of consistency in disclosure requirements, resulting in the implementation of the confusion, to the disclosure of false information creates an opportunity. Accounting system, securities markets imperfect system for the generation of false accounting information and disclosure provided incentives and possible. Currently, listed companies in China's accounting standards, system with unity, while also taking into account a certain degree of flexibility. An accounting treatment, as there exist many issues to be elected the accounting treatment. The coexistence of a variety of accounting methods of accounting control for the enterprise to provide the door, causing some listed companies for placement given Such as overvalued assets, amortization of deferred assets extend the period of change in accounting treatment of hidden losses in order to achieve inflated profits. The stock issue of the the goal of maximizing capital raising. To maximize the raising of capital, the need to improve the stock's issue price, the stock's issue price is decided by pre-IPO level of corporate earnings and profit forecasts after the listing of the number of size. This focus on improving Also, the Third, solve our problem of accounting information disclosure of listed companies ideas and measures (a) solve the problem accounting information disclosure of listed companies ideas to make our capital the healthy development of the market, we must strengthen the accounting information disclosure of listed companies of the problem. We believe that a disclosure of accounting information of listed companies in the standardization of the basic ideas are as follows: 1. The establishment of accounting standards at the core of accounting information disclosure system of norms. For information disclosure of listed companies to achieve true, full and timely request, it must establish an effective standardized system of information disclosure. For our present case, the disclosure of accounting information generally includes the standard system of accounting standards, accounting information disclosure system, audit system and other relevant economic laws and regulations. In this standardized system, accounting standards is the core. Because of accounting standards is to regulate the practice of accounting information of listed companies guide, which provides the basic content of the disclosure of accounting information, accounting information should have clear quality requirements, but also the basis for practicing certified public accountant and job security. To enable the generation of accounting information, the disclosure of more standardized, appropriate changes should be timely, complete and unified accounting system accounting standards. In China, the Ministry of Finance and the China Securities Regulatory Commission in regulating the accounting information of listed companies should carry out their duties. Ministry of Finance shall be primarily responsible for the disclosure of accounting information in how to generate the information before the guidelines, the SFC should be primarily responsible for monitoring to confirm the principles of disclosure of accounting information. Ministry of Finance focused on the substance of disclosure norms, that is how the company's accounting accounting recognition, measurement, reporting and other procedures to produce a certain quality requirements related to accounting information; and the Commission will focus on the performance of standardized disclosure form, that is, What is disclosed and how disclosure of how the disclosure, when disclosure, where disclosure. 2. To establish a fair audit of CPA's accounting information as the core monitoring system. Audit system is fair disclosure of accounting information of listed companies need to ensure standardization. First, to make it fair, this audit system should be based entirely on the basis of independent civil audit. China's accounting firm with the competent authorities should be completely decoupled from the strict implementation of partnership, to strengthen the audit responsibility, and take the self-management of Institute of Chartered Accountants of roads, strengthen internal management, improve the professional quality of the audit. Secondly, to accelerate the selection and training of certified public accountants. Audit large listed companies in China, but too few employees to accelerate the selection and training in the securities business, a certified public accountant has become essential. To this end, the CPA policy has some preferential treatment to tilt, and effectively to attract a high level of accountants to the CPA team in the past. Meanwhile, practitioners should also strengthen the follow-up education to improve awareness of CPA professional ethics, legal standards and professional ability to strictly practice. 3. To establish a random review of the Commission as the core of accounting information disclosure re-supervision system. Disclosure of accounting information of listed companies in the overall situation is not ideal, self-management of Certified Public Accountants still can not function efficiently, the securities regulatory authorities to increase the supervision of Certified Public Accountants is very necessary. To this end, China should set up special committees under the Commission, by its conduct random checks of the review of annual reports of listed companies, each of not less than one third of the random surface. This can cover all the listed companies for three years. On the spot checks found illegal, it should distinguish between accountability and auditing responsibilities, respectively, the officer of listed companies and registered public accountants to severe punishment, focusing on civil compensation. This can fundamentally improve the practice of certified public accountants to promote, and enhance the auditing responsibility. (B) solve the problem accounting information disclosure of listed companies, the main countermeasures current accounting information disclosure of listed companies is the source of problems of false accounting information of listed companies, disclosure of information to solve the problems, the key is to control false accounting information. Solve the false accounting information of listed companies and disclosure of the issue has the following main countermeasures. 1. To strengthen the governance of listed companies. False accounting information from generation to disclose to involve a number of market players, as if a chain, ring ring phase, and listed companies have to disclose the source of false information, should be the focus of governance. The governance of listed companies, from the company and the financial officers of these two roots. First, their regular legal education and professional ethics, so that they firmly establish the accountability of the unit responsible for risk awareness, and establish good faith, the concept of management according to law, fundamental governance of false accounting information. Secondly, from the institutional arrangements to reduce the production of false information. First, we must improve the corporate governance structure; second, to improve internal accounting control system, the economic activities of the company strict control, regulate financial behavior, thus ensuring a true and complete accounting information. 2. To strengthen the external monitoring agency. Intermediary institutions in order to ensure the quality of supervision of listed companies, first of all, the intermediary institutions themselves must be based on a responsible attitude on the majority of investors, and constantly improve their professional and ethical standards and practice standards. Secondly, the competent authorities as an intermediary to really take responsibility for acts bound intermediaries; Once there contrary to professional ethics agency or dereliction of duty, as management must not be tolerated, the punishment should be increased. For the company listed in the application of the whole process, including counseling prior to listing, the listed relevant information to prepare and, finally listed issuer, securities company charged with master planning, overall responsibility, the total gate-keeping role. Securities and ethical standards and professional practice standards to a large extent determines the process of listing the quality of information. Therefore, the company's underwriting of securities to the implementation of the project follow-up examination system. Any qualification or listing after the listing of fraud with the original announcement to differ materially from those information,[link widoczny dla zalogowanych], securities companies must be held accountable. 3. To strengthen the accounting information disclosure regulation. In the stock market are not enough shares for participation in the management of public investors, investors in the company making the disclosure of information is the most direct source of information. Continuous disclosure system will eliminate the information asymmetry and the stock market does not fully suppress insider trading and fraud, to achieve transparency and standardize the stock market. Performance information on the company and associated transaction information must be strictly reviewed and found fraud, and they should be severely punished according to law. Early introduction of civil compensation system on the publication of false information to investors, the losses caused by the listed company to financial compensation. In addition, information disclosure of listed companies to improve the timeliness of the information from the system to require them to increase the frequency of disclosure. 4. Strict law enforcement, increased penalties. To improve the quality of accounting information, our government departments have developed and released dozens of related regulations and systems, such as the Rules Despite these rules and regulations to be further improved, but as long as implemented in earnest, to ensure the basic quality of accounting information, nor will there be the phenomenon of deliberate fraud. So, now the biggest problem is, some units break the law, sham. To this end, we must increase the relevant laws and regulations, systems implementation and inspection; for fraud violations, low cost, for those who dare to take the risk to units and individuals to increase penalties. We might learn some foreign law, for example, the French Penal Code provides: at 1.5 million francs fine, and force announced its bankruptcy. The introduction of such severe sanctions against the illegal benefit fraud cases judicial decisions and law enforcement, and to counterfeiters discredited, or even go bankrupt, suffering from the pain of prison as a warning to those who dare not repeat the same mistakes later.

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