Specifically, the draft further strengthens the responsibilities of the board of directors in the disclosure of periodic reports, and clearly requires that the contents of the periodic reports should be reviewed and approved by the board of directors; if directors, supervisors and senior managers are unable to guarantee the authenticity, accuracy and completeness of the contents of the periodic reports, or have objections, they shall express their opinions in the written confirmation opinions and state the reasons for listing At the same time, it should further clarify the cooperation obligations of the controlling shareholders and actual controllers.
Due to the accelerated development of Chinas capital market in recent years, the number of listed companies has continued to increase. It is undeniable that the distortion and misrepresentation of information exposed in the process often occur. In Zhang Lichaos view, the revision further clarifies the regulatory focus and direction of information disclosure, strengthens the initiative, sufficiency and consistency of information disclosure of listed companies, and highlights the obligations and responsibilities of directors, supervisors, senior executives and controlling shareholders of the company for information disclosure, which is of great significance to stabilize market confidence and improve investment value.
It is worth noting that as an important link between enterprises and investors, high-quality information disclosure is undoubtedly the full recognition of the enterprises own value, which will make investors confidence more and more enhanced; on the contrary, some information disclosure omission, concealment or false records with subjective intention will make investors fall into a huge investment risk Integrity management will also be greatly discounted in the hearts of investors, and will also face punishment from the regulatory authorities.
According to the statistics on the website of the CSRC, as of July 26 this year, among the administrative punishment decisions issued by the CSRC and the local securities regulatory bureaus, a total of 38 letters of administrative penalty decisions were involved in the violation of trust rules.
Zhang Lichao said that as the new securities law comprehensively upgrades the rules and penalties for credit reporting, strict supervision of information disclosure will become the norm in the future. With the further implementation of relevant policies, the number of credit violations of listed companies is expected to decrease step by step with the improvement of policies and the deterrent effect of the new securities law. It can be predicted that in the future, under the joint efforts of market demand and regulatory system, issuers will actively improve the quality of information disclosure, and then promote the development of Chinas information disclosure system to a higher quality.
Deng Yuxiang, director of Equity Investment Department of Furong fund, said in an interview with Securities Daily that strengthening information disclosure of listed companies will be a long-term trend in the future capital market. Its purpose is to create a more transparent and standardized market environment, strengthen the protection of investors, and then enhance the internal stability of the capital market. On the other hand, small and medium-sized investors often lack the ability of information collection, research and analysis than institutional investors, so they are often in a relatively weak position in the investment process. Therefore, strengthening the information disclosure requirements of listed companies will also help to create a more equitable investment environment.
Source of this article: Yang Qian, editor in charge of Securities Daily_ NF4425