第一篇：2012上市公司信息披露优秀案例
２０１２上市公司信息披露优秀案例
2013-3-25 14:57:26来源：首席财务官作者：【大中小】
董秘们认为‚除了确保合规之外‚了解投资者的需求‚站在投资者和市场的角度看信息披露‚可以使信息披露的工作做得更好.2012年初‚ACCA在上海证券交易所的协助下‚对11家获得上海证券交易所颁发的“信息披露奖”及“信息披露奖”提名的上市公司进行了详细的访谈‚并据此总结了国内信息披露工作的优秀做法‚并藉此报告与其他企业分享.信息披露工作的驱动力
对大多上市公司而言‚信息披露工作最基本的驱动力可能是合规.不过一些优秀的国内上市公司已经深刻认识到信息披露的价值‚不再只满足于合规‚也希望通过主动的披露维护品牌价值、塑造公司文化、与资本市场建立密切联系以挖掘再融资的机会.海正药业通过公开增发和定向增发的方式‚完成了两次再融资.董秘张薇认为‚通过与投资者良好的沟通‚能使企业更好的利用资本市场做大做强.诚恳的沟通态度很重要‚切忌讲故事或者忽悠‚即使企业业绩处于下滑阶段‚也要告诉投资者将会采取怎样的措施.抓住资本市场上的机遇也是一些公司借以推动自己的新引擎.东方电气证券事务代表黄勇表示‚做好投资者关系、信息披露和内控‚可以更好的利用资本市场谋发展.中青旅的董秘刘广明对此十分认同‚在中青旅的重大决策过程中会考虑到信息披露因素‚董秘会深入参与到决策过程之中‚无论是财务统筹还是业务发展‚都强调与资本市场的接轨.另外越来越多上市公司意识到信息披露是公司市值管理工作的重要一环.东方电气证券事务代表黄勇提出‚要进行公司“市值的预期管理”‚让投资者的评价符合公司的实际运营状况‚既不美化也不丑化‚并在需要的情况下在必要时间发布信息.海正药业的张薇表示‚市值管理的一个目的是要避免股价大起大落‚帮助市场对公司未来业绩建立良好的预期‚而不是反应过度.上海电气董秘伏蓉表示‚如果股价不能反映管理层所认为的公司价值‚公司应该通过多方位的沟通让投资者更清楚了解公司的情况.对信息披露工作的理解
信息披露五项原则
如何正确理解信息披露工作?如中国证监会主席郭树清所提到‚信息披露需要遵循 “及时、准确、完整、真实、公平” 这五大原则.事实上‚要真正按照这五个原则做好工作并非易事‚需要公司治理水平的全面提升.海通证券董秘金晓斌认为‚在五大原则中‚董秘真正能确保的只有“及时”与“公平” 两项原则‚而其他三个要素需要企业其他部门的密切配合和整体公司治理的高水准来保障.公平性是董秘们分歧比较大的领域.散户跟机构投资者所关注的信息大相径庭.从倡导价值投资和积极进行市值管理的角度‚一些董秘在信息披露上‚特别是在主动披露方面‚在不违反合规要求的前提下‚会更倾向于与机构投资者沟通.身为2011年“信息披露奖”评审委员会委员之一的吕红兵律师认为‚虽然企业与机构投资者进行正常的深入交流无可厚非‚但是在处理与投资者沟通的公平性上‚必须恪守底线‚不能在正式信息披露之前‚提前向机构投资者透露敏感信息.对于监管者对信息披露的要求‚中青旅的董秘刘广明认为‚监管的要求应该是最低的要求.在达到合规要求的前提下‚上市公司需要更积极主动地进行信息披露‚这包含在定期报告中做叙述性分析性的披露‚了解投资者的需求.兖州煤业的董秘张宝才更认为‚信息披露是企业“呼吸的咽喉”‚ 要如实展现公司的发展‚透明公开都很重要‚及时有效的信息披露是展现上市公司活力的命脉‚公司需要通过各种不同方式与境内外投资者切实沟通‚建立一套诚信体系.兖州煤业同样愿意主动披露一些信息‚有助于投资者全面了解企业.有效的信息披露机制
1.建立信息发布的授权体系和发言人制度
上汽集团明确了信息发布的授权人为董事长、总裁与董秘‚其他高管发布信息必须得到授权.在敏感时间段‚上汽集团严格要求信息保密的纪律性‚董秘对高管在各种公开场合的讲话都要进行把关‚防止泄露敏感信息.其他企业也成立了类似的授权体系‚如兖州煤业就明确规定财务总监和董秘是信息披露和媒体采访的发言人‚董事长和总裁都需要在敏感期严守保密纪律.2.建立董秘参与公司经营决策的机制
一些公司聘用专职董秘‚保障董秘的充分知情权.上汽集团董秘王剑璋就是专职董秘.她列席董事会和管理层的重要会议‚对敏感信息都要做出是否披露、如何披露的专业判断.另一些公司的董秘由公司高管兼任‚这就确保了对公司经营决策的参与.广州控股的董秘张雪球本身是分管投资的行政副总裁‚除了组织股东大会和董事会会议之外‚也会参加行政办公会议‚参与重大决策.3.建立日常工作中重大信息报告制度
上汽集团制定了内部重大信息报告制度‚令董秘办可以第一时间汇总可能需要披露的信息.同时上汽集团制定了月度内部联系会议制度‚及时搜集信息‚统一信息发布的口径‚了解不同利益相关方所关注的要点.交通银行则在各分行建立了联系人制度‚沟通日常可能需要披露的信息.交通银行董秘办会在股价敏感窗口发布提示函‚针对子公司董事、监事和高管做好个人的风险提示.广州控股的董秘张雪球认为‚企业的信息披露是企业内部控制体系的重要一环‚需要明确责任人‚了解信息披露关键的风险点‚建立具可操作性同时又简单有效的流程.张雪球将董事会、股东大会信息报告需要披露的内容全部列在一张明晰的表格上‚下发到各个业务板块和子公司的负责人‚要求他们第一时间根据表格上报信息.海通证券董秘金晓斌则强调强化制度监管和操作流程约束留痕‚依靠公司办公自动化系统加强监管.4.建立外部信息反馈机制
获得外部反馈‚确保企业内部能及时获知外部信息‚有助于提升信息披露水平.上汽集团的资本运营部每两个星期会将散户专线中搜集到的代表性问题进行总结‚以内刊形式呈送高管‚使之了解投资者关注的热点.同时他们每月或每季度编制内部的投资者关系问答指引‚帮助企业高管了解如何对外传递信息.投资者关系部每年会把与分析师沟通的活动做一番总结‚汇总建议.5.定期对涉及信息披露人员进行培训
因为合规的法律条文很多‚且每年都有变化‚企业需要加强对信息披露人员的培训.国电电力的做法是对下属公司董秘进行至少一年一次的培训‚让他们了解监管政策的变化.此外董秘办也着力于帮助基层企业的领导者了解上市公司规则和公众公司的责任‚通过不断培训强化他们作为公众公司子公司的概念.中国银行董秘部也经常搜集市场上一些信息披露的典型违规案例‚发给领导和相关部门‚作为工作的提醒.6.建立快速应急机制
对于市场谣言或者流传的一些不实报道‚企业需要建立一套快速应急机制.中国银行就建成了这样一套快速反应机制‚既有建立在遍布境内外分支机构的信息披露联系人网络基础上的高效的内部信息核实机制‚又有在极短时间内完成向公司董事会汇报并征得董事签字授权披露的快速反应流程‚有效确保了任何重大事项都能够及时通过临时公告进行必要的澄清.董秘张秉训认为‚信息披露的好坏取决于是否能及时披露或者澄清信息‚这需要信息披露团队内部做好流程和预案.“内部核查的流程很重要‚难度也在于查证情况(是否属实)‚或者某一事件是否发生.”张秉训说.信息披露报告
定期报告
1.财务报告
年度报告是信息披露最重要的媒介.上市公司报告中其中一个重要的部分是财务报表.因为国内上市公司鲜有财务总监兼任董秘‚在制定定期报告时‚董秘与财务总监的密切沟通就显得尤其重要.在年报的撰写过程中‚交通银行的董事会办公室主任助理方卫星提出要兼顾三方面的要求:监管层的合规要求、上市公司的披露需求和投资者关注的要点.按照海正药业董秘张薇的总结‚财务部是与董秘沟通最密切的部门‚并设有信息披露对口的负责人‚每个月都进行双向沟通.董秘主要的关注点包括现金流、在建工程和投资以及负债如银行借款的大幅变动.一般来说‚许多企业会按照业务板块披露板块数据‚而对于特定板块内的业务数据并不一定会进行详细披露‚因此按照怎样的分类来展现企业的业务就很有学问.在公司产业模式从“API为主”向“制剂为主”转型升级时‚海正药业的董秘张薇就主动在定期报告中的主营业务情况中将制剂业务分类披露.上海电气在2010年时也对业务板块披露作了调整‚之前的业务板块划分主要以产品为分类‚调整后改为以新能源(核电、风电)、高效清洁能源、工业装备、现代服务业等产业领域来划分.2.“管理层讨论与分析”
交通银行学习了战略合作伙伴汇丰银行的经验‚在年报中的董事长与行长致词环节上着墨颇多‚对过去一年的业绩进行详细的梳理‚增加了公司高层的战略思考‚对银行未来的发展战略做出清晰的分析与判断‚以及对下一年工作的具体思考.国电电力对非财务信息的讨论和分析做了深入挖掘.董秘陈景东认为‚让投资者准确把握企业和行业的发展趋势‚特别是企业战略转型的思路很重要‚因此他在管理层讨论章节中增加了对企业和行业发展趋势的描述‚管理层的想法和分析.突出投资者关心的重点也是许多董秘着墨较多的地方.东方电气在董事会报告分析章节中‚就公司主要产品大类中的每类产品进行深入分析‚不仅披露完整的财务指标‚还主动提供其他经营数据指标‚如订货量‚新增订单‚在手订单结构等.3.前瞻性与叙述性披露
越来越多上市公司开始探索在定期报告中加入前瞻性和叙述性信息.受访的董秘对未来发展的趋势都有比较一致的判断‚即投资者对企业未来展望的信息的需求很高‚因此增加企业信息的透明度是一个趋势.但是一些董秘也明确表示对发布前瞻性信息的担心‚主要是担心构成对“未来业绩的承诺”.国电电力董秘陈景东表示‚在对未来趋势讨论的披露中不会做出定量的分析‚以免让投资者认为是企业对未来业绩的承诺.上汽集团董秘王剑璋也表示‚未来可能会增加一些对公司发展的讨论‚但是需要明确所描述的未来只是概率比较大的一种可能性‚而不是对未来业绩的承诺.事实上‚投资者对前瞻性信息的关注角度和深度以及理解和使用是千差万别的‚主流尚未清晰地形成‚因此需要建立一个有共识的基础‚才能够减少信息被误解地传播‚从谨慎的角度出发‚信息披露仍将会是以已发生的事项为主.上汽集团证券事务经理蔡莹聪表示‚企业的披露意愿并不仅仅着重于投资者的关注程度‚而是那些企业需要帮助投资者了解的内容.中青旅董秘刘广明认为‚前瞻性与叙述性披露的出发点是帮助投资者更好地对公司价值作出判断‚需要秉持负责任的态度‚杜绝虚假陈述或者对投资者的误导.为此中青旅对于叙述性披露所坚持的是‚恰如其分地披露企业的发展‚依托于对历史数据的梳理‚描述一些未来发展趋势的信息.还有一些董秘认为应该做到全面完整描述公司的发展前景‚但不应替投资者对公司未来发展做出判断.主动披露
除了定期报告之外‚临时公告、路演、业绩说明会、投资者见面会、分析师电话会议、接待投资人参访等方式都是公司主动披露信息的方式‚其中以临时公告最为重要.在临时公告实务中‚有两个倾向不可取.一是遮遮掩掩‚视主动披露为难事;一是过分积极‚任何有关业绩发展、订单等的进展都一一公布‚让投资者无法真正判断企业的价值.帮助投资者对公司的经营情况作出正确的判断‚是许多上市公司进行主动披露的出发点.上海电气所秉持的主动沟通原则‚是把公司重要的业务变化、重大项目、未来发展的可能性等让市场知晓‚把重大合同‚具有里程碑意义的投资等通过公告向市场披露.上汽集团还在行业内倡导并带头规范地披露企业的月度产销数据‚每个月10个工作日之内披露产销快报‚帮助投资者了解企业的经营情况.临时公告的另一要点是需要董秘对“股价敏感信息”作出专业判断.在实务操作过程中‚中国银行特别强调了对市场关注热点的正面回应和主动披露‚以便帮助投资者更好去判断企业的状况.例如在2011年欧债危机爆发过程中‚中国银行就对所持有的欧债状况进行了及时的披露.企业进行资产运作时进行充分的主动披露也十分重要.在2010年上半年‚国电电力向大股东定向增发收购在新疆和江苏的发电资产‚就及时披露相关资产的经营状况、盈利状况、可能面临的困难等‚推动了投资者对收购的理解‚帮助推动收购的实施.除了临时公告之外‚一些公司也另辟蹊径‚通过发布其他报告的形式与投资者沟通.广州控股从2008年开始发布可持续发展报告‚内容包括经济、环境、社会责任等等.媒体战略
国内的媒体环境日益活跃‚特别是财经类新兴的平面媒体报道尖锐‚追求新闻热点迫切‚上市公司要做好信息披露‚必须具备有效地媒体战略.国电电力董秘陈景东把媒体策略归纳为以下几点:重视与媒体建立良好的互动关系‚帮助媒体记者一定程度上准确理解公司的运作;密切关注媒体报道‚在出现不实或者不全面报道时‚及时与媒体沟通‚澄清不实信息;针对个别媒体刻意寻找公司信息披露或运作中的问题‚企业应从善意角度‚积极与媒体沟通‚提升信息披露水平.与媒体建立良好的互动关系很重要.广州控股董秘张雪球认为‚媒体是公司临时公告之外的有益补充.在广州控股整体上市之初‚广州控股通过接受媒体采访的方式‚将管理层所分析的整体上市的意义清晰展示给投资者.对于一些新兴的网络媒体‚一些董秘也会关注.有董秘建议关注股民汇集的东方财富网和百度网吧‚以便对不实信息做出及时澄清‚同时也需要关注公司的股东论坛‚对中小投资者提出的问题给与一定的回应.
第二篇：上市公司信息披露
我国上市公司会计信息披露问题与对策的研究
和进
（中国中信集团成都610041）
摘要：随着我国证券市场的不断发展，上市公司披露信息的质量已成为证券市场健康发展的生命线，关系着社会、企业、投资者其他利害关系人的利益。然而受宏观和微观层面多种因素的影响，我国上市公司会计信息披露暴露出诸多问题。本文在深刻剖析我国上市公司会计信息披露存在问题的原因基础上，提出提高上市公司会计信息披露质量的对策，进而促进我国证券市场健康有效的运行和发展。
关键字：上市公司会计信息披露问题原因对策
上市公司会计信息披露质量的高低是检验一国证券市场是否成熟的试金石，是实现证券市场“三公”原则的基础和维护证券投资者利益的基本保证。上市公司会计信息披露存在的问题会导致投资者参与证券市场的积极性下降、资源配置效率降低等严重后果，所以解决上市公司信息披露问题，有利于保障证券市场稳步、健康、快速、高效发展。
一、上市公司会计信息披露存在的问题
1、会计信息披露不真实。会计信息披露含有虚假记载或误导性陈述是中国上市公司信息披露中最严重、危害最大的问题，由此导致的证券市场信息不对称加大了市场风险，引发了供需双方大量的非理性投机行为，损害了投资者的利益。
2、会计信息披露不充分。目前，大多数上市公司为了实现自身利益最大化，常常报喜不报忧，误导投资者，主要表现在对一些重要事项、资金投向、利润构成以及关联交易披露不够充分、对财务指标提示不够充分或者借保护商业秘密为由，故意隐瞒企业重要会计信息。
3、会计信息披露不及时。目前，我国的上市公司基本上能及时披露业绩报告，但是对可能导致股价下跌的重大事件往往披露不及时，大大降低了会计信息的时效性和相关性，为内幕交易、牟取暴利、操纵市场创造了条件。
4、会计信息披露不主动。我国的会计信息披露处于强制状态，不少上市公司把会计信息披露看作是额外的负担，而不是一种应该承担的义务和股东应该获得的权利。面对负面信息，上市公司对会计信息披露往往采取一种回避的态度。
二、上市公司会计信息披露存在问题的原因
1、宏观方面
（1）法律法规不健全。会计信息披露规范体系主要由《证券法》、《公司法》、《企业会计准则》等法律法规及相关规定构成。尽管这些法律对上市公司会计信息披露作了相应规定，但实践操作中存在困难，使得上市公司在信息披露时有空可钻。
（2）监管不力。我国政府部门监管体系不健全，相关部门权责界定不清，对二级市场的监督力度不大，而且一些监管人员专业胜任能力不足。另外，证券公司、会计师事务所及律师事务所等中介机构受畸形的委托代理关系影响，缺乏独立性，往往无法客观地评价上市公司会计信息。
（3）违规成本低。上市公司披露的会计信息中有瑕疵的占比非常大，被揭露的概率却非常小。加之，上市公司造假所付出的代价远远小于因失信而得到的收益，一些公司不惜通过隐藏或歪曲某些会计信息来形成对自己有利的局面。
2、微观方面
（1）公司利益驱动。公司利益驱动是导致上市公司信息披露存瑕疵的根本原因。一些公司为了维护自己的经济利益、达到配股要求等谎报公司业绩、操纵利润。还有的为了免于被处罚或为大股东和高管谋取利益粉饰报表、延迟披露信息或披露错误信息。
（2）公司内部治理结构不完善。我国上市公司中国有股和法人股占比比较大，流通股比较少，股份相对集中，形成普遍的“一股独大”现象，难以对公司的管理进行控制和约束。部分上市公司缺乏内部审计或者内部审计被弱化，也导致公司财务管理出现混乱，财会信息失去真实性。
（3）投资者能力有限。我国证券市场投资者以散户为主，一方面绝大多数投资者缺乏基本的投资技巧和信息甄别能力，另一方面大多数投资者没有树立正确的投资理念，盲目投资、甚至投机。此外，对于多数投资者来说，获取上市公司有价值信息的成本也非常高。
三、防范信息披露瑕疵的对策
1、完善法律法规体系。相关部门要完善法律法规中的盲点，建立起一个相对完善的制度体系，并且增强有关会计信息披露法律法规的可操作性。此外，为了保障投资者权益，应尽快出台相关的民事责任赔偿法，通过立法和司法解释的手段来细化证券违法行为的民事责任。
2、完善信息披露的监管体系。我国应将政府监管、行业监管和市场监管进行有机结合。政府部门要合理分工，明确职责，提高执法者素质。证券公司、会计师事务所等中介机构要保持独立性，客观真实的评价上市公司会计信息。社会各界也应积极主动地发挥监管职能，加强对上市公司会计信息披露的监管。
3、完善上市公司内部治理结构。上市公司要确立董事会的核心地位，规范和完善董事会的运作，优化董事会的结构和功能，并且强化监事会的作用，保证其独立。上市公司还要完善经理人市场，利用经理人市场的竞争机制促使企业经营者从长远利益出发。此外，建立对管理层的激励与约束机制也对完善上市公司内部治理结构有重要意义。
4、加大处罚力度。有关部门要严厉惩罚提供虚假会计信息、故意隐瞒或歪曲重要信息的上市公司,以及与这些上市公司合谋或无法公正履行职责的会计中介机构，还要构建有效的市场退出机制，当上市公司的造假行为被揭发后，应该把相关的肇事者驱逐出其所处的行业。
四、结语
上市公司信息披露是证券市场永恒的话题, 是证券市场赖以生存和发展的基石。建立高质量，高透明度和具有可比性的会计信息披露体系，既要完善法律法规、加强监管，还要完善公司内部治理、加大惩罚力度，只有这样，证券市场才能得到健康发展。
参考文献：
[1] 刘伟.我国上市公司信息披露体制分析[J].证券时报,2011(2).[2] 吉祖来.上市公司会计信息披露问题研究[J].金融纵横,2010(7).[3] 王东武.提高上市公司信息披露质量的思考[J].经济师,2010(4).[4] 卢学英.《资本市场会计信息披露：问题与对策》[J].特区经济,2009(12).
第三篇：上市公司信息披露
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一、上市公司信息披露中存在的主要问题
１．信息披露内容不真实
这是目前我国上市公司信息披露中最严重、危害最大的问题。主要表现在：
⑴招股说明书过度包装造成盈利预测偏差严重。如１９９７年在全国国有企业净资产收益率平均不足 ７％ 的情况下，新上市公司的招股说明书披露的前三年资产收益率普遍达到４０％ 以上，有的公司竟然达到１００％，很显然新上市公司的净资产收益率中有不少水分。
⑵模糊收入概念，人为操纵利润。有的公司将含税收入放入会计报表对外报出，导致对外报出利润与真实利润相差甚远；有的公司根据使用对象来公布收入。如青岛双星旗下的华青轮胎２００２年经营数据有四个版本，真假难辩。
⑶伪造资产、虚构利润，以达到吸引投资者的目的。如国内 银广夏”、“东方电子”、“蓝天股份”的造假事件使得会计报表不再是公司经营状况的成绩单，而是一小撮人在那里玩的“数字游戏”。
２．上市公司信息披露不充分、不完整。
根据规定，上市公司重大信息均应在财务报表附注中予以说明，要求做到内容充分、完整。但在实际操作过程中存在以下问题：第一，披露有关信息时措辞含糊模棱两可。第二，规避不利事实，对有利于本公司的信息过分披露。第三，分部信息的披露不充分。
３．上市公司信息披露缺乏时效性。
任何一家公司的生产经营活动都是连续的，因而有关公司的信息的产生也是连续的。由于受到技术手段、信息生产成本、传递成本的限制，上市公司信息的披露只能是间断的，呈现周期性。另一方面，根据有关规定，当发生可能对股票价格产生重大影响，而投资者尚未得知的重大事件时，应立即编制重大事件公告及时向社会披露。但仍有一些公司违反这一规定，不按法定时间正式披露会计信息。
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４．信息披露具有随意性
作为公众公司，上市公司的信息披露本应慎之又慎，但一些上市公司却不顾损害公司形象，披露信息时极为随意。有的上市公司在公布定期报告时不严肃，公布之后不断地打“补丁”。２００５年就有百余家公司就各自的中报发布了补充报告，个别公司的 补丁”使公司的盈利出现“缩水”，甚至盈转亏。如大唐电信。
５．信息披露的非主动性
目前我国上市公司把信息披露看成是一种额外负担，对信息披露总是抱着能少则少、能不披露就不披露的心态，而不是主动、自愿地去披露有关信息。这说明上市公司在其经营管理上存在着不愿让社会公众知道的阴暗面。
二、信息披露存在问题的成因分析
(一)上市公司自身的内在原因。主要包括：
第一，公司利益的推动。某些上市公司为了在当前证券市场中树立其良好形象，并能在竞争中立于不败之地，使得利用会计造假、操纵利润的各种利益冲动一直有增无减。
第二，公司股东的产权约束弱化。当前一些上市公司的现代产权制度还不能通过改革一步到位，其中由于国有股产权主体缺位，很难强化国有股股东对公司的产权约束和控制，而社会公众股数量较少，股东分散，也难以强化国有股股东对公司的产权约束和控制，从而造成这些公司的管理权失控，以致给利润操作者以可乘之机。
第三，公司内部缺乏自我约束和监督机制。目前某些上市公司正是由于缺乏应有的内部审计及管理控制，会计基础工作薄弱，会计管理体制不顺，内部审计监督职能被削弱。
(二)信息披露存在问题的外在原因
１．会计法制不健全
目前，我国上市公司的会计准则制度仍然是不完全的。体现在以下几个方面：第一，会计准则制度与会计实践之间存在着一定的时滞。由于会计实践和经济创新行为的层出不穷，实践中经常出现企业的会计处理“无法可依”的情况。第二，会计准则之间存在着不协调的现象。第三，有关规定政出多门。由于会计准则由财政部颁布，上市公司信息披露的规则由证监会制定，相关规定之间有时并不十分和谐统一，这也给信息披露工作带来了一定困难。
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２．上市公司质量普遍不高
脱胎于经济转轨时期，我国上市公司大都由国有企业通过剥离、并购和包装上市等方式转制而来，这种以剥离、拼凑资产、乱作账，以符合上市标准的非规范上市操作导致这一时期的上市公司质量普遍较差。那些质量不达标，靠披露虚假信息蒙混上市的公司，上市以后为了保住“壳”资源或达到更进一步的目的，迫不得已还要继续披露虚假信息，从而进入作假的恶性循环。
３．利益诱惑
这是导致上市公司信息披露违规的根本原因。首先，是上市的诱惑。为了获得更广阔的融资渠道，有些公司或者利用各种手段虚增利润，或者制造虚假证明文件，或者进行虚假陈述，在其招股说明书中发布不实信息，以此获得上市资格。其次，是配股的吸引。为了获得配股资格以满足对资金的持续需求，有些公司往往粉饰会计数据，进而披露虚假的会计信息。
４．监管不力、处罚不重
这是导致上市公司信息披露违规的重要原因。首先，职业审计界的审计监督有效性不足。造成有大量的未经严格把关的不实信息得以对外披露。其次，信息披露违规的法律责任体系存在缺陷。对违法违规行为一般都采用行政处罚，责任人较少因其违法行为而受到处罚或承担民事赔偿责任。与信息披露违规所带来的收益相比，违规成本仅是“沧海一粟”。因此，行政处罚对上市公司信息违规披露的遏制作用效果并不明显。
三、规范上市公司信息披露的对策
规范上市公司信息披露，可以从建立内部约束机制和外部约束机制入手。
（一）建立健全内部控制机制。
第一，提高管理者的素质。管理者的素质在企业的经营管理中起绝对作用，对企业产生深
远影响，企业内部应建立、健全管理人员的聘用、评估、升迁、淘汰制度；定期或不定期地进行培训教育等措施，提高管理人员科学管理企业的能力和强化对内部控制的认识，此外，外部经理人才市场的建立也将为企业选择高素质的管理人才创造出有力条件。在提
高管理者素质的同时也应该提高人们对内部控制的认识，使公司在实施内部控制的过程中变被动为主动，只有公司全员上下共同参与，内部控制制度才能得到有效的执行,发挥其真正的作用。要强化披露财务信息内部监督机制，保持监督人员在企业中行使职权时高度的独立--------------------------精品
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第二，上市公司必须加强内部审计，设置内审机构，归属监事会领导，对会计业务进行日常的内部审计监督。
第三，明确财务人员的信息供给主体的地位，强化披露财务信息的内部监督。
第四，监督人员在企业中行使其职权保持高度的独立性。
第五，必须合理、有效地设置会计机构。目前必须将上市公顷司的会计部门和财力管理部门分立，分属不同领导，分担不同职能。避免管理人员舞弊。
（二）建立外部约束机制。
第一，制定科学、配套的会计规范体系。我国上市公司会计规范体系主要由 《会计法》、《证券法》、《企业会计准则》、《企业会计制度》等法律规范制度所构成。但是目前我国有关现行法规制度中仍存在漏洞和不足，如财务信息披露中对重大事件披露的规定显得不够明确和完整，商业秘密和必须披露的财务信息间的界限不够明朗等，这些地方都需要进行修改和补充。
第二，加大证券市场财务信息披露的监督力度。改革多头管理的体制。证券监管部门的设置应集中到两个层次：一是中央级的证券监管部门。负责对全国上市公司进行客观监管，统一制定证券市场政策和上市信息披露规范；二是证券交易所，它就遵循中央证券监管部门的规定，对上市公司的日常活动和财务信息披露进行具体的详细的监管。建立上市公司信息监察员制度，由中国证监会及其驻各地派出机构委派信息监察员到各上市公司，对上市公司的信息包括招股说明书、申报、年报、股利分配等信息的生成和披露加以监督，防止外界各相关利益集团对会计部门的信息供给横加干涉。证券监管部门要制定一套切实可行的上市公司财务信息披露的监管办法，对违规行为予以明确界定，坚决杜绝不规范行为。
第三，发展和完善注册会计师审计制度。加快会计师事务所体制改革，改善执业环境，制定相应的执业自律准则，大力提高注册会计师的风险意识、业务水平和职业道德水准，完善审计准则修改审计假设及审计方法和程序，以适合我国证券市场不够规范的现实。可以建立一套完善的、科学的资本市场诉讼和民事赔偿制度。这样，可以使注册会计师的独立审计成为--------------------------精品
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上市公司财务信息质量和披露的可靠保证，才能保护投资者利润，促进证券市场健康规范发展。
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第四篇：上市公司信息披露
上市公司信息披露
信息披露
信息披露主要是指公众公司以招股说明书、上市公告书以及定期报告和临时报告等形式，把公司及与公司相关的信息，向投资者和社会公众公开披露的行为。
1993年3月18日，中国证监会下达《关于股票公开发行与上市公司信息披露有关事项的通知》，要求指定报刊按规定刊登上市公司定期报告和临时报告。
信息披露作用
上市公司信息披露是公众公司向投资者和社会公众全面沟通信息的桥梁。目前，投资者和社会公众对上市公司信息的获取，主要是通过大众媒体阅读各类临时公告和定期报告。投资者和社会公众在获取这些信息后，可以作为投资抉择的主要依据。真实、全面、及时、充分地进行信息披露至关重要，只有这样，才能对那些持价值投资理念的投资者真正有帮助。
近年来，个别公司的信息披露出现了不够全面、及时和充分的情况。但最终，信息披露还是要以事实为依据的。因此，那些不够全面、及时和充分的信息披露，是不能长期维持的。虚假信息只能瞒一时，无法瞒一世。如果我们仔细阅读上市公司的信息，也能对少数公司信息披露中存在的问题有所发现，这样就可以避免一些投资失误。
尽管不少人认为我们的市场存在较大的投机成分，但股价的排序依旧有其合理的成分。我们常见媒体上有“年报行情”甚至“前年报行情”、“后年报行情”等提法。实际上，这些都属于由信息披露产生的客观影响。
基本义务
根据规定，上市公司应当履行以下信息披露的基本义务：
1．及时披露所有对上市公司股票价格可能产生重大影响的信息；
2．确保信息披露的内容真实、准确、完整而且没有虚假、严重误导性陈述或重大遗漏。
3．上市公司董事会全体成员必须保证信息披露内容真实、准确、完整，没有虚假、严重误导性陈述或重大遗漏，并就其保证承担连带赔偿责任。
披露信息
上市公司应当披露的信息包括：
1．首次披露——招股说明书
2．上市公告书
3．定期报告：包括报告、中期报告、季度报告
4．临时报告。
具体而言：
上市公司的信息披露主要分为定期报告和临时报告两类：定期报告包括报告和中期报告。中期报告分为前半个会计的半报告和季度报告。季度报告分为一季度（春季度）报告和三季度（秋季度）报告。
临时报告包括的内容和形式较为广泛。较为常见的有股东大会决议公告、董事会决议公告、监事会决议公告。其他重大事项也会由一些中介机构同时发布信息，如回访报告、评估报告和审计报告、律师见证报告，等等。
内容与格式
上市公司的信息披露在内容和格式上有一系列的要求。1993年6月10日，中国证监会《公开发行股票公司信息披露实施细则（试行）》出台。这是涉及上市公司信息披露内容与格式的第一个部门规章。此后，有关招股说明书、上市公告书、报告、中期报告等文件的内容与格式的规定相继发布。今后，还将陆续不断地进行修订和完善。
目前，相关的规章名称中通常有“发行证券公司信息披露内容与格式准则第XX号”字样。发行证券公司包括上市公司、暂停上市公司和拟上市公司。
披露媒体
目前，上市公司披露信息的平面媒体主要是中国证监会指定的一些专业报刊，如《中国证券报》、《上海证券报》、《证券时报》、《证券日报》等证券类报刊。
1999年起，上市公司的定期报告全文则在上海证券交易所网站（.cn）和巨潮资讯网（.cn）发布。目前，上市公司的临时报告也可以在这两个网站找到。投资者和社会公众可以通过指定报刊和网站，找到自己需要的信息。
公告审核
交易所对上市公司定期报告实行事后审核，对临时报告实行事前审核。
定期报告
报告
公告时间：上市公司在每个会计结束之日起四个月内编制完成报告。
公告媒体：在指定报纸披露报告摘要，同时在中国证监会指定的网站上披露其全文。交易所在规定的期限内安排各上市公司披露的时间顺序。
审计要求：报告必须经会计师事务所审计并出具报告。
公告形式：
报告应当制成正本和摘要两种形式，其格式和内容按中国证监会《公开发行股票公司信息披露的内容与格式准则第二号＜报告的内容与格式＞》的规定编制。规定如有修订，按修订后的规定执行。审核：交易所所对上市公司报告实行事前登记、事后审核。
上市公司的报告在至少一种指定报纸上刊登报告摘要并在指定网站上披露报告全文。中期报告
公告时间：于每个会计的上半年结束之日起二个月内编制完成中期报告并公告。
公告媒体：在指定报纸披露。
公告要求：中期报告的格式和内容按中国证监会《公开发行股票公司信息披露内容与格式准则第三号＜中期报告的内容与格式＞》以及有关通知的规定编制。规定如有修订，按修订后的规定执行。审计要求：可以不经会计师事务所审计。
但有下列情形之一的，必须经会计师事务所审计：
1．拟在下半年进行利润分配或公积金转增的；
2．中国证监会或交易所认为应当审计的其他情形。
季度报告
公告时间：公司在会计前三个月、九个月结束后的三十日内编制季度报告。
公告媒体：，并将季度报告正文刊载于中国证监会指定的报纸上，将季度报告全文（包括正文及附录）刊载于中国证监会指定的互联网网站上。
公告要求：
1．季度报告是中期报告的一种。根据季度报告的特点，季度报告注重披露公司新发生的重大事项，一般不重复已披露过的信息。对已在前一定期报告或临时报告中披露过的重大事项，只需注明该报告刊载的报刊、互联网网站的名称与刊载日期。
2．公司编制季度报告中的财务资料部分时，无需披露财务数据与指标；无需披露完整的财务报表，但应披露简要的合并利润表与合并资产负债表。
3．公司管理层编制季度报告中的经营情况阐述与分析部分时，应遵循有关规定。
4．公司无需披露《中期报告的内容与格式准则》中其他有关经营情况回顾与展望以及重要事项部分所要求披露的内容。
5．公司无需编制季度报告摘要。
审计要求：公司季度报告中的财务资料无需经审计，但中国证监会或证券交易所另有规定的除外。如拟在下半年进行利润分配或公积金转增的。
临时报告
董事会、监事会、股东大会决议公告
关注要点：
（一）股东大会公告
召开股东大会公告应关注：
1．会议召开时间2．会议召开地点3．会议方式4．重大提案
（二）股东大会决议公告
股东大会决议公告应关注：
1．会议召开和出席情况
股东大会召开的时间和地点，出席会议的股东及股东授权委托代表人数，代表股份数量，占公司有表决权股份总数的比例，是否符合《公司法》及《公司章程》的规定，大会主持情况等。
2．提案审议情况
（1）每项提案的表决情况，包括同意、反对和弃权的具体情况以及占出席股东大会有表决权股份总数的比例。涉及逐项表决的提案，披露逐项表决的结果。
（2）股东大会就关联交易进行表决的，扣除关联股东所持表决权后介绍提案的表决情况。
（3）对股东提案做出决议的，注意提案股东的姓名或名称，持股比例和提案内容。
（4）发行境内上市外资股的公司，注意内资股股东和外资股股东的表决情况。
3．公证或者律师见证情况
注意股东大会见证的律师事务所和律师名称，出具的结论性意见。
注意事项：
1．本次会议是否有否决或修改提案的情况；
2．本次会议是否有新提案提交表决。
3．提出新提案的股东名称、持股数量与比例、提出的时间（若有）
4．新提案主要内容（若有）
（三）公告时间
董事会会议、监事会会议在会后两个工作日内在指定报纸上公布。
股东大会决议公告在会议结束当日报送交易所，经审核后在指定报纸上刊登。
（四）公告形式
股东大会决议公告：
写明出席会议的股东人数、所持股份及占上市公司有表决权总股本的比例，以及每项议案的表决方式和表决统计结果。对股东提案做出决议的，列明提案股东的名称或姓名、持股比例和提案内容。
发行B股的上市公司还在公告中说明股东会议通知情况、上市公司A股股东和B股股东出席会议及表决情况。
上市公司董事会决议涉及须经股东大会表决的事项的，必须公告。
对外（含委托）投资公告
（一）关注要点
1．对方名称（合作投资的其他有关各方、受委托方）
2．投资数量
3．投资期限（起始日和结束日）
4．投资项目名称
5．投资收益率
6．其他需提示的重要事项
（二）公告内容
1．对外（委托）投资概述
2．投资协议主体
3．投资标的的基本情况
4．对外（委托）投资合同的主要内容
5．对外（委托）投资的目的和对公司的影响
（三）注意事项
1．对外（委托）投资概述中注意投资是否构成关联交易等。董事会审议投资议案的表决情况；交易生效所必需的审批程序，诸如是否需经过股东大会批准或政府有关部门批准等。
2．投资协议主体介绍中关注除上市公司本身以外的投资协议（委托协议）主体的基本情况。如属于关联交易，留意关联关系。
3．留意出资方式。
留意主要投资人或股东出资的方式；涉及用实物资产或无形资产出资的内容；涉及用股权出资的内容。如果是投资具体项目，项目的具体内容，投资进度，可行性分析和市场前景。
4．合同主要条款内容。
包括投资金额、支付方式、合同的生效条件、生效时间，合同的履行期限，投资回收期限，收益率，收益分配方式，以及合同中的其他重要条款。
如涉及非现金方式出资，阅读定价政策。定价政策主要说明制定成交价格的依据。
5．对外（委托）投资的目的和对公司的影响
关注公司对外（委托）投资的意图，投资的资金来源，该项投资可能产生的风险，如投资项目因市场、技术、环保、财务等因素引致的风险，股权投资及与他人合作的风险，项目管理和组织实施的风险等，对上市公司本期和未来财务状况和经营成果的影响
第五篇：上市公司信息披露管理办法
上市公司信息披露管理办法
Administrative Measures on Information Disclosure by Listed Companies China Securities Regulatory Commission Order No.40 January 2007
CHAPTER 1-GENERAL PRINCIPLES
Article 1 These Measures are formulated pursuant to the provisions of the Company Law, the Securities Law and other relevant laws and administrative regulations for the purposes of standardising information disclosure by issuers, listed companies and other information disclosure obligors, strengthening administration over information disclosure matters and protecting the lawful rights and interests of investors.Article 2 Information disclosure made by obligors shall be truthful, accurate, complete and timely, and the information disclosed shall not contain any falsehood, misleading statement or major omission.Information disclosure made to all investors by obligors shall be public and simultaneous.Where a listed company issues securities and derivatives in the China or overseas stock markets, the information disclosure made in an overseas stock market must simultaneously be made in the China stock market.Article 3 The directors, supervisors and senior management personnel of issuers and listed companies shall perform their duties faithfully and diligently, and ensure the veracity, accuracy, completeness, timeliness and impartiality of the information disclosed.Article 4 No person with knowledge of inside information shall, prior to a lawful disclosure of inside information, make public or disclose such information or conduct insider trading with such information.Article 5 Information disclosure documents mainly include the prospectus, listing memorandum, listing announcement, regular reports and interim reports.Article 6 Listed companies and other information disclosure obligors shall submit the draft public announcement and the relevant documents for inspection to the stock exchange for registration when making information disclosure pursuant to law, and make the announcement on media designated by the China Securities Regulatory Commission（hereinafter referred to as the “CSRC”）.The timing of the information announced on the corporate website and other media by an information disclosure obligor shall not precede the announcement of such information in the designated media;the reporting and public announcement duties may not be in the form of a press conference or reply to questions posed by reporters or in any other form;and the duty to make interim reports may not be substituted with a regular report.Article 7 Information disclosure obligors shall submit the draft public announcement and the relevant documents for inspection to the securities regulatory bureau at the place of registration of the listed company, and make copies of the same available at the company address for inspection by members of the public.Article 8 Information disclosure documents shall be written in text.Where an information disclosure document is also written in a foreign text, the information disclosure obligor shall ensure the consistency of the contents in both versions.Where any inconsistency arises between the two versions, the text shall prevail.Article 9 The CSRC shall supervise and inspect information disclosure documents, public announcements and the management of information disclosure matters pursuant to law;and supervise and inspect the conduct of controlling shareholders, actual controlling parties and information disclosure obligors of listed companies.The stock exchange shall supervise and inspect the information disclosure activities of listed companies and other information disclosure obligors and urge them to make timely and accurate information disclosure pursuant to the law;and implement real-time monitoring of securities and derivatives transactions.The listing rules and other information disclosure rules formulated by the stock exchange must be submitted to the CSRC for approval.Article 10 The CSRC may make special provisions for information disclosure by listed companies in the financial, real estate and other special industries.CHAPTER 2-PROSPECTUS`
LISTING
MEMORANDUM
AND
LISTING ANNOUNCEMENT
Article 11 Prospectuses prepared by issuers shall comply with the relevant provisions of the CSRC.Any information which may significantly affect the investment decision of an investor must be disclosed in the prospectus.The issuer shall, upon approval of the securities public offering application by the CSRC, make a public announcement of the prospectus prior to the securities offering.Article 12 The directors, supervisors and senior management personnel of an issuer shall sign and endorse the prospectus and ensure the veracity, accuracy and completeness of information disclosed therein.The prospectus shall have the company seal of the issuer affixed.Article 13 Where an issuer applies for initial public offering, the issuer shall, upon acceptance of the application documents by the CSRC but prior examination by the offering review committee, disclose a draft declaration of the prospectus on the CSRC website in advance.The draft declaration of the prospectus disclosed in advance is not a formal document for issuance of shares by the issuer and shall not include any pricing information;and the issuer shall not issue shares based on the draft declaration of the prospectus.Article 14 Where an important matter occurs during the period after the CSRC approves the issuance of securities application but before issuance is complete, the issuer shall submit a written explanation to the CSRC;and a revised prospectus or a corresponding supplementary public announcement must be made upon the consent of the CSRC.Article 15 Where an application is for a listing of securities, a listing announcement shall be formulated pursuant to the provisions of the stock exchange and a public announcement must be made upon examination and approval by the stock exchange.The directors, supervisors and senior management personnel of the issuer shall sign and endorse the listing announcement and ensure the veracity, accuracy and completeness of the information disclosed therein.The listing announcement shall have the company seal of the issuer affixed.Article 16 Where a prospectus or listing announcement quotes the expert opinion or report of the sponsor or a securities services organisation, the relevant contents must be consistent with the contents of the document issued by the sponsor or securities services organisation;and the issuer shall ensure that the quoted opinion of the sponsor or securities services organisation is not misleading.Article 17 The provisions of Article 11 to Article 16 on prospectuses shall apply to listing memorandums for corporate bonds.Article 18 A listed company shall, upon making a private issuance of new shares, disclose a report on the circumstances of issuance pursuant to law.CHAPTER 3-REGULAR REPORTS
Article 19 Regular reports to be published by a listed company shall include annual reports, half-yearly reports and quarterly reports.Any information which may significantly affect the investment decision of an investor must be disclosed therein.The financial accounting report in the annual report must be audited by an accounting firm qualified to audit securities and futures business activities.Article 20 The annual report must be prepared and published within four months after the end of each accounting year;the half-yearly report must be prepared and published within two months after the end of the first half of each accounting year;and the quarterly report shall be prepared and published within one month after the end of each accounting year's third and ninth months.The time of publication of the first quarterly report shall not be earlier than the time of publication of the annual report for the preceding year.Article 21 An annual report shall contain the following contents:
（1）basic information of the company;
（2）key accounting data and financial indices;
（3）information on shares and bonds issued by the company and the changes thereto;the total number of shares and bonds and shareholders at the end of the reporting period;and information on the shareholding held by the ten largest shareholders of the company;
（4）information on shareholders holding 5% or more of the shares, controlling shareholders and actual controlling parties;
（5）information on the appointment of directors, supervisors and senior management personnel, their changes in shareholding and their annual remuneration;
（6）the board of directors report;
（7）the discussions and analyses of the management;
（8）significant events that occurred during the reporting period and their effect on the company;
（9）the financial accounting report and audit report in full text;and
（10）any other matter stipulated by the CSRC.Article 22 A half-yearly report shall contain the following contents:
（1）basic information of the company;
（2）key accounting data and financial indices;
（3）information on shares and bonds issued by the company and the changes thereto;the total number of shareholders;the information on the shareholding held by the ten largest shareholders of the company;and the changes to the controlling shareholders and actual controlling parties of the company;
（4）the discussions and analyses of the management;
（5）the major matters in litigation or arbitration and other significant events that occurred during the reporting period and their effect on the company;
（6）the financial accounting report;and
（7）any other matter stipulated by the CSRC.Article 23 A quarterly report shall contain the following contents:
（1）basic information of the company;
（2）key accounting data and financial indices;and
（3）any other matter stipulated by the CSRC.Article 24 The directors and senior management personnel of a company shall sign and endorse regular reports;and the board of supervisors shall issue a written review opinion that sets out whether the preparation and review procedures of the board of directors comply with the laws and regulations and the provisions of the CSRC and whether the contents of the report are a true, accurate and complete reflection of the actual status of the listed company.Where the directors, supervisors and senior management personnel are unable to ensure the veracity, accuracy and completeness of a regular report or differing views are held, their reasons and opinions shall be stated and disclosed.Article 25 Where a listed company foresees a loss or any major change to its operating results, a timely business result forecast must be made.Article 26 Where business results are leaked before disclosure in the regular report or where rumours on business results and unusual fluctuations in the company's securities and derivatives transactions exist, the listed company must timely disclose the relevant financial data for the current reporting period.Article 27 Where a qualified audit report is issued in respect of the financial accounting report in a regular report, the board of directors of the company shall provide a special explanation on the matters to which the audit opinion relates.Where a qualified audit report is issued in respect of the financial accounting report in a regular report and the stock exchange believes an illegality exists, the stock exchange shall request the CSRC to open a case file for investigation.Article 28 Where a listed company fails to publish an annual report or a half-yearly report within the stipulated period, the CSRC shall immediately open a case file and conduct investigation, and the stock exchange shall handle the case pursuant to the listing rules for shares.Article 29 The templates and preparation rules for annual reports, half-yearly reports and quarterly reports shall be formulated by the CSRC separately.CHAPTER 4-INTERIM REPORTS
Article 30 Where the occurrence of a significant event is likely to have a relatively large effect on the trading prices of a company's securities and derivatives, and the investors have yet to be informed, the listed company shall timely make a disclosure;and state the cause, the current status and the likely effect of the event.A significant event referred in the preceding paragraph shall include:
（1）a significant change in the business direction and scope of business of the company;
（2）a significant property investment or acquisition decision made by the company;
（3）a major contract concluded by the company that may significantly affect the assets, liabilities, rights and interests and business results of the company;
（4）a significant debt incurred by the company for liability in default or liability for compensation and the inability to pay off the significant amount of debt incurred that is due and owing;
（5）a heavy financial deficit or loss suffered by the company;
（6）a significant change to the external conditions of production business operations of the company;
（7）a change in the directors, one-third or more of the supervisors or managers;or the chairman or managers' inability to perform their duties;
（8）a substantial change to the shareholders holding 5% or more of the company's shares, the company's de facto controllers or the control of the company;
（9）a capital reduction, merger, division, dissolution or bankruptcy application decision of the company;or the commencement of bankruptcy proceedings by the company or the order for closure of the company pursuant to law;
（10）a revocation or invalidity declaration pursuant to law of a resolution passed by the board of directors or a general meeting for a major company matter in litigation or arbitration;
（11）an investigation of the company by the relevant authorities for an alleged violation of law or regulation, or the imposition of a criminal penalty or severe administrative penalty on the company;or an investigation of any of the company's directors, supervisors or senior management personnel by the relevant authorities for an alleged violation of law or regulation, or the imposition of an enforcement measure;
（12）newly promulgated laws, rules, regulations or industry policies that may significantly affect the company;
（13）relevant resolutions on the issuance of new shares, any other refinancing scheme or share option scheme passed by the board of directors;
（14）a ruling by the court on the prohibition of transfer of shares held by a controlling shareholder;or where the shares of any shareholder with 5% or more of the company's shares have been pledged, frozen, put into judicial auction or receivership, placed under a trust, or the voting rights of such shares have been restricted pursuant to law;
（15）a seal, seizure, freezing, mortgage or pledge of the main assets;
（16）a suspension of the main or entire business operations;
（17）a significant guarantee provided to an external party;
（18）a receipt of large-sum government subsidies that may yield extra gains, and which, significantly affects the assets, liabilities, rights and interests or business result of the company;
（19）a change in accounting policies or accounting estimates;
（20）a correction ordered by the relevant authorities or decided by the board of directors, for errors or false information disclosed or a failure to disclose in a previous period;and
（21）any other circumstance stipulated by the CSRC.Article 31 A listed company shall perform, the duty of information disclosure of a significant event, as soon as any of the following circumstances arise:
（1）when the board of directors or board of supervisors pass a resolution on the significant event;
（2）when the relevant parties conclude a letter of intent or agreement in respect of the significant event;or
（3）when the directors, supervisors or senior management personnel become aware and report the significant event.The listed company shall timely disclose the status of all relevant matters and risk factors which may affect the development of the significant event where any of the following circumstances occur before the events mentioned in the preceding paragraph:
（1）keeping the significant event confidential is difficult;
（2）the significant event has been divulged or a rumour thereto surfaces in the market;or
（3）trading activity in the securities and derivatives of the company is unusual.Article 32 Where the listed company has disclosed a significant event and the disclosure may develop or change the trading prices of a listed company's securities and derivatives substantially, the development or change and the likely effect must be disclosed timely.Article 33 Where a significant event as mentioned under Article 30, occurring to a subsidiary controlled by a listed company, may substantially affect the trading prices of the listed company's securities and derivatives, the listed company shall have a duty to disclose the information.Where a significant event occurring to a joint stock company of a listed company may substantially affect the trading prices of the listed company's securities and derivatives, the listed company shall have a duty to disclose the information.Article 34 Where any acquisition, merger, division, issuance of shares, share buyback or other conduct involving a listed company may result in a significant change to the total share capital, shareholders or de facto controllers of the listed company, the information disclosure obligors shall perform reporting and announcement obligations and disclose the changes in rights and interests pursuant to law.Article 35 A listed company shall monitor any unusual trading activity in the securities and derivatives of the company and media reports on the company.Where any unusual securities and derivatives trading activity or media news may significantly affect trading of the company's securities and derivatives, the listed company shall timely gather the facts from the relevant parties and make written queries where necessary.The controlling shareholders, de facto controllers of the listed company and other persons acting in concert shall timely and accurately notify the listed company of any proposed equity transfer, assets restructuring or other significant event, and cooperate with the listed company in making proper information disclosure.Article 36 Where the CSRC or the stock exchange deems the trading of any securities and derivatives of a company as unusual, the listed company shall timely assess the factors which caused such unusual securities and derivatives transactions and make a timely disclosure.CHAPTER 5-ADMINISTRATION OF INFORMATION DISCLOSURE MATTERS
Article 37 Listed companies shall formulate a system of managing information disclosure matters.The system of managing information disclosure matters shall include:
（1）defining the information to be disclosed by the listed company and determining the disclosure standards;
（2）the procedures for the transmission, review and disclosure of information that has yet to be made public;
（3）the duties of the information disclosure department and its person-in-charge of information disclosure;
（4）the reporting, review and disclosure duties of the directors, board of directors, supervisors, board of supervisors and senior management personnel;
（5）the system of recording and maintaining records of the duties performed by the directors, supervisors and senior management personnel;
（6）the measures for maintaining the confidential undisclosed information, and the scope and duties of confidence of insiders with confidential information;
（7）the internal systems of control and supervision over financial management and accounting functions;
（8）the procedures for the application, examination and release of information to external parties;and the modes of communication with investors, securities services organisations and the media;
（9）the system of archiving documents and materials relevant to information disclosure;
（10）the systems of managing and reporting information disclosure matters involving subsidiaries;and
（11）the system of accounting for information disclosure failures pursuant to the provisions and the actions to be taken against personnel who violate the provisions.The listed company's system of managing information disclosure matters shall be reviewed and adopted by the board of directors, and filed for records with the securities regulatory authorities at the place of registration and the stock exchange.Article 38 The directors, supervisors and senior management personnel of a listed company shall, be diligent and responsible, monitor the preparation of information disclosure documents, ensure timely disclosure of regular reports and interim reports within the stipulated periods, cooperate with the listed company and other information disclosure obligors in their performance of information disclosure obligations.Article 39 A listed company shall formulate the preparation, review and disclosure procedures for regular reports.The managers, person-in-charge of finance, secretary to the board of directors and other senior management personnel shall timely prepare drafts of the regular reports for review by the board of directors;the secretary to the board of directors shall be responsible for delivering the drafts to the directors for review;the chairman shall be responsible for convening and chairing a board of directors meeting to review a regular report;the board of supervisors shall be responsible for reviewing regular reports prepared by the board of directors;the secretary to the board of directors shall be responsible for organising the disclosure of regular reports.Article 40 A listed company shall formulate the reporting, transmission, review and disclosure procedures for significant events.When the directors, supervisors and senior management personnel become aware of a significant event, they shall immediately perform reporting obligations pursuant to the provisions of the company;upon receipt of the report, the chairman shall brief the board of directors immediately and urge the secretary to the board of directors to organise disclosure of the interim report.Article 41 A listed company may communicate its business result, financial status or any other matter with any organisation or individual through, a results presentation, analysts' meeting, road show, investor participation in research and investigation or any other method but no insider information must be provided.Article 42 Directors must understand and monitor, the company's business operation results and financial status, the significant events that have occurred or may occur and their effects, and actively investigate and obtain information required for decision making.Article 43 Supervisors shall supervise the duties of information disclosure performed by directors and senior management personnel of the company;and investigate any information disclosure in violation of law and regulations and propose the actions to be taken, when monitoring the circumstances for information disclosure.The written review opinion on a regular report by the board of supervisors must state whether preparation and review procedures comply with the laws, administrative regulations and provisions of the CSRC, and whether the contents of the report truthfully, accurately and completely reflect the actual status of the listed company.Article 44 Senior management personnel shall timely report any significant event pertaining to the company's business operations or finances, any development or change in a disclosed matter, and other relevant information to the board of directors.Article 45 The secretary to the board of directors shall be responsible for the organisation and coordination of a company's information disclosure matters, the collation of information to be disclosed by the listed company and reporting of the same to the board of directors, and the monitoring of media reports on the company, with those reports actively verified against the facts.The secretary to the board of directors shall have the right of participation in general meetings, meetings of the board of directors, meetings of the board of supervisors and the relevant meetings of the senior management personnel, and the right to ascertain the company's business and financial status as well as inspect all documents relating to information disclosure matters.The secretary to the board of directors shall be responsible for all matters relating to the dissemination of information to external parties by the listed company.Other than public announcements by the board of supervisors, information disclosed by a listed company shall be made in the form of a public announcement by the board of directors.Unless the board of directors authorise in writing, the directors, supervisors and senior management personnel shall not disseminate undisclosed information to external parties.A listed company shall facilitate the duties performed by the secretary to the board of directors;the person-in-charge of finance shall cooperate with the secretary to the board of directors in information disclosure work related to finance.Article 46 The shareholders or de facto controllers of a listed company shall actively notify the board of directors of the listed company and cooperate with the listed company in its performance of information disclosure obligations where any of the following events occur:
（1）there is a substantial change in the shareholding or controlling stake of a shareholder with 5% or more of the company's shares or a de facto controller;
（2）the transfer of shares held by a controlling shareholder is prohibited by a court ruling;or the shares of a shareholder with 5% or more of the company's shares are pledged, frozen, put under judicial auction or receivership, placed under a trust, or are restricted in voting rights pursuant to the law;
（3）significant restructuring of assets or business of the listed company is proposed;
（4）any other circumstance stipulated by the CSRC.Where relevant information has been circulating in the media or there is unusual trading in a company's securities and derivatives prior to the disclosure of information pursuant to the law, the shareholders or de facto controllers shall timely submit an accurate written report to the listed company and timely make an accurate public announcement in cooperation with the listed company.The shareholders or de facto controllers of the listed company shall not abuse their shareholder rights or dominate their positions or require the listed company to provide them with insider information.Article 47 When a listed company makes a private issuance of shares, the controlling shareholders, de facto controllers and target audience shall timely provide the relevant information to the listed company and cooperate with the listed company in its performance of information disclosure obligations.Article 48 The directors, supervisors, senior management personnel, shareholders with 5% or more of shares and persons acting in concert with such shareholders and de facto controllers of a listed company shall timely submit a list of the listed company's interested parties and an explanation of the interested party relationships to the board of directors of the listed company.The listed company shall perform review procedures for interested party transactions and strictly implement a system of vote abstention in interested party transactions.The parties to an interested party transaction must not circumvent the listed company's interested party transaction review procedures and information disclosure obligations by concealing the interested party relationship or by any other means.Article 49 Where 5% or more of the shares of a listed company are held by a shareholder or de facto controller through acceptance of an entrustment or by any other means under a trust, the shareholder or de facto controller must timely notify the listed company of the settlor's details and cooperate with the listed company in its performance of information disclosure obligations.Article 50 Information disclosure obligors shall provide all information relating to the practice of their sponsor or securities services organisation and ensure the veracity, accuracy and completeness of the information without any refusal, concealment or falsehood.Where a sponsor or securities services organisation discovers at the time of issue of a specialised document for information disclosure that the information provided by a listed company or an obligor of information disclosure contains a false record, misleading statement, major omission or any other major violation of law, it shall request for a supplementation or correction of the information.Where the information disclosure obligor refuses to make a supplementation or correction, the sponsor or securities services organisation shall timely report the matter to the securities regulatory authorities and the stock exchange.Article 51 Where a listed company terminates the engagement of an accounting firm, the accounting firm must be notified timely after a resolution by the board of directors is passed;the accounting firm shall be allowed to make representations where a resolution for the termination of engagement of the accounting firm is passed at a general meeting of the company.Where a resolution for the termination or change of an accounting firm is passed at a general meeting, the listed company shall specifically state the reasons for change and the representations by the accounting firm.Article 52 The sponsors and securities services organisations that issue specialised documents to aid information disclosure obligors in their performance of information disclosure obligations shall be diligent, responsible, honest and trustworthy;and issue expert opinions in compliance with the business rules, industry codes of practice and ethics formulated pursuant to the law;and ensure the veracity, accuracy and completeness of the documents issued.Article 53 Certified public accountants shall practise risk-oriented audits;strictly comply with the practising standards and relevant provisions for certified public accountants;improve authentication procedures;scientifically select identification methods and techniques;fully understand the organisation in question and its environment;carefully examine the risks to significant reporting errors;obtain adequate and appropriate evidence;and issue reasonable examination conclusions.Article 54 Asset valuation firms shall uphold professional ethics, strictly comply with valuation standards or other valuation norms, and select appropriate valuation methods;ensure that assumptions made during a valuation match actual conditions;provide adequate evidence on the legitimacy of transactions, incomes, expenditures, investments, etc, involving a subject under valuation and obtain evidence on the reliability of their forecasts;and give full consideration to the probabilities of the various future outcomes and their effects when making a reasonable valuation.Article 55 No organisation or individual shall illegally obtain, provide or transmit a listed company's insider information;or make use of insider information to trade, or recommend others to trade, in the company's securities and derivatives` or make use of insider information for any investment analysis report, research report or other document.Article 56 The media shall report on listed companies objectively and factually, and serve as a public opinion supervisory function.No organisation or individual shall provide or transmit false or misleading information on a listed company to investors.Where an investor suffers loss as a result of violation of any of the two preceding paragraphs, liability for compensation shall be borne pursuant to law.CHAPTER 6-SUPERVISION AND ADMINISTRATION AND LEGAL LIABILITY
Article 57 The CSRC may request a listed company and other information disclosure obligors or the directors, supervisors or senior management personnel of the listed company, to provide explanation, clarification or the relevant materials, on the relevant information disclosure issues, and request the listed company to provide the expert opinion of the sponsor or the securities services organisation.Where the CSRC doubts the veracity, accuracy or completeness of a document issued by the sponsor or the securities services organisation, the CSRC may inspect the working draft of the document and request the relevant organisation to provide explanation or supplementation.The listed company and the other information disclosure obligors, sponsors and securities services organisations shall reply timely, and cooperate with the CSRC in any inspection and investigation.Article 58 The directors, supervisors and senior management personnel of a listed company are responsible for the veracity, accuracy, completeness, timeliness and impartiality of information disclosed by the company, unless there is sufficient evidence to prove that they have performed their duties diligently and responsibly.The chairman, managers and secretary to the board of directors of a listed company are mainly responsible for the veracity, accuracy, integrity, timeliness and impartiality of information disclosed by the company via interim reports.The chairman, managers and person-in-charge of finance of a listed company is mainly responsible for the veracity, accuracy, completeness, timeliness and impartiality of a company's financial reports.Article 59 The CSRC may adopt the following regulatory measures against, the information disclosure obligors, their directors, supervisors and senior management personnel;and the listed company's shareholders, de facto controllers, offerors and their directors, supervisors and senior management personnel, for any violation of the provisions of these Measures:
（1）order for corrective action;
（2）regulatory dialogue;
（3）issue of warning letters;
（4）record in the creditworthiness database the details of the offence or the failure to perform the public undertaking and make a public announcement;
（5）blacklist the offender as an inappropriate candidate;
（6）adopt any other regulatory measure pursuant to law.Article 60 Where a listed company fails to establish a system of managing information disclosure matters pursuant to the provisions of these Measures, the CSRC may order the company to take corrective action;where the company refuses to take corrective action, the CSRC shall issue a warning or impose a fine.Article 61 Where an information disclosure obligor fails to perform information disclosure obligations within the stipulated period or makes information disclosure with falsehoods, misleading statements or major omissions, the CSRC shall impose a penalty pursuant to the provisions of Article 193 of the Securities Law.Article 62 Where an information disclosure obligor fails to submit the relevant reports within the stipulated period or where the submitted reports contain falsehoods, misleading statements or major omissions, the CSRC shall impose a penalty pursuant to the provisions of Article 193 of the Securities Law.Article 63 Where a listed company conceals interested party relationships or circumvents information disclosure or reporting obligations through other means, the CSRC shall impose a penalty pursuant to the provisions of Article 193 of the Securities Law.Article 64 Where a shareholder or de facto controller of a listed company fails to cooperate with the listed company in its performance of information disclosure obligations pursuant to law, or makes an illegal request for insider information from the listed company, the CSRC shall order the person to take corrective action, issue a warning or impose a fine.Article 65 Where the specialised documents issued by a sponsor or securities services organisation and its personnel for the performance of information disclosure obligations by information disclosure obligors violate the provisions of the Securities Law, administrative regulations and the provisions of the CSRC, the CSRC shall order corrective action to be taken, hold a regulatory dialogue, issue a warning letter, record the matter in the creditworthiness database or take other regulatory measures pursuant to law;and administrative penalties shall be imposed by the CSRC pursuant to law where appropriate.Article 66 Where any organisation or individual divulges insider information of a listed company or makes use of insider information to trade in securities and derivatives, the CSRC shall impose penalties pursuant to the provisions of Article 201 and Article 202 of the Securities Law.Article 67 Where market order is disrupted by false information prepared or transmitted by an organisation or individual, or false or non-objective information broadcasted by the media, the CSRC shall impose penalties pursuant to the provisions of Article 206 of the Securities Law.Where false representations or misleading statements are made in the course of securities and derivatives trading, the CSRC shall impose penalties pursuant to the provisions of Article 207 of the Securities Law.Article 68 Where a person allegedly extorts or blackmails a listed company through news reports or any other means of broadcasting, the CSRC shall order the person to take corrective action and issue a regulatory recommendation to the relevant authorities;and the relevant authorities shall impose legal liability pursuant to law.Article 69 Where a listed company or information disclosure obligor violates the provisions of these Measures under serious circumstances, the CSRC may bar the relevant accountable personnel from entering the stock market.Article 70 Where a violation of these Measures constitutes a criminal offence, the case shall be transferred to the judicial authorities pursuant to law and criminal liability shall be imposed.CHAPTER 7-SUPPLEMENTARY PROVISIONS
Article 71 The respective definitions for the following terms used in these Measures are as follows:
（1）“Sponsors and securities services organisations that issue specialised documents to aid information disclosure obligors in their performance of information disclosure obligations” shall mean a sponsor, an accounting firm, an asset valuation firm, a law firm, a financial consultancy firm or a credit rating firm which issues sponsor letters, audit reports, asset valuation reports, legal opinions, consultant financial reports, credit rating reports, etc, for securities issuance, listing, trading and other securities business activities.（2）“Timely” shall mean a duration of two market days, effective from the date of commencement of a stipulated period or from the date of an event triggering disclosure.（3）A “listed company's interested party transaction” shall mean a transfer of resources or obligations between a listed company or subsidiary controlled by the listed company and an interested party.Interested parties shall include interested legal persons and interested natural persons.A legal person that satisfies any of the following conditions shall be deemed as an interested legal person of the listed company:
（i）a legal person that directly or indirectly controls the listed company;
（ii）a legal person other than the listed company or a subsidiary controlled by the listed company, which is directly or indirectly controlled by a legal person in the preceding paragraph;
（iii）a legal person other than the listed company or a subsidiary controlled by the listed company, which is directly or indirectly controlled by an interested natural person or a director or senior management personnel;
（iv）a legal person that holds 5% or more of the shares of the listed company or a person that acts in concert;
（v）a legal person that satisfies any of the aforesaid conditions during the past 12 months or will satisfy any of the aforesaid conditions within the next 12 months pursuant to a relevant agreement;or
（vi）any other legal person deemed by the CSRC, the stock exchange or the listed company as having a special relationship with the listed company according to the substance over form principle, which causes or may cause a disequilibrium of interests of the listed company.A natural person that satisfies any of the following conditions shall be deemed as an interested natural person of the listed company:
（i）a natural person who directly or indirectly holds 5% or more of the shares of the listed company;
（ii）a director, supervisor or senior management personnel of the listed company;
（iii）a director, supervisor or senior management personnel of a legal person that controls the listed company directly or indirectly;
（iv）family members that have a close relationship with a natural person stipulated in items（i）and（ii）above, including spouses, parents, children aged 18 years and above and their spouses, siblings and their spouses, parents-in-law, spouses' siblings and the children's parents-in-law;
（v）a natural person who satisfies any of the aforesaid conditions during the past 12 months or will satisfy any of the aforesaid conditions in the next 12 months pursuant to a relevant agreement;or（vi）any other natural person deemed by the CSRC, the stock exchange or the listed company as having a special relationship with the listed company according to the substance over form principle, which causes or may cause a disequilibrium of interests of the listed company.（4）designated media refers to newspapers and websites designated by the CSRC.Article 72 These Measures shall be effective from the date of promulgation.The Implementation Regulations for Information Disclosure by Companies Making Public Offering of Shares（Trial Implementation）（Zhengjianshangzi（1993）43）, the Notice on Issues relating to Information Disclosure by Companies Making Public Offering of Shares and Listed Companies（Zhengjianyanzi（1993）19）, the Notice on Strengthening Examination of Interim Reports of Listed Companies（Zhengjianshangzi（1996）26）, the Notice on Several Issues relating to Issuance of Clarification Public Announcements by Listed Companies（Zhengjianshangzi（1996）28）, the Notice on Archiving of Electronic Files of Disclosure by Listed Companies（Zhengjianxinzi（1998）50）, the Notice on Further Strengthening of Regulation of Information Disclosure by ST and PT Companies（Zhengjiangongsizi（2000）63）, the Notice on Issues relating to Half-yearly Reports by Listed Companies Proposing to Issue New Shares（Zhengjiangongsizi（2001）69）and the Notice on Filing of Interim Public Announcements and the Relevant Appendices by Listed Companies with CSRC Branches（Zhengjiangongsizi（2003）7）shall be repealed simultaneously.001）69）and the Notice on Filing of Interim Public Announcements and the Relevant Appendices by Listed Companies with CSRC Branches（Zhengjiangongsizi（2003）7）shall be repealed simultaneously.001）69）and the Notice on Filing of Interim Public Announcements and the Relevant Appendices by Listed Companies with CSRC Branches（Zhengjiangongsizi（2003）7）shall be repealed simultaneously.001）69）and the Notice on Filing of Interim Public Announcements and the Relevant Appendices by Listed Companies with CSRC Branches（Zhengjiangongsizi（2003）7）shall be repealed simultaneously.001）69）and the Notice on Filing of Interim Public Announcements and the Relevant Appendices by Listed Companies with CSRC Branches（Zhengjiangongsizi（2003）7）shall be repealed simultaneously.001）69）and the Notice on Filing of Interim Public Announcements and the Relevant Appendices by Listed Companies with CSRC Branches（Zhengjiangongsizi（2003）7）shall be repealed simultaneously.001）69）and the Notice on Filing of Interim Public Announcements and the Relevant Appendices by Listed Companies with CSRC Branches（Zhengjiangongsizi（2003）7）shall be repealed simultaneously.001）69）and the Notice on Filing of Interim Public Announcements and the Relevant Appendices by Listed Companies with CSRC Branches（Zhengjiangongsizi（2003）7）shall be repealed simultaneously.001）69）and the Notice on Filing of Interim Public Announcements and the Relevant Appendices by Listed Companies with CSRC Branches（Zhengjiangongsizi（2003）7）shall be repealed simultaneously.001）69）and the Notice on Filing of Interim Public Announcements and the Relevant Appendices by Listed Companies with CSRC Branches（Zhengjiangongsizi（2003）7）shall be repealed simultaneously.001）69）and the Notice on Filing of Interim Public Announcements and the Relevant Appendices by Listed Companies with CSRC Branches（Zhengjiangongsizi（2003）7）shall be repealed simultaneously.001）69）and the Notice on Filing of Interim Public Announcements and the Relevant Appendices by Listed Companies with CSRC Branches（Zhengjiangongsizi（2003）7）shall be repealed simultaneously.
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