[Editor’s note]The w88 login report disclosures of listed companies have made "own mistakes" and applied "patches", which have had a great negative impact on the market. We can no longer take it lightly, and we should take effective measures. Listed companies that disclose inaccurate, incomplete or even false information must be severely punished. In serious cases, corporate managers may even be held criminally liable. At the same time, a compensation mechanism for investors needs to be established.
Why are the w88 login reports so dense with “oolongs” and “patches”
Hao Xuguang
(Source:Shanghai Securities News 2014Year05month14日）
Review of Shanghai and Shenzhen listed companies2013In the process of w88 login report disclosure, making mistakes and applying "patches" has become a very prominent problem. The performance forecasts of many listed companies changed frequently, and some even changed from "profit" to "loss", causing stock prices to fluctuate violently and causing a huge gap in investors' expectations. GEM Baode Shares has even provided4version performance, last year10In the third quarterly report released in March, the company expected a loss for the full year800Wanzhi300Ten thousand. this year1month28The first revised announcement was released on the same day, saying2013Will be profitable in the year100Wanzhi600Ten thousand. And the performance report released one month later showed a big reversal and turned into a loss1300Ten thousand. When the final w88 login report was released, the losses became1105Ten thousand.
Optoelectronics Co., Ltd.1month29Estimated daily announcement2013w88 login net profit of approximately800010,000, a year-on-year increase25times, because the company divested itself of loss-making enterprises. However3month28The company issued another earnings revision on the same day,2013w88 login loss1.66Billion. With the macroeconomic situation improving, the company's operations actually turned from profits to losses, with fluctuations as high as2More than 100 million, not only investors are very dissatisfied, but even the company directors find it difficult to understand and accept. Shandong Molong originally expected2013The net profit for the year is2685Wanzhi9398Between ten thousand yuan. The revised announcement stated that the net profit was lost1.2Yizhi1.8100 million yuan.
Faced with such a performance forecast that turns from profit to loss, investors cannot help but wonder: Is this intentional or unintentional? What integrity can such a company have? How can this give investors confidence in the securities market and listed companies?
There are downward revisions and upward revisions. Boshen Tools in2013In the third quarter report, w88 login performance is expected to decline year-on-year30%To80%. After revision, the year-on-year increase is as high as100%To150%. Of course, above-expected performance is not a bad thing, but for ordinary investors who sold stocks due to the influence of the original poor performance forecast, it is suspected of being misled, and it also obviously violates the "three public obligations" principle.
According to date4month16Incomplete statistics of the day, there are more than50This company made an "own mistake" in the process of disclosing its w88 login report and made a "patch" in the w88 login report.4month16Published on "2013A food company that announced the correction of its w88 login report in 2018 made the correction in one go11data. And I don’t say what I should say, and I talk nonsense about what I shouldn’t say.
Performance forecasts are constantly changing, and w88 login reports often include "own errors" and "patches", which will send wrong messages to the market, cause abnormal fluctuations in stock prices, harm the interests of investors, and severely damage the image of listed companies. More importantly, the continuous "own errors" and "patches" in the information disclosure process not only mislead investors, but also easily breed fraud and manipulation, seriously interfering with the healthy development of the securities market.
Inspecting the phenomenon of "own errors" and "patches" in the w88 login reports of Shanghai and Shenzhen listed companies, it is not difficult to find that they are often concentrated in companies that rely on non-recurring income such as government subsidies and asset disposals, or companies with large one-time accruals. Such companies face relatively large uncertainties. In addition, regulatory authorities are not sufficiently punitive, allowing some companies to take advantage of loopholes. The weak sense of responsibility of intermediaries is also an important reason. Of course, the possibility of collusion between intermediaries and listed companies to commit fraud for their own benefit cannot be ruled out. This is a subject that requires careful study.
The w88 login report disclosures of listed companies have made "own mistakes" and applied "patches", which have had a great negative impact on the market. We can no longer take it lightly, and we should take effective measures.
Compared with other commodity markets, the asymmetry of information in the securities market is more obvious. Securities trading is a transaction with unequal conditions, and most small and medium-sized investors are in a weak position in the transaction. Information asymmetry may lead to fraud and manipulation in the securities market, causing the market price of securities to deviate from their intrinsic value. The virtuality and particularity of securities products determine that information must be the most valuable resource in the market. Therefore, it is a very important topic to strengthen the supervision of information disclosure, improve the information disclosure system, and clarify the legal standards for information disclosure. The w88 login report is an important part of the information disclosure of listed companies. The w88 login report must strictly comply with the requirements of information disclosure supervision.
The legal standards for information disclosure by listed companies are the basic requirements for determining whether information disclosure is legal and compliant. Its essential requirements include fair disclosure, authenticity, timeliness, accuracy and completeness. The first three standards are relatively easy to define and therefore easy to supervise, but the accuracy and completeness requirements are often difficult to define and the stringency requirements are difficult to achieve. This leaves room for listed companies to "have countermeasures". This is an important incentive for listed companies to perfunctory regulatory policies and "take quotes out of context for my own use". It can be said that it is also the underlying reason why listed companies often "make mistakes" and "patches" when disclosing information such as w88 login reports. Therefore, the author believes that on the basis of continuing to emphasize fair disclosure, authenticity, and timeliness of information, more emphasis should be placed on accuracy and completeness. All information that may affect investors' decision-making should be fully disclosed, without any concealment or major omissions.
Accuracy requires that the inner meaning must be expressed in precise language, and the content and expression must be logically unified and cannot be misunderstood. Due to the selective nature of perception, different people will interpret the same information differently due to their different backgrounds, experiences, experiences, motivations and expectations. Therefore, in order to prevent the information sender from using the multi-interpretation of language to shift the responsibility of misunderstanding to the recipients of the information, that is, investors, the accuracy of publicly disclosed information should be understood and interpreted based on the background, experience, judgment and perspective of the recipients of information, that is, ordinary investors.
Management regulations also require strengthening the specific performance capabilities of management, especially board secretaries. The board secretaries of listed companies are specifically responsible for the disclosure of external information and should have a solid foundation in finance, law, business management and related professions. At the same time, in order to ensure the effectiveness of the work of board secretaries in terms of time, the regulatory authorities encourage board secretaries not to hold concurrent positions in other positions to ensure the quality of the work of board secretaries. However, in companies listed in Shanghai and Shenzhen, most board secretaries hold multiple positions, which inevitably affects the quality of company information disclosure.
In the past, the treatment of listed companies that disclosed inaccurate, incomplete or even false information was mostly indifferent, or only a light fine was imposed. Hardly a deterrent. Now, it should be clear that any listed company that fails to disclose information in accordance with the regulations, or discloses inaccurate, incomplete or even false information must be severely punished. In serious cases, corporate managers may even be held criminally responsible. Sponsors and other intermediaries must also be held accountable. In serious cases, they should be given a warning or even be banned from the market.
At the same time, a compensation mechanism for investors needs to be established. If after subsequent follow-up, it is determined that the information was maliciously misleading, the listed company must compensate investors for their losses.
(The author is a professor at the w88 casino of International Business, w88 casino)
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