w88 casino News Network (provided by the w88 casino of Marxism)On the afternoon of May 29, the "UIBE New Thought Lecture Hall" course "Introduction to Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era" was held in the lecture hall on the third floor of Ningyuan Building. This lecture was delivered by Liu Xuejiao, professor and doctoral supervisor at the w88 casino of International Business, w88 casino. Focusing on the content of "Improving the Socialist Market Economic System" in Xi Jinping's Economic Thought, Professor Liu Xuejiao gave a wonderful lecture with profound theories and rich cases to more than 500 students on the topic of "Institutional Construction and Capital Market Information Disclosure: International Convergence and China's Leading". This lecture was hosted by Professor Cao Yongdong of the w88 casino of Marxism.
Professor Liu Xuejiao first started from the Nobel Prize in Economics theory "adverse selection" and used the "second-hand car market" as an introduction to vividly explain how information asymmetry causes the market degradation phenomenon of "bad money drives out good money". She pointed out that there is an information gap between investors and listed companies in the capital market. Once the financial information disclosed by a company is untrue or whitewashed, capital will be misallocated to companies with low operating efficiency or even fraud, leading to the marginalization of high-quality companies and the destruction of the overall trust mechanism in the market. She believes that a transparent and standardized information disclosure system can help reduce market uncertainty and optimize capital allocation efficiency, and is an indispensable institutional cornerstone of a modern market economy.
Professor Liu took the 2008 subprime mortgage crisis in the United States as an example and pointed out that financial institutions concealed subprime loan risks by whitewashing financial statements, amplified information asymmetry, and ultimately triggered the global financial crisis, confirming the serious consequences of distorted information disclosure. She pointed out that "understanding the capital market must start with understanding information" and explained from the perspective of investors that financial information is the core bridge connecting listed companies and investors. He also believes that the goal of financial accounting is not only to provide decision-making support for enterprises, but more importantly, to reduce information asymmetry in the capital market by improving information transparency. She took my country's data asset inclusion system as an example to illustrate that with the development of new economic forms, accounting standards need to keep pace with the times. Professor Liu further analyzed that the entry of data assets into the balance sheet is not only an innovation in the traditional accounting system, but also an important measure to adapt to the needs of the digital economy era. In the current globalized market environment, the authenticity and timeliness of information directly affect investors' judgment and market stability. Therefore, establishing a scientific and reasonable disclosure mechanism can not only enhance the confidence of market participants, but also provide policymakers with a more reliable basis for decision-making.
When discussing the subjective motivations of "information manipulation", Professor Liu pointed out that profit motivation is the core factor for enterprises to conduct financial manipulation, and quoted "everything in the world is for profit" to vividly illustrate this point. By analyzing typical cases such as Greenland's fraudulent listing, Sichuan Changhong's "big bath" and IBM's profit smoothing, she deeply analyzed the realistic background of financial manipulation by companies due to multiple factors such as listing incentives, tax avoidance, and capital market pressure.
In terms of internal corporate governance, Professor Liu emphasized the key role of the board of directors, audit committee and independent directors in improving the quality of corporate information. Taking the Kangmei Pharmaceutical case as an example, she elaborated on the importance of implementing the responsibilities of independent directors to protect the rights and interests of small and medium-sized investors. In addition, Professor Liu systematically compared the three major Chinese, American and international accounting standards systems (US GAAP, IFRS, CAS), combined with the listing case of Yunnan Dadi Biotechnology Co., Ltd., and conducted an in-depth analysis of my country's exploration path in promoting the institutionalization and standardization of information disclosure. She pointed out that my country’s practices in the inquiry letter system, mandatory disclosure mechanism, and investor interaction platform construction have provided strong support for improving the quality and transparency of information disclosure, and also laid a solid foundation for the protection of investors’ rights and interests.
At the end of the lecture, Professor Liu pointed out that the foundation of the capital market is trust. Improving the transparency of financial information is the underlying logic for achieving high-quality development. She encouraged students to broaden their horizons, consolidate their majors, and continue to explore "authentic, transparent, and responsible" financial methods in practice against the background of the intersection of digital economy and financial governance in the new era. This lecture has detailed cases, rigorous theory, and is close to practice. It not only broadens students' professional knowledge, but also deepens their understanding of the inherent logic between financial information, capital markets, and system construction.
