第一篇：2012上市公司信息披露優(yōu)秀案例
２０１２上市公司信息披露優(yōu)秀案例
2013-3-25 14:57:26來源：首席財務(wù)官作者：【大中小】
董秘們認(rèn)為?除了確保合規(guī)之外?了解投資者的需求?站在投資者和市場的角度看信息披露?可以使信息披露的工作做得更好.2012年初?ACCA在上海證券交易所的協(xié)助下?對11家獲得上海證券交易所頒發(fā)的“信息披露獎”及“信息披露獎”提名的上市公司進(jìn)行了詳細(xì)的訪談?并據(jù)此總結(jié)了國內(nèi)信息披露工作的優(yōu)秀做法?并藉此報告與其他企業(yè)分享.信息披露工作的驅(qū)動力
對大多上市公司而言?信息披露工作最基本的驅(qū)動力可能是合規(guī).不過一些優(yōu)秀的國內(nèi)上市公司已經(jīng)深刻認(rèn)識到信息披露的價值?不再只滿足于合規(guī)?也希望通過主動的披露維護(hù)品牌價值、塑造公司文化、與資本市場建立密切聯(lián)系以挖掘再融資的機(jī)會.海正藥業(yè)通過公開增發(fā)和定向增發(fā)的方式?完成了兩次再融資.董秘張薇認(rèn)為?通過與投資者良好的溝通?能使企業(yè)更好的利用資本市場做大做強(qiáng).誠懇的溝通態(tài)度很重要?切忌講故事或者忽悠?即使企業(yè)業(yè)績處于下滑階段?也要告訴投資者將會采取怎樣的措施.抓住資本市場上的機(jī)遇也是一些公司借以推動自己的新引擎.東方電氣證券事務(wù)代表黃勇表示?做好投資者關(guān)系、信息披露和內(nèi)控?可以更好的利用資本市場謀發(fā)展.中青旅的董秘劉廣明對此十分認(rèn)同?在中青旅的重大決策過程中會考慮到信息披露因素?董秘會深入?yún)⑴c到?jīng)Q策過程之中?無論是財務(wù)統(tǒng)籌還是業(yè)務(wù)發(fā)展?都強(qiáng)調(diào)與資本市場的接軌.另外越來越多上市公司意識到信息披露是公司市值管理工作的重要一環(huán).東方電氣證券事務(wù)代表黃勇提出?要進(jìn)行公司“市值的預(yù)期管理”?讓投資者的評價符合公司的實際運營狀況?既不美化也不丑化?并在需要的情況下在必要時間發(fā)布信息.海正藥業(yè)的張薇表示?市值管理的一個目的是要避免股價大起大落?幫助市場對公司未來業(yè)績建立良好的預(yù)期?而不是反應(yīng)過度.上海電氣董秘伏蓉表示?如果股價不能反映管理層所認(rèn)為的公司價值?公司應(yīng)該通過多方位的溝通讓投資者更清楚了解公司的情況.對信息披露工作的理解
信息披露五項原則
如何正確理解信息披露工作?如中國證監(jiān)會主席郭樹清所提到?信息披露需要遵循 “及時、準(zhǔn)確、完整、真實、公平” 這五大原則.事實上?要真正按照這五個原則做好工作并非易事?需要公司治理水平的全面提升.海通證券董秘金曉斌認(rèn)為?在五大原則中?董秘真正能確保的只有“及時”與“公平” 兩項原則?而其他三個要素需要企業(yè)其他部門的密切配合和整體公司治理的高水準(zhǔn)來保障.公平性是董秘們分歧比較大的領(lǐng)域.散戶跟機(jī)構(gòu)投資者所關(guān)注的信息大相徑庭.從倡導(dǎo)價值投資和積極進(jìn)行市值管理的角度?一些董秘在信息披露上?特別是在主動披露方面?在不違反合規(guī)要求的前提下?會更傾向于與機(jī)構(gòu)投資者溝通.身為2011年“信息披露獎”評審委員會委員之一的呂紅兵律師認(rèn)為?雖然企業(yè)與機(jī)構(gòu)投資者進(jìn)行正常的深入交流無可厚非?但是在處理與投資者溝通的公平性上?必須恪守底線?不能在正式信息披露之前?提前向機(jī)構(gòu)投資者透露敏感信息.對于監(jiān)管者對信息披露的要求?中青旅的董秘劉廣明認(rèn)為?監(jiān)管的要求應(yīng)該是最低的要求.在達(dá)到合規(guī)要求的前提下?上市公司需要更積極主動地進(jìn)行信息披露?這包含在定期報告中做敘述性分析性的披露?了解投資者的需求.兗州煤業(yè)的董秘張寶才更認(rèn)為?信息披露是企業(yè)“呼吸的咽喉”? 要如實展現(xiàn)公司的發(fā)展?透明公開都很重要?及時有效的信息披露是展現(xiàn)上市公司活力的命脈?公司需要通過各種不同方式與境內(nèi)外投資者切實溝通?建立一套誠信體系.兗州煤業(yè)同樣愿意主動披露一些信息?有助于投資者全面了解企業(yè).有效的信息披露機(jī)制
1.建立信息發(fā)布的授權(quán)體系和發(fā)言人制度
上汽集團(tuán)明確了信息發(fā)布的授權(quán)人為董事長、總裁與董秘?其他高管發(fā)布信息必須得到授權(quán).在敏感時間段?上汽集團(tuán)嚴(yán)格要求信息保密的紀(jì)律性?董秘對高管在各種公開場合的講話都要進(jìn)行把關(guān)?防止泄露敏感信息.其他企業(yè)也成立了類似的授權(quán)體系?如兗州煤業(yè)就明確規(guī)定財務(wù)總監(jiān)和董秘是信息披露和媒體采訪的發(fā)言人?董事長和總裁都需要在敏感期嚴(yán)守保密紀(jì)律.2.建立董秘參與公司經(jīng)營決策的機(jī)制
一些公司聘用專職董秘?保障董秘的充分知情權(quán).上汽集團(tuán)董秘王劍璋就是專職董秘.她列席董事會和管理層的重要會議?對敏感信息都要做出是否披露、如何披露的專業(yè)判斷.另一些公司的董秘由公司高管兼任?這就確保了對公司經(jīng)營決策的參與.廣州控股的董秘張雪球本身是分管投資的行政副總裁?除了組織股東大會和董事會會議之外?也會參加行政辦公會議?參與重大決策.3.建立日常工作中重大信息報告制度
上汽集團(tuán)制定了內(nèi)部重大信息報告制度?令董秘辦可以第一時間匯總可能需要披露的信息.同時上汽集團(tuán)制定了月度內(nèi)部聯(lián)系會議制度?及時搜集信息?統(tǒng)一信息發(fā)布的口徑?了解不同利益相關(guān)方所關(guān)注的要點.交通銀行則在各分行建立了聯(lián)系人制度?溝通日?？赡苄枰兜男畔?交通銀行董秘辦會在股價敏感窗口發(fā)布提示函?針對子公司董事、監(jiān)事和高管做好個人的風(fēng)險提示.廣州控股的董秘張雪球認(rèn)為?企業(yè)的信息披露是企業(yè)內(nèi)部控制體系的重要一環(huán)?需要明確責(zé)任人?了解信息披露關(guān)鍵的風(fēng)險點?建立具可操作性同時又簡單有效的流程.張雪球?qū)⒍聲?、股東大會信息報告需要披露的內(nèi)容全部列在一張明晰的表格上?下發(fā)到各個業(yè)務(wù)板塊和子公司的負(fù)責(zé)人?要求他們第一時間根據(jù)表格上報信息.海通證券董秘金曉斌則強(qiáng)調(diào)強(qiáng)化制度監(jiān)管和操作流程約束留痕?依靠公司辦公自動化系統(tǒng)加強(qiáng)監(jiān)管.4.建立外部信息反饋機(jī)制
獲得外部反饋?確保企業(yè)內(nèi)部能及時獲知外部信息?有助于提升信息披露水平.上汽集團(tuán)的資本運營部每兩個星期會將散戶專線中搜集到的代表性問題進(jìn)行總結(jié)?以內(nèi)刊形式呈送高管?使之了解投資者關(guān)注的熱點.同時他們每月或每季度編制內(nèi)部的投資者關(guān)系問答指引?幫助企業(yè)高管了解如何對外傳遞信息.投資者關(guān)系部每年會把與分析師溝通的活動做一番總結(jié)?匯總建議.5.定期對涉及信息披露人員進(jìn)行培訓(xùn)
因為合規(guī)的法律條文很多?且每年都有變化?企業(yè)需要加強(qiáng)對信息披露人員的培訓(xùn).國電電力的做法是對下屬公司董秘進(jìn)行至少一年一次的培訓(xùn)?讓他們了解監(jiān)管政策的變化.此外董秘辦也著力于幫助基層企業(yè)的領(lǐng)導(dǎo)者了解上市公司規(guī)則和公眾公司的責(zé)任?通過不斷培訓(xùn)強(qiáng)化他們作為公眾公司子公司的概念.中國銀行董秘部也經(jīng)常搜集市場上一些信息披露的典型違規(guī)案例?發(fā)給領(lǐng)導(dǎo)和相關(guān)部門?作為工作的提醒.6.建立快速應(yīng)急機(jī)制
對于市場謠言或者流傳的一些不實報道?企業(yè)需要建立一套快速應(yīng)急機(jī)制.中國銀行就建成了這樣一套快速反應(yīng)機(jī)制?既有建立在遍布境內(nèi)外分支機(jī)構(gòu)的信息披露聯(lián)系人網(wǎng)絡(luò)基礎(chǔ)上的高效的內(nèi)部信息核實機(jī)制?又有在極短時間內(nèi)完成向公司董事會匯報并征得董事簽字授權(quán)披露的快速反應(yīng)流程?有效確保了任何重大事項都能夠及時通過臨時公告進(jìn)行必要的澄清.董秘張秉訓(xùn)認(rèn)為?信息披露的好壞取決于是否能及時披露或者澄清信息?這需要信息披露團(tuán)隊內(nèi)部做好流程和預(yù)案.“內(nèi)部核查的流程很重要?難度也在于查證情況(是否屬實)?或者某一事件是否發(fā)生.”張秉訓(xùn)說.信息披露報告
定期報告
1.財務(wù)報告
年度報告是信息披露最重要的媒介.上市公司報告中其中一個重要的部分是財務(wù)報表.因為國內(nèi)上市公司鮮有財務(wù)總監(jiān)兼任董秘?在制定定期報告時?董秘與財務(wù)總監(jiān)的密切溝通就顯得尤其重要.在年報的撰寫過程中?交通銀行的董事會辦公室主任助理方衛(wèi)星提出要兼顧三方面的要求:監(jiān)管層的合規(guī)要求、上市公司的披露需求和投資者關(guān)注的要點.按照海正藥業(yè)董秘張薇的總結(jié)?財務(wù)部是與董秘溝通最密切的部門?并設(shè)有信息披露對口的負(fù)責(zé)人?每個月都進(jìn)行雙向溝通.董秘主要的關(guān)注點包括現(xiàn)金流、在建工程和投資以及負(fù)債如銀行借款的大幅變動.一般來說?許多企業(yè)會按照業(yè)務(wù)板塊披露板塊數(shù)據(jù)?而對于特定板塊內(nèi)的業(yè)務(wù)數(shù)據(jù)并不一定會進(jìn)行詳細(xì)披露?因此按照怎樣的分類來展現(xiàn)企業(yè)的業(yè)務(wù)就很有學(xué)問.在公司產(chǎn)業(yè)模式從“API為主”向“制劑為主”轉(zhuǎn)型升級時?海正藥業(yè)的董秘張薇就主動在定期報告中的主營業(yè)務(wù)情況中將制劑業(yè)務(wù)分類披露.上海電氣在2010年時也對業(yè)務(wù)板塊披露作了調(diào)整?之前的業(yè)務(wù)板塊劃分主要以產(chǎn)品為分類?調(diào)整后改為以新能源(核電、風(fēng)電)、高效清潔能源、工業(yè)裝備、現(xiàn)代服務(wù)業(yè)等產(chǎn)業(yè)領(lǐng)域來劃分.2.“管理層討論與分析”
交通銀行學(xué)習(xí)了戰(zhàn)略合作伙伴匯豐銀行的經(jīng)驗?在年報中的董事長與行長致詞環(huán)節(jié)上著墨頗多?對過去一年的業(yè)績進(jìn)行詳細(xì)的梳理?增加了公司高層的戰(zhàn)略思考?對銀行未來的發(fā)展戰(zhàn)略做出清晰的分析與判斷?以及對下一年工作的具體思考.國電電力對非財務(wù)信息的討論和分析做了深入挖掘.董秘陳景東認(rèn)為?讓投資者準(zhǔn)確把握企業(yè)和行業(yè)的發(fā)展趨勢?特別是企業(yè)戰(zhàn)略轉(zhuǎn)型的思路很重要?因此他在管理層討論章節(jié)中增加了對企業(yè)和行業(yè)發(fā)展趨勢的描述?管理層的想法和分析.突出投資者關(guān)心的重點也是許多董秘著墨較多的地方.東方電氣在董事會報告分析章節(jié)中?就公司主要產(chǎn)品大類中的每類產(chǎn)品進(jìn)行深入分析?不僅披露完整的財務(wù)指標(biāo)?還主動提供其他經(jīng)營數(shù)據(jù)指標(biāo)?如訂貨量?新增訂單?在手訂單結(jié)構(gòu)等.3.前瞻性與敘述性披露
越來越多上市公司開始探索在定期報告中加入前瞻性和敘述性信息.受訪的董秘對未來發(fā)展的趨勢都有比較一致的判斷?即投資者對企業(yè)未來展望的信息的需求很高?因此增加企業(yè)信息的透明度是一個趨勢.但是一些董秘也明確表示對發(fā)布前瞻性信息的擔(dān)心?主要是擔(dān)心構(gòu)成對“未來業(yè)績的承諾”.國電電力董秘陳景東表示?在對未來趨勢討論的披露中不會做出定量的分析?以免讓投資者認(rèn)為是企業(yè)對未來業(yè)績的承諾.上汽集團(tuán)董秘王劍璋也表示?未來可能會增加一些對公司發(fā)展的討論?但是需要明確所描述的未來只是概率比較大的一種可能性?而不是對未來業(yè)績的承諾.事實上?投資者對前瞻性信息的關(guān)注角度和深度以及理解和使用是千差萬別的?主流尚未清晰地形成?因此需要建立一個有共識的基礎(chǔ)?才能夠減少信息被誤解地傳播?從謹(jǐn)慎的角度出發(fā)?信息披露仍將會是以已發(fā)生的事項為主.上汽集團(tuán)證券事務(wù)經(jīng)理蔡瑩聰表示?企業(yè)的披露意愿并不僅僅著重于投資者的關(guān)注程度?而是那些企業(yè)需要幫助投資者了解的內(nèi)容.中青旅董秘劉廣明認(rèn)為?前瞻性與敘述性披露的出發(fā)點是幫助投資者更好地對公司價值作出判斷?需要秉持負(fù)責(zé)任的態(tài)度?杜絕虛假陳述或者對投資者的誤導(dǎo).為此中青旅對于敘述性披露所堅持的是?恰如其分地披露企業(yè)的發(fā)展?依托于對歷史數(shù)據(jù)的梳理?描述一些未來發(fā)展趨勢的信息.還有一些董秘認(rèn)為應(yīng)該做到全面完整描述公司的發(fā)展前景?但不應(yīng)替投資者對公司未來發(fā)展做出判斷.主動披露
除了定期報告之外?臨時公告、路演、業(yè)績說明會、投資者見面會、分析師電話會議、接待投資人參訪等方式都是公司主動披露信息的方式?其中以臨時公告最為重要.在臨時公告實務(wù)中?有兩個傾向不可取.一是遮遮掩掩?視主動披露為難事;一是過分積極?任何有關(guān)業(yè)績發(fā)展、訂單等的進(jìn)展都一一公布?讓投資者無法真正判斷企業(yè)的價值.幫助投資者對公司的經(jīng)營情況作出正確的判斷?是許多上市公司進(jìn)行主動披露的出發(fā)點.上海電氣所秉持的主動溝通原則?是把公司重要的業(yè)務(wù)變化、重大項目、未來發(fā)展的可能性等讓市場知曉?把重大合同?具有里程碑意義的投資等通過公告向市場披露.上汽集團(tuán)還在行業(yè)內(nèi)倡導(dǎo)并帶頭規(guī)范地披露企業(yè)的月度產(chǎn)銷數(shù)據(jù)?每個月10個工作日之內(nèi)披露產(chǎn)銷快報?幫助投資者了解企業(yè)的經(jīng)營情況.臨時公告的另一要點是需要董秘對“股價敏感信息”作出專業(yè)判斷.在實務(wù)操作過程中?中國銀行特別強(qiáng)調(diào)了對市場關(guān)注熱點的正面回應(yīng)和主動披露?以便幫助投資者更好去判斷企業(yè)的狀況.例如在2011年歐債危機(jī)爆發(fā)過程中?中國銀行就對所持有的歐債狀況進(jìn)行了及時的披露.企業(yè)進(jìn)行資產(chǎn)運作時進(jìn)行充分的主動披露也十分重要.在2010年上半年?國電電力向大股東定向增發(fā)收購在新疆和江蘇的發(fā)電資產(chǎn)?就及時披露相關(guān)資產(chǎn)的經(jīng)營狀況、盈利狀況、可能面臨的困難等?推動了投資者對收購的理解?幫助推動收購的實施.除了臨時公告之外?一些公司也另辟蹊徑?通過發(fā)布其他報告的形式與投資者溝通.廣州控股從2008年開始發(fā)布可持續(xù)發(fā)展報告?內(nèi)容包括經(jīng)濟(jì)、環(huán)境、社會責(zé)任等等.媒體戰(zhàn)略
國內(nèi)的媒體環(huán)境日益活躍?特別是財經(jīng)類新興的平面媒體報道尖銳?追求新聞熱點迫切?上市公司要做好信息披露?必須具備有效地媒體戰(zhàn)略.國電電力董秘陳景東把媒體策略歸納為以下幾點:重視與媒體建立良好的互動關(guān)系?幫助媒體記者一定程度上準(zhǔn)確理解公司的運作;密切關(guān)注媒體報道?在出現(xiàn)不實或者不全面報道時?及時與媒體溝通?澄清不實信息;針對個別媒體刻意尋找公司信息披露或運作中的問題?企業(yè)應(yīng)從善意角度?積極與媒體溝通?提升信息披露水平.與媒體建立良好的互動關(guān)系很重要.廣州控股董秘張雪球認(rèn)為?媒體是公司臨時公告之外的有益補(bǔ)充.在廣州控股整體上市之初?廣州控股通過接受媒體采訪的方式?將管理層所分析的整體上市的意義清晰展示給投資者.對于一些新興的網(wǎng)絡(luò)媒體?一些董秘也會關(guān)注.有董秘建議關(guān)注股民匯集的東方財富網(wǎng)和百度網(wǎng)吧?以便對不實信息做出及時澄清?同時也需要關(guān)注公司的股東論壇?對中小投資者提出的問題給與一定的回應(yīng).
第二篇：上市公司信息披露
我國上市公司會計信息披露問題與對策的研究
和進(jìn)
（中國中信集團(tuán)成都610041）
摘要：隨著我國證券市場的不斷發(fā)展，上市公司披露信息的質(zhì)量已成為證券市場健康發(fā)展的生命線，關(guān)系著社會、企業(yè)、投資者其他利害關(guān)系人的利益。然而受宏觀和微觀層面多種因素的影響，我國上市公司會計信息披露暴露出諸多問題。本文在深刻剖析我國上市公司會計信息披露存在問題的原因基礎(chǔ)上，提出提高上市公司會計信息披露質(zhì)量的對策，進(jìn)而促進(jìn)我國證券市場健康有效的運行和發(fā)展。
關(guān)鍵字：上市公司會計信息披露問題原因?qū)Σ?/p>
上市公司會計信息披露質(zhì)量的高低是檢驗一國證券市場是否成熟的試金石，是實現(xiàn)證券市場“三公”原則的基礎(chǔ)和維護(hù)證券投資者利益的基本保證。上市公司會計信息披露存在的問題會導(dǎo)致投資者參與證券市場的積極性下降、資源配置效率降低等嚴(yán)重后果，所以解決上市公司信息披露問題，有利于保障證券市場穩(wěn)步、健康、快速、高效發(fā)展。
一、上市公司會計信息披露存在的問題
1、會計信息披露不真實。會計信息披露含有虛假記載或誤導(dǎo)性陳述是中國上市公司信息披露中最嚴(yán)重、危害最大的問題，由此導(dǎo)致的證券市場信息不對稱加大了市場風(fēng)險，引發(fā)了供需雙方大量的非理性投機(jī)行為，損害了投資者的利益。
2、會計信息披露不充分。目前，大多數(shù)上市公司為了實現(xiàn)自身利益最大化，常常報喜不報憂，誤導(dǎo)投資者，主要表現(xiàn)在對一些重要事項、資金投向、利潤構(gòu)成以及關(guān)聯(lián)交易披露不夠充分、對財務(wù)指標(biāo)提示不夠充分或者借保護(hù)商業(yè)秘密為由，故意隱瞞企業(yè)重要會計信息。
3、會計信息披露不及時。目前，我國的上市公司基本上能及時披露業(yè)績報告，但是對可能導(dǎo)致股價下跌的重大事件往往披露不及時，大大降低了會計信息的時效性和相關(guān)性，為內(nèi)幕交易、牟取暴利、操縱市場創(chuàng)造了條件。
4、會計信息披露不主動。我國的會計信息披露處于強(qiáng)制狀態(tài)，不少上市公司把會計信息披露看作是額外的負(fù)擔(dān)，而不是一種應(yīng)該承擔(dān)的義務(wù)和股東應(yīng)該獲得的權(quán)利。面對負(fù)面信息，上市公司對會計信息披露往往采取一種回避的態(tài)度。
二、上市公司會計信息披露存在問題的原因
1、宏觀方面
（1）法律法規(guī)不健全。會計信息披露規(guī)范體系主要由《證券法》、《公司法》、《企業(yè)會計準(zhǔn)則》等法律法規(guī)及相關(guān)規(guī)定構(gòu)成。盡管這些法律對上市公司會計信息披露作了相應(yīng)規(guī)定，但實踐操作中存在困難，使得上市公司在信息披露時有空可鉆。
（2）監(jiān)管不力。我國政府部門監(jiān)管體系不健全，相關(guān)部門權(quán)責(zé)界定不清，對二級市場的監(jiān)督力度不大，而且一些監(jiān)管人員專業(yè)勝任能力不足。另外，證券公司、會計師事務(wù)所及律師事務(wù)所等中介機(jī)構(gòu)受畸形的委托代理關(guān)系影響，缺乏獨立性，往往無法客觀地評價上市公司會計信息。
（3）違規(guī)成本低。上市公司披露的會計信息中有瑕疵的占比非常大，被揭露的概率卻非常小。加之，上市公司造假所付出的代價遠(yuǎn)遠(yuǎn)小于因失信而得到的收益，一些公司不惜通過隱藏或歪曲某些會計信息來形成對自己有利的局面。
2、微觀方面
（1）公司利益驅(qū)動。公司利益驅(qū)動是導(dǎo)致上市公司信息披露存瑕疵的根本原因。一些公司為了維護(hù)自己的經(jīng)濟(jì)利益、達(dá)到配股要求等謊報公司業(yè)績、操縱利潤。還有的為了免于被處罰或為大股東和高管謀取利益粉飾報表、延遲披露信息或披露錯誤信息。
（2）公司內(nèi)部治理結(jié)構(gòu)不完善。我國上市公司中國有股和法人股占比比較大，流通股比較少，股份相對集中，形成普遍的“一股獨大”現(xiàn)象，難以對公司的管理進(jìn)行控制和約束。部分上市公司缺乏內(nèi)部審計或者內(nèi)部審計被弱化，也導(dǎo)致公司財務(wù)管理出現(xiàn)混亂，財會信息失去真實性。
（3）投資者能力有限。我國證券市場投資者以散戶為主，一方面絕大多數(shù)投資者缺乏基本的投資技巧和信息甄別能力，另一方面大多數(shù)投資者沒有樹立正確的投資理念，盲目投資、甚至投機(jī)。此外，對于多數(shù)投資者來說，獲取上市公司有價值信息的成本也非常高。
三、防范信息披露瑕疵的對策
1、完善法律法規(guī)體系。相關(guān)部門要完善法律法規(guī)中的盲點，建立起一個相對完善的制度體系，并且增強(qiáng)有關(guān)會計信息披露法律法規(guī)的可操作性。此外，為了保障投資者權(quán)益，應(yīng)盡快出臺相關(guān)的民事責(zé)任賠償法，通過立法和司法解釋的手段來細(xì)化證券違法行為的民事責(zé)任。
2、完善信息披露的監(jiān)管體系。我國應(yīng)將政府監(jiān)管、行業(yè)監(jiān)管和市場監(jiān)管進(jìn)行有機(jī)結(jié)合。政府部門要合理分工，明確職責(zé)，提高執(zhí)法者素質(zhì)。證券公司、會計師事務(wù)所等中介機(jī)構(gòu)要保持獨立性，客觀真實的評價上市公司會計信息。社會各界也應(yīng)積極主動地發(fā)揮監(jiān)管職能，加強(qiáng)對上市公司會計信息披露的監(jiān)管。
3、完善上市公司內(nèi)部治理結(jié)構(gòu)。上市公司要確立董事會的核心地位，規(guī)范和完善董事會的運作，優(yōu)化董事會的結(jié)構(gòu)和功能，并且強(qiáng)化監(jiān)事會的作用，保證其獨立。上市公司還要完善經(jīng)理人市場，利用經(jīng)理人市場的競爭機(jī)制促使企業(yè)經(jīng)營者從長遠(yuǎn)利益出發(fā)。此外，建立對管理層的激勵與約束機(jī)制也對完善上市公司內(nèi)部治理結(jié)構(gòu)有重要意義。
4、加大處罰力度。有關(guān)部門要嚴(yán)厲懲罰提供虛假會計信息、故意隱瞞或歪曲重要信息的上市公司,以及與這些上市公司合謀或無法公正履行職責(zé)的會計中介機(jī)構(gòu)，還要構(gòu)建有效的市場退出機(jī)制，當(dāng)上市公司的造假行為被揭發(fā)后，應(yīng)該把相關(guān)的肇事者驅(qū)逐出其所處的行業(yè)。
四、結(jié)語
上市公司信息披露是證券市場永恒的話題, 是證券市場賴以生存和發(fā)展的基石。建立高質(zhì)量，高透明度和具有可比性的會計信息披露體系，既要完善法律法規(guī)、加強(qiáng)監(jiān)管，還要完善公司內(nèi)部治理、加大懲罰力度，只有這樣，證券市場才能得到健康發(fā)展。
參考文獻(xiàn)：
[1] 劉偉.我國上市公司信息披露體制分析[J].證券時報,2011(2).[2] 吉祖來.上市公司會計信息披露問題研究[J].金融縱橫,2010(7).[3] 王東武.提高上市公司信息披露質(zhì)量的思考[J].經(jīng)濟(jì)師,2010(4).[4] 盧學(xué)英.《資本市場會計信息披露：問題與對策》[J].特區(qū)經(jīng)濟(jì),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問題
１．信息披露內(nèi)容不真實
這是目前我國上市公司信息披露中最嚴(yán)重、危害最大的問題。主要表現(xiàn)在：
⑴招股說明書過度包裝造成盈利預(yù)測偏差嚴(yán)重。如１９９７年在全國國有企業(yè)凈資產(chǎn)收益率平均不足 ７％ 的情況下，新上市公司的招股說明書披露的前三年資產(chǎn)收益率普遍達(dá)到４０％ 以上，有的公司竟然達(dá)到１００％，很顯然新上市公司的凈資產(chǎn)收益率中有不少水分。
⑵模糊收入概念，人為操縱利潤。有的公司將含稅收入放入會計報表對外報出，導(dǎo)致對外報出利潤與真實利潤相差甚遠(yuǎn)；有的公司根據(jù)使用對象來公布收入。如青島雙星旗下的華青輪胎２００２年經(jīng)營數(shù)據(jù)有四個版本，真假難辯。
⑶偽造資產(chǎn)、虛構(gòu)利潤，以達(dá)到吸引投資者的目的。如國內(nèi) 銀廣夏”、“東方電子”、“藍(lán)天股份”的造假事件使得會計報表不再是公司經(jīng)營狀況的成績單，而是一小撮人在那里玩的“數(shù)字游戲”。
２．上市公司信息披露不充分、不完整。
根據(jù)規(guī)定，上市公司重大信息均應(yīng)在財務(wù)報表附注中予以說明，要求做到內(nèi)容充分、完整。但在實際操作過程中存在以下問題：第一，披露有關(guān)信息時措辭含糊模棱兩可。第二，規(guī)避不利事實，對有利于本公司的信息過分披露。第三，分部信息的披露不充分。
３．上市公司信息披露缺乏時效性。
任何一家公司的生產(chǎn)經(jīng)營活動都是連續(xù)的，因而有關(guān)公司的信息的產(chǎn)生也是連續(xù)的。由于受到技術(shù)手段、信息生產(chǎn)成本、傳遞成本的限制，上市公司信息的披露只能是間斷的，呈現(xiàn)周期性。另一方面，根據(jù)有關(guān)規(guī)定，當(dāng)發(fā)生可能對股票價格產(chǎn)生重大影響，而投資者尚未得知的重大事件時，應(yīng)立即編制重大事件公告及時向社會披露。但仍有一些公司違反這一規(guī)定，不按法定時間正式披露會計信息。
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４．信息披露具有隨意性
作為公眾公司，上市公司的信息披露本應(yīng)慎之又慎，但一些上市公司卻不顧損害公司形象，披露信息時極為隨意。有的上市公司在公布定期報告時不嚴(yán)肅，公布之后不斷地打“補(bǔ)丁”。２００５年就有百余家公司就各自的中報發(fā)布了補(bǔ)充報告，個別公司的 補(bǔ)丁”使公司的盈利出現(xiàn)“縮水”，甚至盈轉(zhuǎn)虧。如大唐電信。
５．信息披露的非主動性
目前我國上市公司把信息披露看成是一種額外負(fù)擔(dān)，對信息披露總是抱著能少則少、能不披露就不披露的心態(tài)，而不是主動、自愿地去披露有關(guān)信息。這說明上市公司在其經(jīng)營管理上存在著不愿讓社會公眾知道的陰暗面。
二、信息披露存在問題的成因分析
(一)上市公司自身的內(nèi)在原因。主要包括：
第一，公司利益的推動。某些上市公司為了在當(dāng)前證券市場中樹立其良好形象，并能在競爭中立于不敗之地，使得利用會計造假、操縱利潤的各種利益沖動一直有增無減。
第二，公司股東的產(chǎn)權(quán)約束弱化。當(dāng)前一些上市公司的現(xiàn)代產(chǎn)權(quán)制度還不能通過改革一步到位，其中由于國有股產(chǎn)權(quán)主體缺位，很難強(qiáng)化國有股股東對公司的產(chǎn)權(quán)約束和控制，而社會公眾股數(shù)量較少，股東分散，也難以強(qiáng)化國有股股東對公司的產(chǎn)權(quán)約束和控制，從而造成這些公司的管理權(quán)失控，以致給利潤操作者以可乘之機(jī)。
第三，公司內(nèi)部缺乏自我約束和監(jiān)督機(jī)制。目前某些上市公司正是由于缺乏應(yīng)有的內(nèi)部審計及管理控制，會計基礎(chǔ)工作薄弱，會計管理體制不順，內(nèi)部審計監(jiān)督職能被削弱。
(二)信息披露存在問題的外在原因
１．會計法制不健全
目前，我國上市公司的會計準(zhǔn)則制度仍然是不完全的。體現(xiàn)在以下幾個方面：第一，會計準(zhǔn)則制度與會計實踐之間存在著一定的時滯。由于會計實踐和經(jīng)濟(jì)創(chuàng)新行為的層出不窮，實踐中經(jīng)常出現(xiàn)企業(yè)的會計處理“無法可依”的情況。第二，會計準(zhǔn)則之間存在著不協(xié)調(diào)的現(xiàn)象。第三，有關(guān)規(guī)定政出多門。由于會計準(zhǔn)則由財政部頒布，上市公司信息披露的規(guī)則由證監(jiān)會制定，相關(guān)規(guī)定之間有時并不十分和諧統(tǒng)一，這也給信息披露工作帶來了一定困難。
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２．上市公司質(zhì)量普遍不高
脫胎于經(jīng)濟(jì)轉(zhuǎn)軌時期，我國上市公司大都由國有企業(yè)通過剝離、并購和包裝上市等方式轉(zhuǎn)制而來，這種以剝離、拼湊資產(chǎn)、亂作賬，以符合上市標(biāo)準(zhǔn)的非規(guī)范上市操作導(dǎo)致這一時期的上市公司質(zhì)量普遍較差。那些質(zhì)量不達(dá)標(biāo)，靠披露虛假信息蒙混上市的公司，上市以后為了保住“殼”資源或達(dá)到更進(jìn)一步的目的，迫不得已還要繼續(xù)披露虛假信息，從而進(jìn)入作假的惡性循環(huán)。
３．利益誘惑
這是導(dǎo)致上市公司信息披露違規(guī)的根本原因。首先，是上市的誘惑。為了獲得更廣闊的融資渠道，有些公司或者利用各種手段虛增利潤，或者制造虛假證明文件，或者進(jìn)行虛假陳述，在其招股說明書中發(fā)布不實信息，以此獲得上市資格。其次，是配股的吸引。為了獲得配股資格以滿足對資金的持續(xù)需求，有些公司往往粉飾會計數(shù)據(jù)，進(jìn)而披露虛假的會計信息。
４．監(jiān)管不力、處罰不重
這是導(dǎo)致上市公司信息披露違規(guī)的重要原因。首先，職業(yè)審計界的審計監(jiān)督有效性不足。造成有大量的未經(jīng)嚴(yán)格把關(guān)的不實信息得以對外披露。其次，信息披露違規(guī)的法律責(zé)任體系存在缺陷。對違法違規(guī)行為一般都采用行政處罰，責(zé)任人較少因其違法行為而受到處罰或承擔(dān)民事賠償責(zé)任。與信息披露違規(guī)所帶來的收益相比，違規(guī)成本僅是“滄海一粟”。因此，行政處罰對上市公司信息違規(guī)披露的遏制作用效果并不明顯。
三、規(guī)范上市公司信息披露的對策
規(guī)范上市公司信息披露，可以從建立內(nèi)部約束機(jī)制和外部約束機(jī)制入手。
（一）建立健全內(nèi)部控制機(jī)制。
第一，提高管理者的素質(zhì)。管理者的素質(zhì)在企業(yè)的經(jīng)營管理中起絕對作用，對企業(yè)產(chǎn)生深
遠(yuǎn)影響，企業(yè)內(nèi)部應(yīng)建立、健全管理人員的聘用、評估、升遷、淘汰制度；定期或不定期地進(jìn)行培訓(xùn)教育等措施，提高管理人員科學(xué)管理企業(yè)的能力和強(qiáng)化對內(nèi)部控制的認(rèn)識，此外，外部經(jīng)理人才市場的建立也將為企業(yè)選擇高素質(zhì)的管理人才創(chuàng)造出有力條件。在提
高管理者素質(zhì)的同時也應(yīng)該提高人們對內(nèi)部控制的認(rèn)識，使公司在實施內(nèi)部控制的過程中變被動為主動，只有公司全員上下共同參與，內(nèi)部控制制度才能得到有效的執(zhí)行,發(fā)揮其真正的作用。要強(qiáng)化披露財務(wù)信息內(nèi)部監(jiān)督機(jī)制，保持監(jiān)督人員在企業(yè)中行使職權(quán)時高度的獨立--------------------------精品
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第二，上市公司必須加強(qiáng)內(nèi)部審計，設(shè)置內(nèi)審機(jī)構(gòu)，歸屬監(jiān)事會領(lǐng)導(dǎo)，對會計業(yè)務(wù)進(jìn)行日常的內(nèi)部審計監(jiān)督。
第三，明確財務(wù)人員的信息供給主體的地位，強(qiáng)化披露財務(wù)信息的內(nèi)部監(jiān)督。
第四，監(jiān)督人員在企業(yè)中行使其職權(quán)保持高度的獨立性。
第五，必須合理、有效地設(shè)置會計機(jī)構(gòu)。目前必須將上市公頃司的會計部門和財力管理部門分立，分屬不同領(lǐng)導(dǎo)，分擔(dān)不同職能。避免管理人員舞弊。
（二）建立外部約束機(jī)制。
第一，制定科學(xué)、配套的會計規(guī)范體系。我國上市公司會計規(guī)范體系主要由 《會計法》、《證券法》、《企業(yè)會計準(zhǔn)則》、《企業(yè)會計制度》等法律規(guī)范制度所構(gòu)成。但是目前我國有關(guān)現(xiàn)行法規(guī)制度中仍存在漏洞和不足，如財務(wù)信息披露中對重大事件披露的規(guī)定顯得不夠明確和完整，商業(yè)秘密和必須披露的財務(wù)信息間的界限不夠明朗等，這些地方都需要進(jìn)行修改和補(bǔ)充。
第二，加大證券市場財務(wù)信息披露的監(jiān)督力度。改革多頭管理的體制。證券監(jiān)管部門的設(shè)置應(yīng)集中到兩個層次：一是中央級的證券監(jiān)管部門。負(fù)責(zé)對全國上市公司進(jìn)行客觀監(jiān)管，統(tǒng)一制定證券市場政策和上市信息披露規(guī)范；二是證券交易所，它就遵循中央證券監(jiān)管部門的規(guī)定，對上市公司的日常活動和財務(wù)信息披露進(jìn)行具體的詳細(xì)的監(jiān)管。建立上市公司信息監(jiān)察員制度，由中國證監(jiān)會及其駐各地派出機(jī)構(gòu)委派信息監(jiān)察員到各上市公司，對上市公司的信息包括招股說明書、申報、年報、股利分配等信息的生成和披露加以監(jiān)督，防止外界各相關(guān)利益集團(tuán)對會計部門的信息供給橫加干涉。證券監(jiān)管部門要制定一套切實可行的上市公司財務(wù)信息披露的監(jiān)管辦法，對違規(guī)行為予以明確界定，堅決杜絕不規(guī)范行為。
第三，發(fā)展和完善注冊會計師審計制度。加快會計師事務(wù)所體制改革，改善執(zhí)業(yè)環(huán)境，制定相應(yīng)的執(zhí)業(yè)自律準(zhǔn)則，大力提高注冊會計師的風(fēng)險意識、業(yè)務(wù)水平和職業(yè)道德水準(zhǔn)，完善審計準(zhǔn)則修改審計假設(shè)及審計方法和程序，以適合我國證券市場不夠規(guī)范的現(xiàn)實?？梢越⒁惶淄晟频?、科學(xué)的資本市場訴訟和民事賠償制度。這樣，可以使注冊會計師的獨立審計成為--------------------------精品
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上市公司財務(wù)信息質(zhì)量和披露的可靠保證，才能保護(hù)投資者利潤，促進(jìn)證券市場健康規(guī)范發(fā)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眾公司以招股說明書、上市公告書以及定期報告和臨時報告等形式，把公司及與公司相關(guān)的信息，向投資者和社會公眾公開披露的行為。
1993年3月18日，中國證監(jiān)會下達(dá)《關(guān)于股票公開發(fā)行與上市公司信息披露有關(guān)事項的通知》，要求指定報刊按規(guī)定刊登上市公司定期報告和臨時報告。
信息披露作用
上市公司信息披露是公眾公司向投資者和社會公眾全面溝通信息的橋梁。目前，投資者和社會公眾對上市公司信息的獲取，主要是通過大眾媒體閱讀各類臨時公告和定期報告。投資者和社會公眾在獲取這些信息后，可以作為投資抉擇的主要依據(jù)。真實、全面、及時、充分地進(jìn)行信息披露至關(guān)重要，只有這樣，才能對那些持價值投資理念的投資者真正有幫助。
近年來，個別公司的信息披露出現(xiàn)了不夠全面、及時和充分的情況。但最終，信息披露還是要以事實為依據(jù)的。因此，那些不夠全面、及時和充分的信息披露，是不能長期維持的。虛假信息只能瞞一時，無法瞞一世。如果我們仔細(xì)閱讀上市公司的信息，也能對少數(shù)公司信息披露中存在的問題有所發(fā)現(xiàn)，這樣就可以避免一些投資失誤。
盡管不少人認(rèn)為我們的市場存在較大的投機(jī)成分，但股價的排序依舊有其合理的成分。我們常見媒體上有“年報行情”甚至“前年報行情”、“后年報行情”等提法。實際上，這些都屬于由信息披露產(chǎn)生的客觀影響。
基本義務(wù)
根據(jù)規(guī)定，上市公司應(yīng)當(dāng)履行以下信息披露的基本義務(wù)：
1．及時披露所有對上市公司股票價格可能產(chǎn)生重大影響的信息；
2．確保信息披露的內(nèi)容真實、準(zhǔn)確、完整而且沒有虛假、嚴(yán)重誤導(dǎo)性陳述或重大遺漏。
3．上市公司董事會全體成員必須保證信息披露內(nèi)容真實、準(zhǔn)確、完整，沒有虛假、嚴(yán)重誤導(dǎo)性陳述或重大遺漏，并就其保證承擔(dān)連帶賠償責(zé)任。
披露信息
上市公司應(yīng)當(dāng)披露的信息包括：
1．首次披露——招股說明書
2．上市公告書
3．定期報告：包括報告、中期報告、季度報告
4．臨時報告。
具體而言：
上市公司的信息披露主要分為定期報告和臨時報告兩類：定期報告包括報告和中期報告。中期報告分為前半個會計的半報告和季度報告。季度報告分為一季度（春季度）報告和三季度（秋季度）報告。
臨時報告包括的內(nèi)容和形式較為廣泛。較為常見的有股東大會決議公告、董事會決議公告、監(jiān)事會決議公告。其他重大事項也會由一些中介機(jī)構(gòu)同時發(fā)布信息，如回訪報告、評估報告和審計報告、律師見證報告，等等。
內(nèi)容與格式
上市公司的信息披露在內(nèi)容和格式上有一系列的要求。1993年6月10日，中國證監(jiān)會《公開發(fā)行股票公司信息披露實施細(xì)則（試行）》出臺。這是涉及上市公司信息披露內(nèi)容與格式的第一個部門規(guī)章。此后，有關(guān)招股說明書、上市公告書、報告、中期報告等文件的內(nèi)容與格式的規(guī)定相繼發(fā)布。今后，還將陸續(xù)不斷地進(jìn)行修訂和完善。
目前，相關(guān)的規(guī)章名稱中通常有“發(fā)行證券公司信息披露內(nèi)容與格式準(zhǔn)則第XX號”字樣。發(fā)行證券公司包括上市公司、暫停上市公司和擬上市公司。
披露媒體
目前，上市公司披露信息的平面媒體主要是中國證監(jiān)會指定的一些專業(yè)報刊，如《中國證券報》、《上海證券報》、《證券時報》、《證券日報》等證券類報刊。
1999年起，上市公司的定期報告全文則在上海證券交易所網(wǎng)站（.cn）和巨潮資訊網(wǎng)（.cn）發(fā)布。目前，上市公司的臨時報告也可以在這兩個網(wǎng)站找到。投資者和社會公眾可以通過指定報刊和網(wǎng)站，找到自己需要的信息。
公告審核
交易所對上市公司定期報告實行事后審核，對臨時報告實行事前審核。
定期報告
報告
公告時間：上市公司在每個會計結(jié)束之日起四個月內(nèi)編制完成報告。
公告媒體：在指定報紙披露報告摘要，同時在中國證監(jiān)會指定的網(wǎng)站上披露其全文。交易所在規(guī)定的期限內(nèi)安排各上市公司披露的時間順序。
審計要求：報告必須經(jīng)會計師事務(wù)所審計并出具報告。
公告形式：
報告應(yīng)當(dāng)制成正本和摘要兩種形式，其格式和內(nèi)容按中國證監(jiān)會《公開發(fā)行股票公司信息披露的內(nèi)容與格式準(zhǔn)則第二號＜報告的內(nèi)容與格式＞》的規(guī)定編制。規(guī)定如有修訂，按修訂后的規(guī)定執(zhí)行。審核：交易所所對上市公司報告實行事前登記、事后審核。
上市公司的報告在至少一種指定報紙上刊登報告摘要并在指定網(wǎng)站上披露報告全文。中期報告
公告時間：于每個會計的上半年結(jié)束之日起二個月內(nèi)編制完成中期報告并公告。
公告媒體：在指定報紙披露。
公告要求：中期報告的格式和內(nèi)容按中國證監(jiān)會《公開發(fā)行股票公司信息披露內(nèi)容與格式準(zhǔn)則第三號＜中期報告的內(nèi)容與格式＞》以及有關(guān)通知的規(guī)定編制。規(guī)定如有修訂，按修訂后的規(guī)定執(zhí)行。審計要求：可以不經(jīng)會計師事務(wù)所審計。
但有下列情形之一的，必須經(jīng)會計師事務(wù)所審計：
1．?dāng)M在下半年進(jìn)行利潤分配或公積金轉(zhuǎn)增的；
2．中國證監(jiān)會或交易所認(rèn)為應(yīng)當(dāng)審計的其他情形。
季度報告
公告時間：公司在會計前三個月、九個月結(jié)束后的三十日內(nèi)編制季度報告。
公告媒體：，并將季度報告正文刊載于中國證監(jiān)會指定的報紙上，將季度報告全文（包括正文及附錄）刊載于中國證監(jiān)會指定的互聯(lián)網(wǎng)網(wǎng)站上。
公告要求：
1．季度報告是中期報告的一種。根據(jù)季度報告的特點，季度報告注重披露公司新發(fā)生的重大事項，一般不重復(fù)已披露過的信息。對已在前一定期報告或臨時報告中披露過的重大事項，只需注明該報告刊載的報刊、互聯(lián)網(wǎng)網(wǎng)站的名稱與刊載日期。
2．公司編制季度報告中的財務(wù)資料部分時，無需披露財務(wù)數(shù)據(jù)與指標(biāo)；無需披露完整的財務(wù)報表，但應(yīng)披露簡要的合并利潤表與合并資產(chǎn)負(fù)債表。
3．公司管理層編制季度報告中的經(jīng)營情況闡述與分析部分時，應(yīng)遵循有關(guān)規(guī)定。
4．公司無需披露《中期報告的內(nèi)容與格式準(zhǔn)則》中其他有關(guān)經(jīng)營情況回顧與展望以及重要事項部分所要求披露的內(nèi)容。
5．公司無需編制季度報告摘要。
審計要求：公司季度報告中的財務(wù)資料無需經(jīng)審計，但中國證監(jiān)會或證券交易所另有規(guī)定的除外。如擬在下半年進(jìn)行利潤分配或公積金轉(zhuǎn)增的。
臨時報告
董事會、監(jiān)事會、股東大會決議公告
關(guān)注要點：
（一）股東大會公告
召開股東大會公告應(yīng)關(guān)注：
1．會議召開時間2．會議召開地點3．會議方式4．重大提案
（二）股東大會決議公告
股東大會決議公告應(yīng)關(guān)注：
1．會議召開和出席情況
股東大會召開的時間和地點，出席會議的股東及股東授權(quán)委托代表人數(shù)，代表股份數(shù)量，占公司有表決權(quán)股份總數(shù)的比例，是否符合《公司法》及《公司章程》的規(guī)定，大會主持情況等。
2．提案審議情況
（1）每項提案的表決情況，包括同意、反對和棄權(quán)的具體情況以及占出席股東大會有表決權(quán)股份總數(shù)的比例。涉及逐項表決的提案，披露逐項表決的結(jié)果。
（2）股東大會就關(guān)聯(lián)交易進(jìn)行表決的，扣除關(guān)聯(lián)股東所持表決權(quán)后介紹提案的表決情況。
（3）對股東提案做出決議的，注意提案股東的姓名或名稱，持股比例和提案內(nèi)容。
（4）發(fā)行境內(nèi)上市外資股的公司，注意內(nèi)資股股東和外資股股東的表決情況。
3．公證或者律師見證情況
注意股東大會見證的律師事務(wù)所和律師名稱，出具的結(jié)論性意見。
注意事項：
1．本次會議是否有否決或修改提案的情況；
2．本次會議是否有新提案提交表決。
3．提出新提案的股東名稱、持股數(shù)量與比例、提出的時間（若有）
4．新提案主要內(nèi)容（若有）
（三）公告時間
董事會會議、監(jiān)事會會議在會后兩個工作日內(nèi)在指定報紙上公布。
股東大會決議公告在會議結(jié)束當(dāng)日報送交易所，經(jīng)審核后在指定報紙上刊登。
（四）公告形式
股東大會決議公告：
寫明出席會議的股東人數(shù)、所持股份及占上市公司有表決權(quán)總股本的比例，以及每項議案的表決方式和表決統(tǒng)計結(jié)果。對股東提案做出決議的，列明提案股東的名稱或姓名、持股比例和提案內(nèi)容。
發(fā)行B股的上市公司還在公告中說明股東會議通知情況、上市公司A股股東和B股股東出席會議及表決情況。
上市公司董事會決議涉及須經(jīng)股東大會表決的事項的，必須公告。
對外（含委托）投資公告
（一）關(guān)注要點
1．對方名稱（合作投資的其他有關(guān)各方、受委托方）
2．投資數(shù)量
3．投資期限（起始日和結(jié)束日）
4．投資項目名稱
5．投資收益率
6．其他需提示的重要事項
（二）公告內(nèi)容
1．對外（委托）投資概述
2．投資協(xié)議主體
3．投資標(biāo)的的基本情況
4．對外（委托）投資合同的主要內(nèi)容
5．對外（委托）投資的目的和對公司的影響
（三）注意事項
1．對外（委托）投資概述中注意投資是否構(gòu)成關(guān)聯(lián)交易等。董事會審議投資議案的表決情況；交易生效所必需的審批程序，諸如是否需經(jīng)過股東大會批準(zhǔn)或政府有關(guān)部門批準(zhǔn)等。
2．投資協(xié)議主體介紹中關(guān)注除上市公司本身以外的投資協(xié)議（委托協(xié)議）主體的基本情況。如屬于關(guān)聯(lián)交易，留意關(guān)聯(lián)關(guān)系。
3．留意出資方式。
留意主要投資人或股東出資的方式；涉及用實物資產(chǎn)或無形資產(chǎn)出資的內(nèi)容；涉及用股權(quán)出資的內(nèi)容。如果是投資具體項目，項目的具體內(nèi)容，投資進(jìn)度，可行性分析和市場前景。
4．合同主要條款內(nèi)容。
包括投資金額、支付方式、合同的生效條件、生效時間，合同的履行期限，投資回收期限，收益率，收益分配方式，以及合同中的其他重要條款。
如涉及非現(xiàn)金方式出資，閱讀定價政策。定價政策主要說明制定成交價格的依據(jù)。
5．對外（委托）投資的目的和對公司的影響
關(guān)注公司對外（委托）投資的意圖，投資的資金來源，該項投資可能產(chǎn)生的風(fēng)險，如投資項目因市場、技術(shù)、環(huán)保、財務(wù)等因素引致的風(fēng)險，股權(quán)投資及與他人合作的風(fēng)險，項目管理和組織實施的風(fēng)險等，對上市公司本期和未來財務(wù)狀況和經(jīng)營成果的影響
第五篇：上市公司信息披露管理辦法
上市公司信息披露管理辦法
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 “l(fā)isted 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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