第一篇：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(shuō)明書(shū)、上市公告書(shū)以及定期報(bào)告和臨時(shí)報(bào)告等形式，把公司及與公司相關(guān)的信息，向投資者和社會(huì)公眾公開(kāi)披露的行為。

1993年3月18日，中國(guó)證監(jiān)會(huì)下達(dá)《關(guān)于股票公開(kāi)發(fā)行與上市公司信息披露有關(guān)事項(xiàng)的通知》，要求指定報(bào)刊按規(guī)定刊登上市公司定期報(bào)告和臨時(shí)報(bào)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(huì)公眾全面溝通信息的橋梁。目前，投資者和社會(huì)公眾對(duì)上市公司信息的獲取，主要是通過(guò)大眾媒體閱讀各類臨時(shí)公告和定期報(bào)告。投資者和社會(huì)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(shí)、全面、及時(shí)、充分地進(jìn)行信息披露至關(guān)重要，只有這樣，才能對(duì)那些持價(jià)值投資理念的投資者真正有幫助。

近年來(lái)，個(gè)別公司的信息披露出現(xiàn)了不夠全面、及時(shí)和充分的情況。但最終，信息披露還是要以事實(shí)為依據(jù)的。因此，那些不夠全面、及時(shí)和充分的信息披露，是不能長(zhǎng)期維持的。虛假信息只能瞞一時(shí)，無(wú)法瞞一世。如果我們仔細(xì)閱讀上市公司的信息，也能對(duì)少數(shù)公司信息披露中存在的問(wèn)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(chǎng)存在較大的投機(jī)成分，但股價(jià)的排序依舊有其合理的成分。我們常見(jiàn)媒體上有“年報(bào)行情”甚至“前年報(bào)行情”、“后年報(bào)行情”等提法。實(shí)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(shí)披露所有對(duì)上市公司股票價(jià)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(shí)、準(zhǔn)確、完整而且沒(méi)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(huì)全體成員必須保證信息披露內(nèi)容真實(shí)、準(zhǔn)確、完整，沒(méi)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(shuō)明書(shū)

2．上市公告書(shū)

3．定期報(bào)告：包括年度報(bào)告、中期報(bào)告、季度報(bào)告

4．臨時(shí)報(bào)告。

具體而言：

上市公司的信息披露主要分為定期報(bào)告和臨時(shí)報(bào)告兩類：定期報(bào)告包括年度報(bào)告和中期報(bào)告。中期報(bào)告分為前半個(gè)會(huì)計(jì)年度的半年度報(bào)告和季度報(bào)告。季度報(bào)告分為一季度（春季度）報(bào)告和三季度（秋季度）報(bào)告。

臨時(shí)報(bào)告包括的內(nèi)容和形式較為廣泛。較為常見(jiàn)的有股東大會(huì)決議公告、董事會(huì)決議公告、監(jiān)事會(huì)決議公告。其他重大事項(xiàng)也會(huì)由一些中介機(jī)構(gòu)同時(shí)發(fā)布信息，如回訪報(bào)告、評(píng)估報(bào)告和審計(jì)報(bào)告、律師見(jiàn)證報(bào)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(guó)證監(jiān)會(huì)《公開(kāi)發(fā)行股票公司信息披露實(shí)施細(xì)則（試行）》出臺(tái)。這是涉及上市公司信息披露內(nèi)容與格式的第一個(gè)部門(mén)規(guī)章。此后，有關(guān)招股說(shuō)明書(shū)、上市公告書(shū)、年度報(bào)告、中期報(bào)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(hào)”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(guó)證監(jiān)會(huì)指定的一些專業(yè)報(bào)刊，如《中國(guó)證券報(bào)》、《上海證券報(bào)》、《證券時(shí)報(bào)》、《證券日?qǐng)?bào)》等證券類報(bào)刊。

1999年起，上市公司的定期報(bào)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(shí)報(bào)告也可以在這兩個(gè)網(wǎng)站找到。投資者和社會(huì)公眾可以通過(guò)指定報(bào)刊和網(wǎng)站，找到自己需要的信息。

公告審核

交易所對(duì)上市公司定期報(bào)告實(shí)行事后審核，對(duì)臨時(shí)報(bào)告實(shí)行事前審核。

定期報(bào)告

年度報(bào)告

公告時(shí)間：上市公司在每個(gè)會(huì)計(jì)年度結(jié)束之日起四個(gè)月內(nèi)編制完成年度報(bào)告。

公告媒體：在指定報(bào)紙披露年度報(bào)告摘要，同時(shí)在中國(guó)證監(jiān)會(huì)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(shí)間順序。

審計(jì)要求：年度報(bào)告必須經(jīng)會(huì)計(jì)師事務(wù)所審計(jì)并出具報(bào)告。

公告形式：

年度報(bào)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(guó)證監(jiān)會(huì)《公開(kāi)發(fā)行股票公司信息披露的內(nèi)容與格式準(zhǔn)則第二號(hào)＜年度報(bào)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(duì)上市公司年度報(bào)告實(shí)行事前登記、事后審核。

上市公司的年度報(bào)告在至少一種指定報(bào)紙上刊登年度報(bào)告摘要并在指定網(wǎng)站上披露年度報(bào)告全文。中期報(bào)告

公告時(shí)間：于每個(gè)會(huì)計(jì)年度的上半年結(jié)束之日起二個(gè)月內(nèi)編制完成中期報(bào)告并公告。

公告媒體：在指定報(bào)紙披露。

公告要求：中期報(bào)告的格式和內(nèi)容按中國(guó)證監(jiān)會(huì)《公開(kāi)發(fā)行股票公司信息披露內(nèi)容與格式準(zhǔn)則第三號(hào)＜中期報(bào)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(jì)要求：可以不經(jīng)會(huì)計(jì)師事務(wù)所審計(jì)。

但有下列情形之一的，必須經(jīng)會(huì)計(jì)師事務(wù)所審計(jì)：

1．?dāng)M在下半年進(jìn)行利潤(rùn)分配或公積金轉(zhuǎn)增的；

2．中國(guó)證監(jiān)會(huì)或交易所認(rèn)為應(yīng)當(dāng)審計(jì)的其他情形。

季度報(bào)告

公告時(shí)間：公司在會(huì)計(jì)年度前三個(gè)月、九個(gè)月結(jié)束后的三十日內(nèi)編制季度報(bào)告。

公告媒體：，并將季度報(bào)告正文刊載于中國(guó)證監(jiān)會(huì)指定的報(bào)紙上，將季度報(bào)告全文（包括正文及附錄）刊載于中國(guó)證監(jiān)會(huì)指定的互聯(lián)網(wǎng)網(wǎng)站上。

公告要求：

1．季度報(bào)告是中期報(bào)告的一種。根據(jù)季度報(bào)告的特點(diǎn)，季度報(bào)告注重披露公司新發(fā)生的重大事項(xiàng)，一般不重復(fù)已披露過(guò)的信息。對(duì)已在前一定期報(bào)告或臨時(shí)報(bào)告中披露過(guò)的重大事項(xiàng)，只需注明該報(bào)告刊載的報(bào)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(bào)告中的財(cái)務(wù)資料部分時(shí)，無(wú)需披露財(cái)務(wù)數(shù)據(jù)與指標(biāo)；無(wú)需披露完整的財(cái)務(wù)報(bào)表，但應(yīng)披露簡(jiǎn)要的合并利潤(rùn)表與合并資產(chǎn)負(fù)債表。

3．公司管理層編制季度報(bào)告中的經(jīng)營(yíng)情況闡述與分析部分時(shí)，應(yīng)遵循有關(guān)規(guī)定。

4．公司無(wú)需披露《中期報(bào)告的內(nèi)容與格式準(zhǔn)則》中其他有關(guān)經(jīng)營(yíng)情況回顧與展望以及重要事項(xiàng)部分所要求披露的內(nèi)容。

5．公司無(wú)需編制季度報(bào)告摘要。

審計(jì)要求：公司季度報(bào)告中的財(cái)務(wù)資料無(wú)需經(jīng)審計(jì)，但中國(guó)證監(jiān)會(huì)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(rùn)分配或公積金轉(zhuǎn)增的。

臨時(shí)報(bào)告

董事會(huì)、監(jiān)事會(huì)、股東大會(huì)決議公告

關(guān)注要點(diǎn)：

（一）股東大會(huì)公告

召開(kāi)股東大會(huì)公告應(yīng)關(guān)注：

1．會(huì)議召開(kāi)時(shí)間2．會(huì)議召開(kāi)地點(diǎn)3．會(huì)議方式4．重大提案

（二）股東大會(huì)決議公告

股東大會(huì)決議公告應(yīng)關(guān)注：

1．會(huì)議召開(kāi)和出席情況

股東大會(huì)召開(kāi)的時(shí)間和地點(diǎn)，出席會(huì)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(huì)主持情況等。

2．提案審議情況

（1）每項(xiàng)提案的表決情況，包括同意、反對(duì)和棄權(quán)的具體情況以及占出席股東大會(huì)有表決權(quán)股份總數(shù)的比例。涉及逐項(xiàng)表決的提案，披露逐項(xiàng)表決的結(jié)果。

（2）股東大會(huì)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(duì)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(jiàn)證情況

注意股東大會(huì)見(jiàn)證的律師事務(wù)所和律師名稱，出具的結(jié)論性意見(jiàn)。

注意事項(xiàng)：

1．本次會(huì)議是否有否決或修改提案的情況；

2．本次會(huì)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(shí)間（若有）

4．新提案主要內(nèi)容（若有）

（三）公告時(shí)間

董事會(huì)會(huì)議、監(jiān)事會(huì)會(huì)議在會(huì)后兩個(gè)工作日內(nèi)在指定報(bào)紙上公布。

股東大會(huì)決議公告在會(huì)議結(jié)束當(dāng)日?qǐng)?bào)送交易所，經(jīng)審核后在指定報(bào)紙上刊登。

（四）公告形式

股東大會(huì)決議公告：

寫(xiě)明出席會(huì)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(xiàng)議案的表決方式和表決統(tǒng)計(jì)結(jié)果。對(duì)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(shuō)明股東會(huì)議通知情況、上市公司A股股東和B股股東出席會(huì)議及表決情況。

上市公司董事會(huì)決議涉及須經(jīng)股東大會(huì)表決的事項(xiàng)的，必須公告。

對(duì)外（含委托）投資公告

（一）關(guān)注要點(diǎn)

1．對(duì)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(xiàng)目名稱

5．投資收益率

6．其他需提示的重要事項(xiàng)

（二）公告內(nèi)容

1．對(duì)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(duì)外（委托）投資合同的主要內(nèi)容

5．對(duì)外（委托）投資的目的和對(duì)公司的影響

（三）注意事項(xiàng)

1．對(duì)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(huì)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(guò)股東大會(huì)批準(zhǔn)或政府有關(guān)部門(mén)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(shí)物資產(chǎn)或無(wú)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(xiàng)目，項(xiàng)目的具體內(nèi)容，投資進(jìn)度，可行性分析和市場(chǎng)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(shí)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(jià)政策。定價(jià)政策主要說(shuō)明制定成交價(jià)格的依據(jù)。

5．對(duì)外（委托）投資的目的和對(duì)公司的影響

關(guān)注公司對(duì)外（委托）投資的意圖，投資的資金來(lái)源，該項(xiàng)投資可能產(chǎn)生的風(fēng)險(xiǎn)，如投資項(xiàng)目因市場(chǎng)、技術(shù)、環(huán)保、財(cái)務(wù)等因素引致的風(fēng)險(xiǎn)，股權(quán)投資及與他人合作的風(fēng)險(xiǎn)，項(xiàng)目管理和組織實(shí)施的風(fēng)險(xiǎn)等，對(duì)上市公司本期和未來(lái)財(cái)務(wù)狀況和經(jīng)營(yíng)成果的影響

第二篇：上市公司信息披露

我國(guó)上市公司會(huì)計(jì)信息披露問(wèn)題與對(duì)策的研究

和進(jìn)

（中國(guó)中信集團(tuán)成都610041）

摘要：隨著我國(guó)證券市場(chǎng)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(chǎng)健康發(fā)展的生命線，關(guān)系著社會(huì)、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(guó)上市公司會(huì)計(jì)信息披露暴露出諸多問(wèn)題。本文在深刻剖析我國(guó)上市公司會(huì)計(jì)信息披露存在問(wèn)題的原因基礎(chǔ)上，提出提高上市公司會(huì)計(jì)信息披露質(zhì)量的對(duì)策，進(jìn)而促進(jìn)我國(guó)證券市場(chǎng)健康有效的運(yùn)行和發(fā)展。

關(guān)鍵字：上市公司會(huì)計(jì)信息披露問(wèn)題原因?qū)Σ?/p>

上市公司會(huì)計(jì)信息披露質(zhì)量的高低是檢驗(yàn)一國(guó)證券市場(chǎng)是否成熟的試金石，是實(shí)現(xiàn)證券市場(chǎng)“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(huì)計(jì)信息披露存在的問(wèn)題會(huì)導(dǎo)致投資者參與證券市場(chǎng)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(wèn)題，有利于保障證券市場(chǎng)穩(wěn)步、健康、快速、高效發(fā)展。

一、上市公司會(huì)計(jì)信息披露存在的問(wèn)題

1、會(huì)計(jì)信息披露不真實(shí)。會(huì)計(jì)信息披露含有虛假記載或誤導(dǎo)性陳述是中國(guó)上市公司信息披露中最嚴(yán)重、危害最大的問(wèn)題，由此導(dǎo)致的證券市場(chǎng)信息不對(duì)稱加大了市場(chǎng)風(fēng)險(xiǎn)，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(huì)計(jì)信息披露不充分。目前，大多數(shù)上市公司為了實(shí)現(xiàn)自身利益最大化，常常報(bào)喜不報(bào)憂，誤導(dǎo)投資者，主要表現(xiàn)在對(duì)一些重要事項(xiàng)、資金投向、利潤(rùn)構(gòu)成以及關(guān)聯(lián)交易披露不夠充分、對(duì)財(cái)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(huì)計(jì)信息。

3、會(huì)計(jì)信息披露不及時(shí)。目前，我國(guó)的上市公司基本上能及時(shí)披露業(yè)績(jī)報(bào)告，但是對(duì)可能導(dǎo)致股價(jià)下跌的重大事件往往披露不及時(shí)，大大降低了會(huì)計(jì)信息的時(shí)效性和相關(guān)性，為內(nèi)幕交易、牟取暴利、操縱市場(chǎng)創(chuàng)造了條件。

4、會(huì)計(jì)信息披露不主動(dòng)。我國(guó)的會(huì)計(jì)信息披露處于強(qiáng)制狀態(tài)，不少上市公司把會(huì)計(jì)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(duì)負(fù)面信息，上市公司對(duì)會(huì)計(jì)信息披露往往采取一種回避的態(tài)度。

二、上市公司會(huì)計(jì)信息披露存在問(wèn)題的原因

1、宏觀方面

（1）法律法規(guī)不健全。會(huì)計(jì)信息披露規(guī)范體系主要由《證券法》、《公司法》、《企業(yè)會(huì)計(jì)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(duì)上市公司會(huì)計(jì)信息披露作了相應(yīng)規(guī)定，但實(shí)踐操作中存在困難，使得上市公司在信息披露時(shí)有空可鉆。

（2）監(jiān)管不力。我國(guó)政府部門(mén)監(jiān)管體系不健全，相關(guān)部門(mén)權(quán)責(zé)界定不清，對(duì)二級(jí)市場(chǎng)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(huì)計(jì)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(dú)立性，往往無(wú)法客觀地評(píng)價(jià)上市公司會(huì)計(jì)信息。

（3）違規(guī)成本低。上市公司披露的會(huì)計(jì)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(jià)遠(yuǎn)遠(yuǎn)小于因失信而得到的收益，一些公司不惜通過(guò)隱藏或歪曲某些會(huì)計(jì)信息來(lái)形成對(duì)自己有利的局面。

2、微觀方面

（1）公司利益驅(qū)動(dòng)。公司利益驅(qū)動(dòng)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(bào)公司業(yè)績(jī)、操縱利潤(rùn)。還有的為了免于被處罰或?yàn)榇蠊蓶|和高管謀取利益粉飾報(bào)表、延遲披露信息或披露錯(cuò)誤信息。

（2）公司內(nèi)部治理結(jié)構(gòu)不完善。我國(guó)上市公司中國(guó)有股和法人股占比比較大，流通股比較少，股份相對(duì)集中，形成普遍的“一股獨(dú)大”現(xiàn)象，難以對(duì)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(jì)或者內(nèi)部審計(jì)被弱化，也導(dǎo)致公司財(cái)務(wù)管理出現(xiàn)混亂，財(cái)會(huì)信息失去真實(shí)性。

（3）投資者能力有限。我國(guó)證券市場(chǎng)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(méi)有樹(shù)立正確的投資理念，盲目投資、甚至投機(jī)。此外，對(duì)于多數(shù)投資者來(lái)說(shuō)，獲取上市公司有價(jià)值信息的成本也非常高。

三、防范信息披露瑕疵的對(duì)策

1、完善法律法規(guī)體系。相關(guān)部門(mén)要完善法律法規(guī)中的盲點(diǎn)，建立起一個(gè)相對(duì)完善的制度體系，并且增強(qiáng)有關(guān)會(huì)計(jì)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(tái)相關(guān)的民事責(zé)任賠償法，通過(guò)立法和司法解釋的手段來(lái)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(guó)應(yīng)將政府監(jiān)管、行業(yè)監(jiān)管和市場(chǎng)監(jiān)管進(jìn)行有機(jī)結(jié)合。政府部門(mén)要合理分工，明確職責(zé)，提高執(zhí)法者素質(zhì)。證券公司、會(huì)計(jì)師事務(wù)所等中介機(jī)構(gòu)要保持獨(dú)立性，客觀真實(shí)的評(píng)價(jià)上市公司會(huì)計(jì)信息。社會(huì)各界也應(yīng)積極主動(dòng)地發(fā)揮監(jiān)管職能，加強(qiáng)對(duì)上市公司會(huì)計(jì)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(huì)的核心地位，規(guī)范和完善董事會(huì)的運(yùn)作，優(yōu)化董事會(huì)的結(jié)構(gòu)和功能，并且強(qiáng)化監(jiān)事會(huì)的作用，保證其獨(dú)立。上市公司還要完善經(jīng)理人市場(chǎng)，利用經(jīng)理人市場(chǎng)的競(jìng)爭(zhēng)機(jī)制促使企業(yè)經(jīng)營(yíng)者從長(zhǎng)遠(yuǎn)利益出發(fā)。此外，建立對(duì)管理層的激勵(lì)與約束機(jī)制也對(duì)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(mén)要嚴(yán)厲懲罰提供虛假會(huì)計(jì)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(wú)法公正履行職責(zé)的會(huì)計(jì)中介機(jī)構(gòu)，還要構(gòu)建有效的市場(chǎng)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(yǔ)

上市公司信息披露是證券市場(chǎng)永恒的話題, 是證券市場(chǎng)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(huì)計(jì)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(chǎng)才能得到健康發(fā)展。

參考文獻(xiàn)：

[1] 劉偉.我國(guó)上市公司信息披露體制分析[J].證券時(shí)報(bào),2011(2).[2] 吉祖來(lái).上市公司會(huì)計(jì)信息披露問(wèn)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(chǎng)會(huì)計(jì)信息披露：?jiǎn)栴}與對(duì)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(wèn)題

１．信息披露內(nèi)容不真實(shí)

這是目前我國(guó)上市公司信息披露中最嚴(yán)重、危害最大的問(wèn)題。主要表現(xiàn)在：

⑴招股說(shuō)明書(shū)過(guò)度包裝造成盈利預(yù)測(cè)偏差嚴(yán)重。如１９９７年在全國(guó)國(guó)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(shuō)明書(shū)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(rùn)。有的公司將含稅收入放入會(huì)計(jì)報(bào)表對(duì)外報(bào)出，導(dǎo)致對(duì)外報(bào)出利潤(rùn)與真實(shí)利潤(rùn)相差甚遠(yuǎn)；有的公司根據(jù)使用對(duì)象來(lái)公布收入。如青島雙星旗下的華青輪胎２００２年經(jīng)營(yíng)數(shù)據(jù)有四個(gè)版本，真假難辯。

⑶偽造資產(chǎn)、虛構(gòu)利潤(rùn)，以達(dá)到吸引投資者的目的。如國(guó)內(nèi) 銀廣夏”、“東方電子”、“藍(lán)天股份”的造假事件使得會(huì)計(jì)報(bào)表不再是公司經(jīng)營(yíng)狀況的成績(jī)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(cái)務(wù)報(bào)表附注中予以說(shuō)明，要求做到內(nèi)容充分、完整。但在實(shí)際操作過(guò)程中存在以下問(wèn)題：第一，披露有關(guān)信息時(shí)措辭含糊模棱兩可。第二，規(guī)避不利事實(shí)，對(duì)有利于本公司的信息過(guò)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(shí)效性。

任何一家公司的生產(chǎn)經(jīng)營(yíng)活動(dòng)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(duì)股票價(jià)格產(chǎn)生重大影響，而投資者尚未得知的重大事件時(shí)，應(yīng)立即編制重大事件公告及時(shí)向社會(huì)披露。但仍有一些公司違反這一規(guī)定，不按法定時(shí)間正式披露會(huì)計(jì)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(shí)極為隨意。有的上市公司在公布定期報(bào)告時(shí)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(bào)發(fā)布了補(bǔ)充報(bào)告，個(gè)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(dòng)性

目前我國(guó)上市公司把信息披露看成是一種額外負(fù)擔(dān)，對(duì)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(dòng)、自愿地去披露有關(guān)信息。這說(shuō)明上市公司在其經(jīng)營(yíng)管理上存在著不愿讓社會(huì)公眾知道的陰暗面。

二、信息披露存在問(wèn)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(dòng)。某些上市公司為了在當(dāng)前證券市場(chǎng)中樹(shù)立其良好形象，并能在競(jìng)爭(zhēng)中立于不敗之地，使得利用會(huì)計(jì)造假、操縱利潤(rùn)的各種利益沖動(dòng)一直有增無(wú)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(guò)改革一步到位，其中由于國(guó)有股產(chǎn)權(quán)主體缺位，很難強(qiáng)化國(guó)有股股東對(duì)公司的產(chǎn)權(quán)約束和控制，而社會(huì)公眾股數(shù)量較少，股東分散，也難以強(qiáng)化國(guó)有股股東對(duì)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(rùn)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(jì)及管理控制，會(huì)計(jì)基礎(chǔ)工作薄弱，會(huì)計(jì)管理體制不順，內(nèi)部審計(jì)監(jiān)督職能被削弱。

(二)信息披露存在問(wèn)題的外在原因

１．會(huì)計(jì)法制不健全

目前，我國(guó)上市公司的會(huì)計(jì)準(zhǔn)則制度仍然是不完全的。體現(xiàn)在以下幾個(gè)方面：第一，會(huì)計(jì)準(zhǔn)則制度與會(huì)計(jì)實(shí)踐之間存在著一定的時(shí)滯。由于會(huì)計(jì)實(shí)踐和經(jīng)濟(jì)創(chuàng)新行為的層出不窮，實(shí)踐中經(jīng)常出現(xiàn)企業(yè)的會(huì)計(jì)處理“無(wú)法可依”的情況。第二，會(huì)計(jì)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(mén)。由于會(huì)計(jì)準(zhǔn)則由財(cái)政部頒布，上市公司信息披露的規(guī)則由證監(jiān)會(huì)制定，相關(guān)規(guī)定之間有時(shí)并不十分和諧統(tǒng)一，這也給信息披露工作帶來(lái)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(shí)期，我國(guó)上市公司大都由國(guó)有企業(yè)通過(guò)剝離、并購(gòu)和包裝上市等方式轉(zhuǎn)制而來(lái)，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(shí)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(rùn)，或者制造虛假證明文件，或者進(jìn)行虛假陳述，在其招股說(shuō)明書(shū)中發(fā)布不實(shí)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(duì)資金的持續(xù)需求，有些公司往往粉飾會(huì)計(jì)數(shù)據(jù)，進(jìn)而披露虛假的會(huì)計(jì)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(jì)界的審計(jì)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(shí)信息得以對(duì)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(duì)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(lái)的收益相比，違規(guī)成本僅是“滄海一粟”。因此，行政處罰對(duì)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(duì)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(yíng)管理中起絕對(duì)作用，對(duì)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(píng)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(duì)內(nèi)部控制的認(rèn)識(shí)，此外，外部經(jīng)理人才市場(chǎng)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(shí)也應(yīng)該提高人們對(duì)內(nèi)部控制的認(rèn)識(shí)，使公司在實(shí)施內(nèi)部控制的過(guò)程中變被動(dòng)為主動(dòng)，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(cái)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(shí)高度的獨(dú)立--------------------------精品

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第二，上市公司必須加強(qiáng)內(nèi)部審計(jì)，設(shè)置內(nèi)審機(jī)構(gòu)，歸屬監(jiān)事會(huì)領(lǐng)導(dǎo)，對(duì)會(huì)計(jì)業(yè)務(wù)進(jìn)行日常的內(nèi)部審計(jì)監(jiān)督。

第三，明確財(cái)務(wù)人員的信息供給主體的地位，強(qiáng)化披露財(cái)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(dú)立性。

第五，必須合理、有效地設(shè)置會(huì)計(jì)機(jī)構(gòu)。目前必須將上市公頃司的會(huì)計(jì)部門(mén)和財(cái)力管理部門(mén)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(huì)計(jì)規(guī)范體系。我國(guó)上市公司會(huì)計(jì)規(guī)范體系主要由 《會(huì)計(jì)法》、《證券法》、《企業(yè)會(huì)計(jì)準(zhǔn)則》、《企業(yè)會(huì)計(jì)制度》等法律規(guī)范制度所構(gòu)成。但是目前我國(guó)有關(guān)現(xiàn)行法規(guī)制度中仍存在漏洞和不足，如財(cái)務(wù)信息披露中對(duì)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(cái)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(chǎng)財(cái)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(mén)的設(shè)置應(yīng)集中到兩個(gè)層次：一是中央級(jí)的證券監(jiān)管部門(mén)。負(fù)責(zé)對(duì)全國(guó)上市公司進(jìn)行客觀監(jiān)管，統(tǒng)一制定證券市場(chǎng)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(mén)的規(guī)定，對(duì)上市公司的日常活動(dòng)和財(cái)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(guó)證監(jiān)會(huì)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(duì)上市公司的信息包括招股說(shuō)明書(shū)、申報(bào)、年報(bào)、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(duì)會(huì)計(jì)部門(mén)的信息供給橫加干涉。證券監(jiān)管部門(mén)要制定一套切實(shí)可行的上市公司財(cái)務(wù)信息披露的監(jiān)管辦法，對(duì)違規(guī)行為予以明確界定，堅(jiān)決杜絕不規(guī)范行為。

第三，發(fā)展和完善注冊(cè)會(huì)計(jì)師審計(jì)制度。加快會(huì)計(jì)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(cè)會(huì)計(jì)師的風(fēng)險(xiǎn)意識(shí)、業(yè)務(wù)水平和職業(yè)道德水準(zhǔn)，完善審計(jì)準(zhǔn)則修改審計(jì)假設(shè)及審計(jì)方法和程序，以適合我國(guó)證券市場(chǎng)不夠規(guī)范的現(xiàn)實(shí)?？梢越⒁惶淄晟频摹⒖茖W(xué)的資本市場(chǎng)訴訟和民事賠償制度。這樣，可以使注冊(cè)會(huì)計(jì)師的獨(dú)立審計(jì)成為--------------------------精品

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上市公司財(cái)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(rùn)，促進(jìn)證券市場(chǎng)健康規(guī)范發(fā)展。

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第四篇：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.

第五篇：上市公司信息披露管理辦法

上海交大南洋股份有限公司

信息披露管理制度

第一章 總 則

第一條 根據(jù)中國(guó)證券監(jiān)督管理委員會(huì)有關(guān)上市公司信息披露的要求和《上市公司治理準(zhǔn)則》，《上海證券交易所股票上市規(guī)則》以及上海交大南洋股份有限公司(以下簡(jiǎn)稱公司)章程規(guī)定，為規(guī)范公司信息披露行為，確保信息真實(shí)、準(zhǔn)確、完整、及時(shí)，特制定本管理制度。

第二條 本管理制度所指信息主要包括：

（一）公司依法公開(kāi)對(duì)外發(fā)布的定期報(bào)告，包括季度報(bào)告、中期報(bào)告、報(bào)告；

（二）公司依法公開(kāi)對(duì)外發(fā)布的臨時(shí)報(bào)告，包括股東大會(huì)決議公告、董事會(huì)決議公告、監(jiān)事會(huì)決議公告、收購(gòu)、出售資產(chǎn)公告、關(guān)聯(lián)交易公告、補(bǔ)充公告、整改公告和其他重大事項(xiàng)公告等；以及上海證券交易所認(rèn)為需要披露的其他事項(xiàng)；

（三）公司發(fā)行新股刊登的招股說(shuō)明書(shū)、配股刊登的配股說(shuō)明書(shū)、股票上市公告書(shū)和發(fā)行可轉(zhuǎn)債公告書(shū)；

（四）公司向有關(guān)政府部門(mén)報(bào)送的可能對(duì)公司股票價(jià)格產(chǎn)生重大影響的報(bào)告、請(qǐng)示等文件；

（五）新聞媒體關(guān)于公司重大決策和經(jīng)營(yíng)情況的報(bào)道。第三條 公司董事會(huì)秘書(shū)及證券事務(wù)代表是公司信息披露的具體執(zhí)行人和上海證券交易所的指定聯(lián)絡(luò)人，協(xié)調(diào)和組織公司的信息披露事項(xiàng)，包括健全和完善信息披露制度，確保公司真實(shí)、準(zhǔn)確、完整、及時(shí)地進(jìn)行信息披露。

第二章 信息披露的基本原則

第四條

公司應(yīng)當(dāng)履行以下信息披露的基本義務(wù)：

（一）公司應(yīng)及時(shí)披露所有對(duì)公司股票價(jià)格可能產(chǎn)生重大影響的信息，并在第一時(shí)間報(bào)送上海證券交易所；

（二）在公司的信息公開(kāi)披露前，公司董事、監(jiān)事、高級(jí)管理人員及其他知情人員有責(zé)任確保將該信息的知情者控制在最小范圍內(nèi)；

（三）公司確保信息披露的內(nèi)容真實(shí)、準(zhǔn)確、完整、及時(shí)，沒(méi)有虛假、嚴(yán)重誤導(dǎo)性陳述或重大遺漏；

（四）公司及其董事、監(jiān)事、高級(jí)管理人員不得泄漏內(nèi)幕信息，不得進(jìn)行內(nèi)幕交易或配合他人操縱證券交易價(jià)格。

第五條 公司各部門(mén)和所屬各企業(yè)按行業(yè)管理要求向上級(jí)主管部門(mén)報(bào)送的報(bào)表、材料等信息，應(yīng)切實(shí)履行信息保密義務(wù)，防止在公司公開(kāi)信息披露前泄露。報(bào)送的信息較難保密的，應(yīng)同時(shí)報(bào)董事會(huì)秘書(shū)，由董事會(huì)秘書(shū)根據(jù)有關(guān)信息披露的規(guī)定決定是否向所有股東披露。

第六條 公司公開(kāi)披露信息的指定報(bào)紙為《上海證券報(bào)》。指定網(wǎng)站為:http://004km.cn。

公司應(yīng)公開(kāi)披露的信息，如需在其他公共傳媒披露的，不得先于指定報(bào)紙和指定網(wǎng)站，不得以新聞發(fā)布會(huì)或記者問(wèn)等形式代替公司的正式公告。

第三章 信息披露的審批程序

第七條

信息披露的內(nèi)部審批程序

(一)信息披露的文稿由董事會(huì)秘書(shū)撰稿或?qū)徍恕?/p>

(二)董事會(huì)秘書(shū)應(yīng)按有關(guān)法律、法規(guī)和公司章程的規(guī)定，在履行法定審批程序后披露定期報(bào)告和股東大會(huì)決議、董事會(huì)決議、監(jiān)事會(huì)決議。

(三)董事會(huì)秘書(shū)應(yīng)履行以下審批手續(xù)后方可公開(kāi)披露除股東大會(huì)決議、董事會(huì)決議、監(jiān)事會(huì)決議以外的臨時(shí)報(bào)告：

1.以董事會(huì)名義發(fā)布的臨時(shí)報(bào)告應(yīng)提交董事長(zhǎng)審核簽字； 2.以監(jiān)事會(huì)名義發(fā)布的臨時(shí)報(bào)告應(yīng)提交監(jiān)事長(zhǎng)審核簽字；

3.在董事會(huì)授權(quán)范圍內(nèi)，總經(jīng)理有權(quán)審批的經(jīng)費(fèi)事項(xiàng)需公開(kāi)披露的，56 該事項(xiàng)的公告應(yīng)提交總經(jīng)理審核，再提交董事長(zhǎng)審核批準(zhǔn)，并以公司名義發(fā)布；

4.控股子公司、參股子公司的重大經(jīng)營(yíng)事項(xiàng)需公開(kāi)披露的，該事項(xiàng)的公告應(yīng)先提交公司派出的該控股公司的董事長(zhǎng)或該參股公司董事審核簽字后，提交公司總經(jīng)理和公司董事長(zhǎng)審核批準(zhǔn)，并以公司名義發(fā)布。

(四)公司向有關(guān)政府部門(mén)遞交的報(bào)告、請(qǐng)示等文件和在新聞媒體上登載的涉及公司重大決策和經(jīng)濟(jì)數(shù)據(jù)的宣傳性信息文稿，應(yīng)提交公司總經(jīng)理或董事長(zhǎng)最終簽發(fā)。

第四章 定期報(bào)告的披露

第八條 公司應(yīng)按《公開(kāi)發(fā)行證券公司信息披露編報(bào)規(guī)則》的內(nèi)容與格式公開(kāi)披露定期報(bào)告。

(一)季度報(bào)告：公司應(yīng)在每個(gè)會(huì)計(jì)前三個(gè)月、九個(gè)月結(jié)束后的三十日內(nèi)編制完成季度報(bào)告，在公司的指定報(bào)紙上刊載季度報(bào)告正文，在公司指定網(wǎng)站上刊載季度報(bào)告全文(包括正文及附錄)，但第一季度報(bào)告的披露時(shí)間不得早于上一報(bào)告；

(二)中期報(bào)告：公司應(yīng)當(dāng)于每個(gè)會(huì)計(jì)的前六個(gè)月結(jié)束后二個(gè)月內(nèi)編制完成中期報(bào)告，在公司的指定報(bào)紙上刊登中期報(bào)告摘要，在公司的指定網(wǎng)站上登載中期報(bào)告全文；

(三)報(bào)告：公司應(yīng)當(dāng)在每個(gè)會(huì)計(jì)結(jié)束之日起四個(gè)月內(nèi)編制完成報(bào)告，在公司的指定報(bào)紙上披露報(bào)告摘要，同時(shí)在公司的指定網(wǎng)站上披露其全文。

第五章 主要臨時(shí)報(bào)告的披露

第九條 應(yīng)公開(kāi)披露的臨時(shí)報(bào)告：

(一)關(guān)聯(lián)交易事項(xiàng)

1.關(guān)聯(lián)交易是指公司及公司控股子公司與公司的關(guān)聯(lián)人發(fā)生的轉(zhuǎn)移資源或義務(wù)的事項(xiàng)，包括但不限于下列事項(xiàng)：

57(1)購(gòu)買或銷售商品；

(2)購(gòu)買或銷售除商品以外的其他資產(chǎn)；(3)提供或接受勞務(wù)；(4)代理；(5)租賃；

(6)提供資金(包括以現(xiàn)金或?qū)嵨镄问?；(7)擔(dān)保；

(8)管理方面的合同；(9)研究與開(kāi)發(fā)項(xiàng)目的轉(zhuǎn)移；(10)許可協(xié)議；(11)贈(zèng)與；(12)債務(wù)重組；(13)非貨幣性交易；(14)關(guān)聯(lián)雙方共同投資；

(15)上海證券交易所認(rèn)為屬于關(guān)聯(lián)交易的其他事項(xiàng)。

2.當(dāng)關(guān)聯(lián)交易金額達(dá)到如下標(biāo)準(zhǔn)時(shí)應(yīng)向董事會(huì)秘書(shū)及時(shí)報(bào)告：(1)關(guān)聯(lián)交易金額達(dá)到300萬(wàn)元以上時(shí)；

(2)與關(guān)聯(lián)人就同一標(biāo)的或與同一關(guān)聯(lián)人在連續(xù)12個(gè)月內(nèi)累計(jì)達(dá)到300萬(wàn)元以上時(shí)。

3.公司及公司持有50%以上股份的控股子公司遵照上述標(biāo)準(zhǔn)執(zhí)行；公司的參股公司以其交易標(biāo)的乘以公司參股比例或協(xié)議分紅比例后的數(shù)額對(duì)照上述標(biāo)準(zhǔn)執(zhí)行。

(二)重大事項(xiàng)

1.重大事項(xiàng)包括但不限于：(1)收購(gòu)、出售資產(chǎn)；(2)重大擔(dān)保事項(xiàng)；

(3)重要合同：借貸、委托經(jīng)營(yíng)、委托理財(cái)、贈(zèng)與、承包、租賃等；(4)大額銀行退票；

(5)重大經(jīng)營(yíng)性或非經(jīng)營(yíng)性虧損；

58(6)遭受重大損失；(7)重大投資行為；

(8)可能依法承擔(dān)的賠償責(zé)任；(9)重大行政處罰；(10)重大仲裁、訴訟事項(xiàng)。

2．重大事項(xiàng)達(dá)到或在連續(xù)12個(gè)月內(nèi)累計(jì)達(dá)到如下標(biāo)準(zhǔn)時(shí)應(yīng)及時(shí)向董事會(huì)秘書(shū)報(bào)告：

(1)所涉資產(chǎn)總額占公司最近一期經(jīng)審計(jì)的總資產(chǎn)值的10%以上；(2)發(fā)生凈利潤(rùn)或虧損的絕對(duì)值（按上經(jīng)審計(jì)的財(cái)務(wù)報(bào)告）占公司最近一期經(jīng)審計(jì)的上一凈利潤(rùn)或虧損絕對(duì)值的10%以上，且絕對(duì)金額在100萬(wàn)元以上；

(3)所涉交易金額（承擔(dān)債務(wù)、費(fèi)用等一并計(jì)算）占公司最近一期經(jīng)審計(jì)的凈資產(chǎn)總額10%以上。

3．公司及公司持有50%以上股份的控股子公司遵照上述標(biāo)準(zhǔn)執(zhí)行；公司參股子公司按所涉金額乘以參股比例后的數(shù)額對(duì)照上述標(biāo)準(zhǔn)執(zhí)行。

（三）其他重要事項(xiàng)

1． 其他重要事項(xiàng)包括但不限于：

(1)公司章程、注冊(cè)地址、注冊(cè)資本、名稱的變更；(2)經(jīng)營(yíng)范圍的重大變化；

(3)訂立除上述[

（二）重大事項(xiàng)]中第三款內(nèi)容以外的其他重要合同；(4)發(fā)生重大債務(wù)或未清償?shù)狡趥鶆?wù)；(5)變更募集資金投資項(xiàng)目；

(6)直接或間接持有另一上市公司發(fā)行在外的普通股5%以上；

(7)持有公司5%以上股份的股東，其持有的股份增減變化達(dá)到5%以上；(8)公司第一大股東發(fā)生變更；

(9)公司董事長(zhǎng)、三分之一董事或總經(jīng)理發(fā)生變動(dòng)；

(10)生產(chǎn)經(jīng)營(yíng)環(huán)境發(fā)生重要變化，包括全部或主要業(yè)務(wù)停頓、生產(chǎn)資料采購(gòu)、產(chǎn)品銷售方式或渠道發(fā)生重大變化；

(11)減資、合并、分立、解散或申請(qǐng)破產(chǎn)的決定；

59(12)新的法律、法規(guī)、規(guī)章、政策可能對(duì)公司的經(jīng)營(yíng)產(chǎn)生顯著影響；(13)更換為公司審計(jì)的會(huì)計(jì)師事務(wù)所；(14)股東大會(huì)、董事會(huì)決議依法被法院撤銷；

(15)法院裁定禁止對(duì)公司有控制權(quán)股東轉(zhuǎn)讓其所持上市公司股票；(16)持有公司5%以上股份的股東所持股份被質(zhì)押；(17)公司進(jìn)入破產(chǎn)、清算狀態(tài)；(18)公司預(yù)計(jì)出現(xiàn)資不抵債；

(19)獲悉主要債務(wù)人出現(xiàn)資不抵債或進(jìn)入破產(chǎn)程序，公司對(duì)相應(yīng)的債權(quán)未提取足額壞帳準(zhǔn)備的；

(20)因涉嫌違反證券法規(guī)被中國(guó)證監(jiān)會(huì)調(diào)查或正受到中國(guó)證監(jiān)會(huì)處罰的（公司就違規(guī)事項(xiàng)公告時(shí)，應(yīng)當(dāng)事先報(bào)告中國(guó)證監(jiān)會(huì)）；

(21)接受證券監(jiān)管部專項(xiàng)檢查和巡回檢查后的整改方案；

(22)董事會(huì)預(yù)計(jì)公司業(yè)績(jī)與其披露過(guò)的盈利預(yù)測(cè)有重大差異時(shí)，而且導(dǎo)致該差異的因素尚未披露的；

(23)公司股票交易發(fā)生異常波動(dòng)時(shí)；

(24)在任何公共傳播媒介中出現(xiàn)的消息可能對(duì)公司股票的市場(chǎng)價(jià)格產(chǎn)生誤導(dǎo)性影響時(shí)；

2.公司發(fā)生以上其他重要事項(xiàng)時(shí)，公司持有50%以上股份的控股子公司發(fā)生以上（3）（4）（6）（10）（11）（17）（18）（19）事項(xiàng)時(shí)，應(yīng)及時(shí)報(bào)告董事會(huì)秘書(shū)。

第六章 責(zé)任與處罰

第十條 公司有關(guān)部門(mén)應(yīng)當(dāng)向董事會(huì)秘書(shū)提供信息披露所需的資料和信息。公司作出重大決定之前，應(yīng)從信息披露角度征詢董事會(huì)秘書(shū)意見(jiàn)。

第十一條 公司各部門(mén)(包括各分公司)、各子公司發(fā)生符合本制度第九條規(guī)定事項(xiàng)時(shí)，需按以下時(shí)點(diǎn)及時(shí)向董事會(huì)秘書(shū)報(bào)告，董事會(huì)秘書(shū)按照《上海證券交易所股票上市規(guī)則》的有關(guān)規(guī)定，及時(shí)公開(kāi)披露：

(一)事項(xiàng)發(fā)生后的第一時(shí)間；

60(二)公司與有關(guān)人有實(shí)質(zhì)性的接觸，或該事項(xiàng)有實(shí)質(zhì)性進(jìn)展時(shí)；(三)公司與有關(guān)當(dāng)事人簽署協(xié)議時(shí)，或該協(xié)議發(fā)生重大變更、中止或者解除、終止時(shí)；

(四)事項(xiàng)獲有關(guān)部門(mén)批準(zhǔn)或已披露的事項(xiàng)被有關(guān)部門(mén)否決時(shí)；(五)事項(xiàng)實(shí)施完畢時(shí)。

第十二條 公司各部門(mén)(包括各分公司)、各子公司在報(bào)告本制度第九條規(guī)定事項(xiàng)時(shí)，應(yīng)附上以下文件：

(一)所涉事項(xiàng)的協(xié)議書(shū)；

(二)董事會(huì)決議(或有權(quán)決定的有關(guān)書(shū)面文件)；(三)所涉事項(xiàng)的政府批文；(四)所涉資產(chǎn)的財(cái)務(wù)報(bào)表；

(五)所涉資產(chǎn)的意見(jiàn)書(shū)(評(píng)估報(bào)告或?qū)徲?jì)報(bào)告)。

第十三條 公司本部各部門(mén)(包括各分公司)、各子公司當(dāng)發(fā)生符合本制度第九條規(guī)定事項(xiàng)時(shí)，應(yīng)在規(guī)定時(shí)間內(nèi)及時(shí)報(bào)告董事會(huì)秘書(shū)，同時(shí)提供相關(guān)材料。

第十四條 公司本部各部門(mén)(包括各分公司)、各子公司按公開(kāi)信息披露要求所提供的經(jīng)營(yíng)、財(cái)務(wù)等信息應(yīng)按公司制度履行相應(yīng)的審批手續(xù)，確保信息的真實(shí)性、準(zhǔn)確性和完整性。

第十五條 公司各部門(mén)由部門(mén)負(fù)責(zé)人負(fù)責(zé)信息披露工作，各分公司、控股子公司應(yīng)指定專人負(fù)責(zé)信息披露工作，參股子公司的有關(guān)信息披露工作歸由公司投資管理部負(fù)責(zé)。

第十六條 公司各部門(mén)(包括各分公司)、各子公司發(fā)生本管理辦法第九條規(guī)定事項(xiàng)而未報(bào)告的，造成公司信息披露不及時(shí)而出現(xiàn)重大錯(cuò)誤或疏漏，給公司或投資者造成損失的，公司將對(duì)相關(guān)的責(zé)任人給予行政及經(jīng)濟(jì)處分。

第十七條 凡違反本制度擅自披露信息的，公司將對(duì)相關(guān)的責(zé)任人按泄露公司機(jī)密給予行政及經(jīng)濟(jì)處分，并且有權(quán)視情形追究相關(guān)責(zé)任人的法律責(zé)任。

第十八條 信息披露不準(zhǔn)確給公司或投資者造成損失的，公司將對(duì)相關(guān)的審核責(zé)任人給予行政及經(jīng)濟(jì)處分，并且有權(quán)視情形追究相關(guān)責(zé)任人的法律責(zé)任。不能查明造成錯(cuò)誤的原因，則由所有審核人承擔(dān)連帶責(zé)任。

第十九條 各分公司、控股子公司指定的信息披露負(fù)責(zé)人應(yīng)是有能力組織完 61 成信息披露的人員，信息披露負(fù)責(zé)人的名單及其通訊方式應(yīng)報(bào)公司董事會(huì)秘書(shū)；若信息披露負(fù)責(zé)人變更的，應(yīng)于變更后的二個(gè)工作日內(nèi)報(bào)公司董事會(huì)秘書(shū)。

第七章 附 則

第二十條 本管理制度未盡事宜，遵照《上海證券交易所股票上市規(guī)則》及有關(guān)上市公司信息披露的法律、法規(guī)的規(guī)定執(zhí)行。

第二十一條 本管理制度所稱“以上”含本數(shù)。第二十二條 本管理制度由公司董事會(huì)負(fù)責(zé)解釋。第二十三條 本管理制度自股東大會(huì)通過(guò)之日起生效。