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 Wysłany: Sob 22:25, 23 Kwi 2011 Temat postu: Notice of Listed Companies to clarify the supply a |
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Notice of Listed Companies to clarify the supply and demand
Paper Keywords: supply and demand to clarify the notice listed companies Abstract: As a special category of listed companies disclosed the form of notice is to clarify the regulatory authorities and the market growing concern. Based on Economics perspective, to clarify the notice that the supply side is a listed company executives, investors, information intermediaries and other market players to clarify the notice of the demand side, and further analysis to clarify the causes of notice. This paper argues that Notice to clarify the root cause of information asymmetry in capital markets, regulators should strengthen controls to clarify the notice, to maintain a fair market and to protect small investors. Paper Keywords: Clarification Announcement listed companies in supply and demand of capital market is also a message to the market, through a complex flow of information to achieve their financing and investment functions. Information Disclosure of Listed Companies is the main source of market information, follow the regulatory requirements of listed companies to disclose Accounting reports and notes, audit reports and other regulatory information, but also by self-needs voluntary disclosure. Recent years, as a special category of listed companies disclosed the form of more up gradually to clarify the notice, regulators and the market has become increasingly close to their degree of concern. There are two reasons, first, to clarify the announcement and the market generally associated rumors or media coverage, announcement to some extent mirrors the attitude of Corporate Disclosure Quality and standards; second is to clarify before a public announcement, the company stock price volatility tend to clarify the notice relationship between timeliness and completeness of the information to market participants a fair and market fair. In this paper, the supply demand theory of economics that the supply management of listed companies to clarify the announcement, investors, information intermediaries and regulatory departments are the demand side. Regulation of listed companies to clarify the notice to the establishment of a good market order, reducing insider trading and maintain the market fair. Supply of listed companies to clarify the notice of the motive recent years, China's capital market has increased gradually to clarify the notice outside the objective reasons, on the one hand, with the development of communication technology,[link widoczny dla zalogowanych], especially the Internet the popularity of information search and information dissemination costs decline faster, company news spread very quickly; the other hand, the market environment is getting better, into the long-term bull market, investors prefer to search for pursuit of news, prone to abnormal fluctuations in share price . When the newspaper, circulated on the portal or market the company is not publicly associated with a significant message, or financial analysts, experts and scholars, individual investors and other stakeholders on the important aspects of financial management and other doubts, all caused the market for listed the company's attention, management of listed companies must disclose the decision, the decision whether to release to clarify the announcement. This paper argues that the management notice issued to clarify the main motivation penalties for violations of information control mechanisms, information lags behind authentication mechanisms, signal transduction mechanisms, and impression management motives. (A) the disclosure regulation violations - punishment mechanism is disclosed in the management decision-making announcement to clarify the primary consideration. In accordance with regulatory requirements, management should be timely, accurate, clear and complete disclosure of the requested information content, when the management of external information that may be in violation of the disclosure control laws, in order to reduce regulatory penalties may be incurred, management will release explained Notice of clarification. Meanwhile, the mandatory disclosure system effectively limits the ability of management to remain silent, such as the impact, the company shall immediately aware of the message to make a public clarification. (B) information behind the external authentication mechanism spread the message if the company is real, since the information may be disclosed or other competitive sources confirmed the information, management continues to remain silent, they should probably assume a more Information hiding big risk (more difficult to conceal) and more adverse economic consequences. (C) of the signal transduction mechanism of the market has formed a understanding, management will release good news early, delayed release or withhold bad news, when the market spread of the company's major news, especially bad news, the management level has remained silent on the means to send signals to the market: the message is correct, do not stand or late position may have adverse economic consequences of enlargement, may lead to greater stock price volatility, damage the image of the company and the management of the market, and even may affect the daily financial operations. (D) impression management motive who expect the market to maximize the expected return or punish minimized. The external face of unexpected information about the company, has established a good image when threatened, management will need to use protective actions to safeguard the image, corresponding to clarify the disclosure is an effective approach. Of course, this image of the building behavior is passive rather than proactive. Such as Shenzhen Development (000001.sz) released 2006 Annual Report, CITIC Securities researcher pointed out that the SDB net profit growth rate is not 370% true but from the small business growth in bad debt provision, as the worst asset quality of bank non-performing loan provisions listed at least, the stock value should be around 8 yuan (SDB price was 20 yuan). CITIC Securities analysis arise in the market focusing on the deep development of the Annual Report. Shenzhen Development Bank to respond quickly, for release during the second day to clarify the announcement, said the bad debt provision for compliance, operational risk control is effective. To clarify the notice requirements of listed companies of between management and investors have asymmetric information the agency problem (Jensen and Meckling, 1976), management to insider information, the information Edge and investors the information is at a disadvantage. There are two ways to solve the information problem, one is to reduce the agency costs of management of voluntary disclosure, the second is to reduce transaction costs and loss of social welfare, Pareto improving the efficiency of the market, the regulator provides the appropriate information disclosure regulation. However, these two approaches can not guarantee complete elimination of information asymmetry, information lemons problem still exists (Akerlof, 1970). Information has economic consequences as a super market participants searching for inside information with the market makes the market rumors, when the company's share price accompanied by abnormal fluctuations in market information, stakeholders as to clarify the notice of the demand side.
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