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Abstract. The number of information disclosure of listed companies in China is growing steady， but the quality of information disclosure has failed to improve synchronously. The frequent occurrence of information disclosure violations not only seriously disrupts securities market order， but also undermines the interests of investors. Violation of information disclosure of listed companies is mainly in the form of delayed disclosure and material omissions， the main problems of information disclosure of listed companies exist in violation of information disclosure are not timely and not comprehensive.
Keywords： Information disclosure； Violations； Quality
1. Introduction
Currently， there is a clear information asymmetry between investors and listed companies. In order to avoid unfair competition， such as fraud and insider trading， investors hope listed companies can timely and completely disclosure all material information. Whether information disclosure is complete， true， timely will directly affect the stable development of market as well as efficient and rational allocation of resources. Although listed companies have been obliged by law that they must completely， truly and fairly， timely disclosure information， but the reality is often not the case. In reality， the listed companies not only failed to fulfill their obligations of information disclosure， there are some bad behaviors， such as information disclosure is inaccurate and not timely， spreading false information to mislead and deceive ordinary investors， using insider information superiority to manipulate market， such behaviors not only seriously disrupt securities market order， but also undermines the interests of investors.
2. Information disclosure of listed companies Situation
Disclosure of information， also known as the public system and public disclosure system， which refers to in order to protect the interests of investors， listed companies accept public supervision and in accordance with the law， they must report financial changes， management and other information to securities regulatory authorities， stock exchanges as well as report or notice to the public， allowing investors to fully understand the case of listed companies. Information disclosure of listed companies， not only including pre-release information disclosure but also including the continued information disclosure， its main contents are composed of prospectus regime， regular reporting and interim reporting system， specific content in Table 1. Disclosure of securities issued refers to when security is public offering， in accordance with the provisions of laws and regulations， disclosure the information about issuer， securities and the issue of securities-related. Such information disclosure documents mainly include prospectus， the listing announcement and so on. Continuous information disclosure， refers to the process of trading in listed securities issuers， listed companies trading in listed securities and information relating to securities transactions to be carried out continuous disclosure. Such information disclosure documents mainly consist of periodical reports of listed companies （including interim and annual reports） and interim reports （including major event announcement）.
2.1 The number of information disclosure of listed companies
2.2 Quality of information disclosure
Since 2001， Shenzhen Stock Exchange evaluate information disclosure of listed company from authenticity， accuracy， completeness， timeliness， legal compliance， fairness， rewards and punishments of listed companies and the coordination with Shenzhen Stock Exchange， using the "excellent"（A）， "good"（B）， "pass"（C） and "fail"（D） four grade to evaluate listed companies. Table 3 shows the mass distribution of the Shenzhen Stock Exchange information disclosure of listed companies during 2005-2013. Figure1 shows that although the number of the listed companies got "A" was tend to increase year by year， but the growth was slow； the number of those companies achieved "B" standard has shown a steady and rapid growth trend， except slightly declined in 2013； the number of companies obtained "C" is fluctuant； the number of the companies got "D" was tend to downward， and has slight fluctuations. Figure 2 shows the consolidated evaluation results of information disclosure of listed companies during 2005-2013， which can be seen that though the proportion of listed companies got "good" and above reached 80%， but the proportion of "A" rating companies accounting for "B" or higher rating is less than one-fifth. Thus， although the number of information disclosure of listed companies is growing year by year， but the proportion of listed companies got "A" is still less than 20%， there is a big room for improvement in the quality of information disclosure of listed companies.
3. The main problems of information disclosure of
listed companies
3.1 Illegal information disclosure type
As we can be seen from the above， the evaluation results that Shenzhen Stock Exchange recently published show that about 80% of the listed company information disclosure evaluation grades are "good" or better， but the listed company information disclosure violation cases in stock market still occur frequently. Information disclosure of listed companies has a lot of quality inequity problems， such as false statements， material omissions， falsehoods， information lag and delayed disclosure. Violations of information disclosure of listed companies， refers to during the process of information disclosure， listed companies go against relevant laws， regulations， prepare and provide false information， conceal or delay the important facts. These behaviors have seriously disturbed the normal operation of the securities market， and they are a waste of efficient allocation of social resources and damages the legitimate rights and interests of investors. According to data provided by CSMAR database， major types of information disclosure violations include： significant omissions， delayed disclosure， false records （misleading statements）， fictitious profits and falsifying assets. Table 4 lists the violations of information disclosure of listed companies during 2005-2013 based on CSMAR database statistics.
shows that in these five major information disclosure violations， the proportion of delayed disclosure and material omissions is up to 69.93%. It means that information disclosure is not timely and not comprehensive， to some extent， it reflects that the regulatory authorities’ investigation still remains in the surface stage， lacks of substantive review. The number of false records （misleading statements） increased significantly in 2012-2013. The proportion of financial disclosure violations such as fictitious profits， false statement of assets is low， but its influence should not be overlooked.
3.2 The concurrency of illegal information disclosure behavior
According to CSMAR data， violations of information disclosure of listed companies are mostly the result of several violations occur at the same time， that is， information disclosure violations concurrency. By analyzing the distribution of information disclosure violations concurrency， we can understand regular pattern of illegal information disclosure. The concurrency of Information disclosure violations is shown in Table 5.
Each row represents a different type of information disclosure violations； each column represents times of disclosure violations occur （1-5 kinds） in table 5. For example， the first row represents omission violations， the number of occurrences alone is 33 times （one kind）， the number of concurrent with another type is 142 （two kinds）， and so on. As can be seen from the table5， only 18.12% of the information disclosure violations are single occurred， while the remaining 81.98% violations are occurred with other violations. Obviously， most information disclosure violations have concurrency. Fictitious profits， falsifying assets and other irregularities are basically common occurrence， because violations of financial information often "affect the situation leave." From the point of view of concurrent number of species， proportion of five kinds violations occur at the same time is relatively low， only accounting for 8.33%， proportion of two or three kinds violations is up to 54.7 percent. Most violations occurred often by two or three kinds of violation combination. 4. Conclusions
4.1 The number of information disclosure of listed companies is increasing year by year， the growth rate is significantly during 2009-2012. As for the quality of information disclosure， even though the proportion of listed companies got "good" rating reached 80%， but the "excellent" companies accounting for companies of "good" and above is less than one fifth. This shows that despite the amount of information disclosure is growing， but the quality of information disclosure has not been substantially improved.
4.2 Overall， the number of information disclosure violations of Chinese listed companies showed a W-shaped trend during 2005-2013. The number of information disclosure violation of listed companies is decreased between 2005 and 2008， the number of violations increased significantly in 2009， the number of violations decreased significantly in 2010， and then rose during 2011-2013. Judging from the type of violation， delayed disclosure and significant omission are main illegal forms， the ratio of delayed disclosure and material omissions is up to 69.93%. This shows that legal information disclosure responsibility of listed companies is in urgent need of strengthening.
4.3 "Other" （confiscation of illegal gains， order rectification notice， issued a warning letter， etc.） is a main type of penalties of listed company， accounting for 54.23% of the total punishment， warning， reprimand， such as relatively few other forms of punishment. About 82 percent of illegal information disclosure is complicated by a variety of forms， and information disclosure violations have highly significant concurrency. This shows that punishment of illegal information disclosure is too slight， and supervision exists formal phenomenon， the CSCR and the Stock Exchange lack of substantive review.
References
[1] Zhang Meiping.2013. The securities market information disclosure， supervision problems and innovation strategy. Economist （6）：88-89.
[2] Yang Yufeng， Cao Qiong， Wu Xiaoming.2008. Different market reactions to violation of information disclosure of listed companies. Auditing Research （5）：68-73.
[3] Wu Guopin. 2009. Listing Corporation Information Disclosure Violation types and main characteristics. Contemporary economic research （7）：68-72.
[4] Tang Qi.2010. Study on the quality problem of the listing Corporation information disclosure. Friends of accounting （27）：121-122.
[5] Su Xuefeng.2013. Listing Corporation information disclosure and supervision-based on the game theory perspective. Commercial economy （7）：110-112.
Keywords： Information disclosure； Violations； Quality
1. Introduction
Currently， there is a clear information asymmetry between investors and listed companies. In order to avoid unfair competition， such as fraud and insider trading， investors hope listed companies can timely and completely disclosure all material information. Whether information disclosure is complete， true， timely will directly affect the stable development of market as well as efficient and rational allocation of resources. Although listed companies have been obliged by law that they must completely， truly and fairly， timely disclosure information， but the reality is often not the case. In reality， the listed companies not only failed to fulfill their obligations of information disclosure， there are some bad behaviors， such as information disclosure is inaccurate and not timely， spreading false information to mislead and deceive ordinary investors， using insider information superiority to manipulate market， such behaviors not only seriously disrupt securities market order， but also undermines the interests of investors.
2. Information disclosure of listed companies Situation
Disclosure of information， also known as the public system and public disclosure system， which refers to in order to protect the interests of investors， listed companies accept public supervision and in accordance with the law， they must report financial changes， management and other information to securities regulatory authorities， stock exchanges as well as report or notice to the public， allowing investors to fully understand the case of listed companies. Information disclosure of listed companies， not only including pre-release information disclosure but also including the continued information disclosure， its main contents are composed of prospectus regime， regular reporting and interim reporting system， specific content in Table 1. Disclosure of securities issued refers to when security is public offering， in accordance with the provisions of laws and regulations， disclosure the information about issuer， securities and the issue of securities-related. Such information disclosure documents mainly include prospectus， the listing announcement and so on. Continuous information disclosure， refers to the process of trading in listed securities issuers， listed companies trading in listed securities and information relating to securities transactions to be carried out continuous disclosure. Such information disclosure documents mainly consist of periodical reports of listed companies （including interim and annual reports） and interim reports （including major event announcement）.
2.1 The number of information disclosure of listed companies
2.2 Quality of information disclosure
Since 2001， Shenzhen Stock Exchange evaluate information disclosure of listed company from authenticity， accuracy， completeness， timeliness， legal compliance， fairness， rewards and punishments of listed companies and the coordination with Shenzhen Stock Exchange， using the "excellent"（A）， "good"（B）， "pass"（C） and "fail"（D） four grade to evaluate listed companies. Table 3 shows the mass distribution of the Shenzhen Stock Exchange information disclosure of listed companies during 2005-2013. Figure1 shows that although the number of the listed companies got "A" was tend to increase year by year， but the growth was slow； the number of those companies achieved "B" standard has shown a steady and rapid growth trend， except slightly declined in 2013； the number of companies obtained "C" is fluctuant； the number of the companies got "D" was tend to downward， and has slight fluctuations. Figure 2 shows the consolidated evaluation results of information disclosure of listed companies during 2005-2013， which can be seen that though the proportion of listed companies got "good" and above reached 80%， but the proportion of "A" rating companies accounting for "B" or higher rating is less than one-fifth. Thus， although the number of information disclosure of listed companies is growing year by year， but the proportion of listed companies got "A" is still less than 20%， there is a big room for improvement in the quality of information disclosure of listed companies.
3. The main problems of information disclosure of
listed companies
3.1 Illegal information disclosure type
As we can be seen from the above， the evaluation results that Shenzhen Stock Exchange recently published show that about 80% of the listed company information disclosure evaluation grades are "good" or better， but the listed company information disclosure violation cases in stock market still occur frequently. Information disclosure of listed companies has a lot of quality inequity problems， such as false statements， material omissions， falsehoods， information lag and delayed disclosure. Violations of information disclosure of listed companies， refers to during the process of information disclosure， listed companies go against relevant laws， regulations， prepare and provide false information， conceal or delay the important facts. These behaviors have seriously disturbed the normal operation of the securities market， and they are a waste of efficient allocation of social resources and damages the legitimate rights and interests of investors. According to data provided by CSMAR database， major types of information disclosure violations include： significant omissions， delayed disclosure， false records （misleading statements）， fictitious profits and falsifying assets. Table 4 lists the violations of information disclosure of listed companies during 2005-2013 based on CSMAR database statistics.
shows that in these five major information disclosure violations， the proportion of delayed disclosure and material omissions is up to 69.93%. It means that information disclosure is not timely and not comprehensive， to some extent， it reflects that the regulatory authorities’ investigation still remains in the surface stage， lacks of substantive review. The number of false records （misleading statements） increased significantly in 2012-2013. The proportion of financial disclosure violations such as fictitious profits， false statement of assets is low， but its influence should not be overlooked.
3.2 The concurrency of illegal information disclosure behavior
According to CSMAR data， violations of information disclosure of listed companies are mostly the result of several violations occur at the same time， that is， information disclosure violations concurrency. By analyzing the distribution of information disclosure violations concurrency， we can understand regular pattern of illegal information disclosure. The concurrency of Information disclosure violations is shown in Table 5.
Each row represents a different type of information disclosure violations； each column represents times of disclosure violations occur （1-5 kinds） in table 5. For example， the first row represents omission violations， the number of occurrences alone is 33 times （one kind）， the number of concurrent with another type is 142 （two kinds）， and so on. As can be seen from the table5， only 18.12% of the information disclosure violations are single occurred， while the remaining 81.98% violations are occurred with other violations. Obviously， most information disclosure violations have concurrency. Fictitious profits， falsifying assets and other irregularities are basically common occurrence， because violations of financial information often "affect the situation leave." From the point of view of concurrent number of species， proportion of five kinds violations occur at the same time is relatively low， only accounting for 8.33%， proportion of two or three kinds violations is up to 54.7 percent. Most violations occurred often by two or three kinds of violation combination. 4. Conclusions
4.1 The number of information disclosure of listed companies is increasing year by year， the growth rate is significantly during 2009-2012. As for the quality of information disclosure， even though the proportion of listed companies got "good" rating reached 80%， but the "excellent" companies accounting for companies of "good" and above is less than one fifth. This shows that despite the amount of information disclosure is growing， but the quality of information disclosure has not been substantially improved.
4.2 Overall， the number of information disclosure violations of Chinese listed companies showed a W-shaped trend during 2005-2013. The number of information disclosure violation of listed companies is decreased between 2005 and 2008， the number of violations increased significantly in 2009， the number of violations decreased significantly in 2010， and then rose during 2011-2013. Judging from the type of violation， delayed disclosure and significant omission are main illegal forms， the ratio of delayed disclosure and material omissions is up to 69.93%. This shows that legal information disclosure responsibility of listed companies is in urgent need of strengthening.
4.3 "Other" （confiscation of illegal gains， order rectification notice， issued a warning letter， etc.） is a main type of penalties of listed company， accounting for 54.23% of the total punishment， warning， reprimand， such as relatively few other forms of punishment. About 82 percent of illegal information disclosure is complicated by a variety of forms， and information disclosure violations have highly significant concurrency. This shows that punishment of illegal information disclosure is too slight， and supervision exists formal phenomenon， the CSCR and the Stock Exchange lack of substantive review.
References
[1] Zhang Meiping.2013. The securities market information disclosure， supervision problems and innovation strategy. Economist （6）：88-89.
[2] Yang Yufeng， Cao Qiong， Wu Xiaoming.2008. Different market reactions to violation of information disclosure of listed companies. Auditing Research （5）：68-73.
[3] Wu Guopin. 2009. Listing Corporation Information Disclosure Violation types and main characteristics. Contemporary economic research （7）：68-72.
[4] Tang Qi.2010. Study on the quality problem of the listing Corporation information disclosure. Friends of accounting （27）：121-122.
[5] Su Xuefeng.2013. Listing Corporation information disclosure and supervision-based on the game theory perspective. Commercial economy （7）：110-112.