The Sixth Phase Of Deep Watch Regulation: Capital Market "Consumption Upgrading" Arena: How Do We Choose The Voluntary Letter Box?

The annual 315 International Consumer Rights Day is coming, providing consumers with the right information about high quality products and products, and giving freedom to decide the right to choose and claim for compensation is the 315 meaning.

As a "consumer" in the capital market, investors consume financial products and information disclosed to show product value.

At present, the number of A share listed companies has exceeded 3800, the industry coverage is wide, and the consumption choices of investors are more diversified. A unique consumption upgrade is brewing in the capital market.

According to the twenty-first Century economic report reporter, with the advent of the new securities law, voluntary information disclosure was first introduced into the law, stipulates that information disclosure obligor can voluntarily disclose information related to investors' value judgments and investment decisions except for information disclosed according to law, but it should not conflict with information disclosed according to law, and should not mislead investors. The trend of "consumption escalation" in the capital market enables investors to better exercise their consumption rights with more targeted and characteristic "product information".

If the A share market is compared to the arena, information disclosure is just like a competitive sport. Mandatory information disclosure such as periodic reports is a compulsory exercise, which is essential for every athlete. But to become a champion, it is also necessary to finish the optional exercise voluntarily with high quality.

Then, how can we get the scores of voluntary information disclosure activities in the pocket?

"Type": "optional exercise".

Unlike the "fixed routines" stipulated in mandatory information disclosure, voluntary information disclosure is actually a set of optional actions, and a good completion can provide "bonus points" for the quality of information disclosure of listed companies. In the face of 29 Shen Yi industries and more than 3800 enterprises in Shanghai and Shenzhen two cities, monotonous disclosure is not enough to highlight the value of the company, while voluntary information disclosure is more customized and personalized, which can play a good complementary role outside the rigid standards.

According to the statistics of journalists, A share listed companies disclose 1087 voluntary disclosure announcements from 2017 to 2019, 361 are continuous disclosure of production and operation, and 149 are related to important information of subsidiaries, mainly covering subsidiary financial information, important business contracts, assets or equity transactions, bankruptcy liquidation matters, etc. 48 related to controlling shareholders, mainly including controlling shares. In addition, other voluntary disclosure announcements mainly cover important matters such as assets or equity trading, signing strategic framework agreements, winning the bid and listing the top 100 list.

Ming "standard": the standard of adjudication is very clear.

Voluntary disclosure has given the listed companies more freedom to play, but "freedom" does not mean "letting go". Although it is about subjective questions, forms can be varied and contents can be selected, there are several key criteria for its evaluation: Objective integrity, consistency and continuity.

To get the score of voluntary disclosure, the first thing to do is to be objective and exaggerate the facts and omissions. Only talking about "benefits" and weakening the risk of "selective disclosure" is most undesirable. Such as Taihe technology in the interactive easy platform said, "the company's products benzalkonium chloride, sodium hypochlorite and the production of peracetic acid can be used in the new coronavirus epidemic prevention process in the process of environmental disinfection", and then intend to add peracetic acid and other business scope, causing the stock price big move. In the announcement of the stock price movements, the company did not disclose the proportion of disinfectant products and the specific impact on the company's performance. Until the Shenzhen Stock Exchange inquired, Taihe technology was "confessed". The business had little impact on its performance and was finally criticized by the Shenzhen Stock Exchange.

Secondly, the time of voluntary disclosure is also important. Reporters noted that when voluntary disclosure was made, some listed companies often faced "risk lag" in the face of risk events. There are still some enterprises in order to rub hot spots, at the expense of the former "Chen sesame millet rotten" things to repeat the disclosure.

In addition, the format and standard of information disclosure of listed companies must be consistent. At present, there are about 20 Shenzhen companies disclosing the "voluntary disclosure standard announcement", mainly to clarify the voluntary disclosure standard, such as Longhua technology initiative to make clear market expectations. The announcement said that the amount of daily business contracts signed by the company reached more than 100 million yuan and the amount was less than 100 million yuan. However, the company believes that the important impact will be related to the implementation of the relevant announcement format. External disclosure.

Finally, we must pay attention to the continuity of the letter. For example, after signing a strategic cooperation agreement, the company should continue to dynamically disclose the progress, implementation and changes of the framework agreement in the following periodic reports and interim announcements, clearly identify investors' expectations, while some listed companies are "beginning to end", such as the "property leasing contract" signed by Hai Yin share, which will lease their property to third parties, and the lease term will be from 2018. From December 1st to January 31, 2038, the company released the lease relationship with the lessee in September 9, 2019, but the company did not disclose the termination of the contract until November 26, 2019.

Welcome feedback: market rewards "elite athletes"

In fact, the mainstream securities market in the world has experienced the evolution of voluntary prohibition but not explicit encouragement and encouragement. The US Accounting Standards Committee (FASB) has published research reports that the purpose of voluntary disclosure of listed companies is to describe and explain the investment potential of the company to investors, promote capital market liquidity, make capital allocation more efficient and reduce capital costs, and recognize that securities market regulators should encourage companies to disclose information voluntarily.

In the A share market, the relevant rules also actively support listed companies to disclose other relevant information of investors. As early as 2003, the guidelines on investor relations management of listed companies released by the Shenzhen Stock Exchange, which encourage companies to voluntarily disclose laws and regulations and rules, should disclose information beyond the information, and emphasize the fairness, authenticity and continuity of disclosure. A shares already have many top students, and they have achieved good results in voluntary information disclosure, and the relevant signs also indicate that high quality voluntary disclosure can help reduce company financing costs and enhance transaction activity.

? ? ? For example, rhyda shares, one of the leading companies in the private express industry, began to enter the capital market shortly after October 2017. In addition to disclosing the income and changes of the express service business, it continued to increase daily business data such as monthly service volume and single ticket income, and deepened investors' understanding of the company's business status and gained many special jobs. Positive feedback from institutional investors.

On the contrary, if it violates the above principles, the "abuse" of voluntary information disclosure channels will be a tool for "hype" and "report good news without worrying about it", and the consequences will be very serious. In recent years, regulators have been taking measures to purify the ecosystem. As early as July 2017, the SFC issued a ticket for voluntary information disclosure violations of Baoli international. The overseas market is also unruthless about voluntary information disclosure violations, which has caused widespread concern about Mask's "Twitter privatization" lawsuit, which directly led Mask to resign as chairman of the board and face compensation of $20 million respectively with Tesla.

Recently, the Shenzhen Stock Exchange has refined the information disclosure requirements in the newly revised "guidelines for operational operation". It has put forward the requirements for information disclosure of integrity, continuity and consistency for voluntary disclosure of listed companies. At the same time, it has intensified supervision over the use of voluntary disclosure of information, such as hot spots and speculation. In March 8th, the Shenzhen stock exchange held 8 tickets and a number of hot companies. All punished. It is understood that the Shenzhen Stock Exchange has voluntarily disclosed the quality of information disclosure into the scope of information disclosure assessment of listed companies, so as to urge listed companies to improve the quality of information disclosure.

The required movements are not out of shape. The optional movements are characteristic and test the abilities of the athletes. On the track of information disclosure, only when voluntary information disclosure is done, can the fairness, timeliness and effectiveness of information disclosure be deeply rooted in the hearts of the people, and directly related to the sense of investor's happiness, satisfaction and satisfaction. From a further perspective, voluntary disclosure is of great significance to the reform of registration system under the new securities law. The core of registration system is full, accurate and timely information disclosure. Voluntary disclosure will be a touchstone in the reform of registration system with "information disclosure as the core".

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