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明書、上市公告書以及定期報告和臨時報告等形式，把公司及與公司相關的信息，向投資者和社會公眾公開披露的行為。

1993年3月18日，中國證監會下達《關于股票公開發行與上市公司信息披露有關事項的通知》，要求指定報刊按規定刊登上市公司定期報告和臨時報告。

信息披露作用

上市公司信息披露是公眾公司向投資者和社會公眾全面溝通信息的橋梁。目前，投資者和社會公眾對上市公司信息的獲取，主要是通過大眾媒體閱讀各類臨時公告和定期報告。投資者和社會公眾在獲取這些信息后，可以作為投資抉擇的主要依據。真實、全面、及時、充分地進行信息披露至關重要，只有這樣，才能對那些持價值投資理念的投資者真正有幫助。

近年來，個別公司的信息披露出現了不夠全面、及時和充分的情況。但最終，信息披露還是要以事實為依據的。因此，那些不夠全面、及時和充分的信息披露，是不能長期維持的。虛假信息只能瞞一時，無法瞞一世。如果我們仔細閱讀上市公司的信息，也能對少數公司信息披露中存在的問題有所發現，這樣就可以避免一些投資失誤。

盡管不少人認為我們的市場存在較大的投機成分，但股價的排序依舊有其合理的成分。我們常見媒體上有“年報行情”甚至“前年報行情”、“后年報行情”等提法。實際上，這些都屬于由信息披露產生的客觀影響。

基本義務

根據規定，上市公司應當履行以下信息披露的基本義務：

1．及時披露所有對上市公司股票價格可能產生重大影響的信息；

2．確保信息披露的內容真實、準確、完整而且沒有虛假、嚴重誤導性陳述或重大遺漏。

3．上市公司董事會全體成員必須保證信息披露內容真實、準確、完整，沒有虛假、嚴重誤導性陳述或重大遺漏，并就其保證承擔連帶賠償責任。

披露信息

上市公司應當披露的信息包括：

1．首次披露——招股說明書

2．上市公告書

3．定期報告：包括年度報告、中期報告、季度報告

4．臨時報告。

具體而言：

上市公司的信息披露主要分為定期報告和臨時報告兩類：定期報告包括年度報告和中期報告。中期報告分為前半個會計年度的半年度報告和季度報告。季度報告分為一季度（春季度）報告和三季度（秋季度）報告。

臨時報告包括的內容和形式較為廣泛。較為常見的有股東大會決議公告、董事會決議公告、監事會決議公告。其他重大事項也會由一些中介機構同時發布信息，如回訪報告、評估報告和審計報告、律師見證報告，等等。

內容與格式

上市公司的信息披露在內容和格式上有一系列的要求。1993年6月10日，中國證監會《公開發行股票公司信息披露實施細則（試行）》出臺。這是涉及上市公司信息披露內容與格式的第一個部門規章。此后，有關招股說明書、上市公告書、年度報告、中期報告等文件的內容與格式的規定相繼發布。今后，還將陸續不斷地進行修訂和完善。

目前，相關的規章名稱中通常有“發行證券公司信息披露內容與格式準則第XX號”字樣。發行證券公司包括上市公司、暫停上市公司和擬上市公司。

披露媒體

目前，上市公司披露信息的平面媒體主要是中國證監會指定的一些專業報刊，如《中國證券報》、《上海證券報》、《證券時報》、《證券日報》等證券類報刊。

1999年起，上市公司的定期報告全文則在上海證券交易所網站（.cn）和巨潮資訊網（.cn）發布。目前，上市公司的臨時報告也可以在這兩個網站找到。投資者和社會公眾可以通過指定報刊和網站，找到自己需要的信息。

公告審核

交易所對上市公司定期報告實行事后審核，對臨時報告實行事前審核。

定期報告

年度報告

公告時間：上市公司在每個會計年度結束之日起四個月內編制完成年度報告。

公告媒體：在指定報紙披露年度報告摘要，同時在中國證監會指定的網站上披露其全文。交易所在規定的期限內安排各上市公司披露的時間順序。

審計要求：年度報告必須經會計師事務所審計并出具報告。

公告形式：

年度報告應當制成正本和摘要兩種形式，其格式和內容按中國證監會《公開發行股票公司信息披露的內容與格式準則第二號＜年度報告的內容與格式＞》的規定編制。規定如有修訂，按修訂后的規定執行。審核：交易所所對上市公司年度報告實行事前登記、事后審核。

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

公告時間：于每個會計年度的上半年結束之日起二個月內編制完成中期報告并公告。

公告媒體：在指定報紙披露。

公告要求：中期報告的格式和內容按中國證監會《公開發行股票公司信息披露內容與格式準則第三號＜中期報告的內容與格式＞》以及有關通知的規定編制。規定如有修訂，按修訂后的規定執行。審計要求：可以不經會計師事務所審計。

但有下列情形之一的，必須經會計師事務所審計：

1．擬在下半年進行利潤分配或公積金轉增的；

2．中國證監會或交易所認為應當審計的其他情形。

季度報告

公告時間：公司在會計年度前三個月、九個月結束后的三十日內編制季度報告。

公告媒體：，并將季度報告正文刊載于中國證監會指定的報紙上，將季度報告全文（包括正文及附錄）刊載于中國證監會指定的互聯網網站上。

公告要求：

1．季度報告是中期報告的一種。根據季度報告的特點，季度報告注重披露公司新發生的重大事項，一般不重復已披露過的信息。對已在前一定期報告或臨時報告中披露過的重大事項，只需注明該報告刊載的報刊、互聯網網站的名稱與刊載日期。

2．公司編制季度報告中的財務資料部分時，無需披露財務數據與指標；無需披露完整的財務報表，但應披露簡要的合并利潤表與合并資產負債表。

3．公司管理層編制季度報告中的經營情況闡述與分析部分時，應遵循有關規定。

4．公司無需披露《中期報告的內容與格式準則》中其他有關經營情況回顧與展望以及重要事項部分所要求披露的內容。

5．公司無需編制季度報告摘要。

審計要求：公司季度報告中的財務資料無需經審計，但中國證監會或證券交易所另有規定的除外。如擬在下半年進行利潤分配或公積金轉增的。

臨時報告

董事會、監事會、股東大會決議公告

關注要點：

（一）股東大會公告

召開股東大會公告應關注：

1．會議召開時間2．會議召開地點3．會議方式4．重大提案

（二）股東大會決議公告

股東大會決議公告應關注：

1．會議召開和出席情況

股東大會召開的時間和地點，出席會議的股東及股東授權委托代表人數，代表股份數量，占公司有表決權股份總數的比例，是否符合《公司法》及《公司章程》的規定，大會主持情況等。

2．提案審議情況

（1）每項提案的表決情況，包括同意、反對和棄權的具體情況以及占出席股東大會有表決權股份總數的比例。涉及逐項表決的提案，披露逐項表決的結果。

（2）股東大會就關聯交易進行表決的，扣除關聯股東所持表決權后介紹提案的表決情況。

（3）對股東提案做出決議的，注意提案股東的姓名或名稱，持股比例和提案內容。

（4）發行境內上市外資股的公司，注意內資股股東和外資股股東的表決情況。

3．公證或者律師見證情況

注意股東大會見證的律師事務所和律師名稱，出具的結論性意見。

注意事項：

1．本次會議是否有否決或修改提案的情況；

2．本次會議是否有新提案提交表決。

3．提出新提案的股東名稱、持股數量與比例、提出的時間（若有）

4．新提案主要內容（若有）

（三）公告時間

董事會會議、監事會會議在會后兩個工作日內在指定報紙上公布。

股東大會決議公告在會議結束當日報送交易所，經審核后在指定報紙上刊登。

（四）公告形式

股東大會決議公告：

寫明出席會議的股東人數、所持股份及占上市公司有表決權總股本的比例，以及每項議案的表決方式和表決統計結果。對股東提案做出決議的，列明提案股東的名稱或姓名、持股比例和提案內容。

發行B股的上市公司還在公告中說明股東會議通知情況、上市公司A股股東和B股股東出席會議及表決情況。

上市公司董事會決議涉及須經股東大會表決的事項的，必須公告。

對外（含委托）投資公告

（一）關注要點

1．對方名稱（合作投資的其他有關各方、受委托方）

2．投資數量

3．投資期限（起始日和結束日）

4．投資項目名稱

5．投資收益率

6．其他需提示的重要事項

（二）公告內容

1．對外（委托）投資概述

2．投資協議主體

3．投資標的的基本情況

4．對外（委托）投資合同的主要內容

5．對外（委托）投資的目的和對公司的影響

（三）注意事項

1．對外（委托）投資概述中注意投資是否構成關聯交易等。董事會審議投資議案的表決情況；交易生效所必需的審批程序，諸如是否需經過股東大會批準或政府有關部門批準等。

2．投資協議主體介紹中關注除上市公司本身以外的投資協議（委托協議）主體的基本情況。如屬于關聯交易，留意關聯關系。

3．留意出資方式。

留意主要投資人或股東出資的方式；涉及用實物資產或無形資產出資的內容；涉及用股權出資的內容。如果是投資具體項目，項目的具體內容，投資進度，可行性分析和市場前景。

4．合同主要條款內容。

包括投資金額、支付方式、合同的生效條件、生效時間，合同的履行期限，投資回收期限，收益率，收益分配方式，以及合同中的其他重要條款。

如涉及非現金方式出資，閱讀定價政策。定價政策主要說明制定成交價格的依據。

5．對外（委托）投資的目的和對公司的影響

關注公司對外（委托）投資的意圖，投資的資金來源，該項投資可能產生的風險，如投資項目因市場、技術、環保、財務等因素引致的風險，股權投資及與他人合作的風險，項目管理和組織實施的風險等，對上市公司本期和未來財務狀況和經營成果的影響

第二篇：上市公司信息披露

我國上市公司會計信息披露問題與對策的研究

和進

（中國中信集團成都610041）

摘要：隨著我國證券市場的不斷發展，上市公司披露信息的質量已成為證券市場健康發展的生命線，關系著社會、企業、投資者其他利害關系人的利益。然而受宏觀和微觀層面多種因素的影響，我國上市公司會計信息披露暴露出諸多問題。本文在深刻剖析我國上市公司會計信息披露存在問題的原因基礎上，提出提高上市公司會計信息披露質量的對策，進而促進我國證券市場健康有效的運行和發展。

關鍵字：上市公司會計信息披露問題原因對策

上市公司會計信息披露質量的高低是檢驗一國證券市場是否成熟的試金石，是實現證券市場“三公”原則的基礎和維護證券投資者利益的基本保證。上市公司會計信息披露存在的問題會導致投資者參與證券市場的積極性下降、資源配置效率降低等嚴重后果，所以解決上市公司信息披露問題，有利于保障證券市場穩步、健康、快速、高效發展。

一、上市公司會計信息披露存在的問題

1、會計信息披露不真實。會計信息披露含有虛假記載或誤導性陳述是中國上市公司信息披露中最嚴重、危害最大的問題，由此導致的證券市場信息不對稱加大了市場風險，引發了供需雙方大量的非理性投機行為，損害了投資者的利益。

2、會計信息披露不充分。目前，大多數上市公司為了實現自身利益最大化，常常報喜不報憂，誤導投資者，主要表現在對一些重要事項、資金投向、利潤構成以及關聯交易披露不夠充分、對財務指標提示不夠充分或者借保護商業秘密為由，故意隱瞞企業重要會計信息。

3、會計信息披露不及時。目前，我國的上市公司基本上能及時披露業績報告，但是對可能導致股價下跌的重大事件往往披露不及時，大大降低了會計信息的時效性和相關性，為內幕交易、牟取暴利、操縱市場創造了條件。

4、會計信息披露不主動。我國的會計信息披露處于強制狀態，不少上市公司把會計信息披露看作是額外的負擔，而不是一種應該承擔的義務和股東應該獲得的權利。面對負面信息，上市公司對會計信息披露往往采取一種回避的態度。

二、上市公司會計信息披露存在問題的原因

1、宏觀方面

（1）法律法規不健全。會計信息披露規范體系主要由《證券法》、《公司法》、《企業會計準則》等法律法規及相關規定構成。盡管這些法律對上市公司會計信息披露作了相應規定，但實踐操作中存在困難，使得上市公司在信息披露時有空可鉆。

（2）監管不力。我國政府部門監管體系不健全，相關部門權責界定不清，對二級市場的監督力度不大，而且一些監管人員專業勝任能力不足。另外，證券公司、會計師事務所及律師事務所等中介機構受畸形的委托代理關系影響，缺乏獨立性，往往無法客觀地評價上市公司會計信息。

（3）違規成本低。上市公司披露的會計信息中有瑕疵的占比非常大，被揭露的概率卻非常小。加之，上市公司造假所付出的代價遠遠小于因失信而得到的收益，一些公司不惜通過隱藏或歪曲某些會計信息來形成對自己有利的局面。

2、微觀方面

（1）公司利益驅動。公司利益驅動是導致上市公司信息披露存瑕疵的根本原因。一些公司為了維護自己的經濟利益、達到配股要求等謊報公司業績、操縱利潤。還有的為了免于被處罰或為大股東和高管謀取利益粉飾報表、延遲披露信息或披露錯誤信息。

（2）公司內部治理結構不完善。我國上市公司中國有股和法人股占比比較大，流通股比較少，股份相對集中，形成普遍的“一股獨大”現象，難以對公司的管理進行控制和約束。部分上市公司缺乏內部審計或者內部審計被弱化，也導致公司財務管理出現混亂，財會信息失去真實性。

（3）投資者能力有限。我國證券市場投資者以散戶為主，一方面絕大多數投資者缺乏基本的投資技巧和信息甄別能力，另一方面大多數投資者沒有樹立正確的投資理念，盲目投資、甚至投機。此外，對于多數投資者來說，獲取上市公司有價值信息的成本也非常高。

三、防范信息披露瑕疵的對策

1、完善法律法規體系。相關部門要完善法律法規中的盲點，建立起一個相對完善的制度體系，并且增強有關會計信息披露法律法規的可操作性。此外，為了保障投資者權益，應盡快出臺相關的民事責任賠償法，通過立法和司法解釋的手段來細化證券違法行為的民事責任。

2、完善信息披露的監管體系。我國應將政府監管、行業監管和市場監管進行有機結合。政府部門要合理分工，明確職責，提高執法者素質。證券公司、會計師事務所等中介機構要保持獨立性，客觀真實的評價上市公司會計信息。社會各界也應積極主動地發揮監管職能，加強對上市公司會計信息披露的監管。

3、完善上市公司內部治理結構。上市公司要確立董事會的核心地位，規范和完善董事會的運作，優化董事會的結構和功能，并且強化監事會的作用，保證其獨立。上市公司還要完善經理人市場，利用經理人市場的競爭機制促使企業經營者從長遠利益出發。此外，建立對管理層的激勵與約束機制也對完善上市公司內部治理結構有重要意義。

4、加大處罰力度。有關部門要嚴厲懲罰提供虛假會計信息、故意隱瞞或歪曲重要信息的上市公司,以及與這些上市公司合謀或無法公正履行職責的會計中介機構，還要構建有效的市場退出機制，當上市公司的造假行為被揭發后，應該把相關的肇事者驅逐出其所處的行業。

四、結語

上市公司信息披露是證券市場永恒的話題, 是證券市場賴以生存和發展的基石。建立高質量，高透明度和具有可比性的會計信息披露體系，既要完善法律法規、加強監管，還要完善公司內部治理、加大懲罰力度，只有這樣，證券市場才能得到健康發展。

參考文獻：

[1] 劉偉.我國上市公司信息披露體制分析[J].證券時報,2011(2).[2] 吉祖來.上市公司會計信息披露問題研究[J].金融縱橫,2010(7).[3] 王東武.提高上市公司信息披露質量的思考[J].經濟師,2010(4).[4] 盧學英.《資本市場會計信息披露：問題與對策》[J].特區經濟,2009(12).

第三篇：上市公司信息披露

精品文檔就在這里

-------------各類專業好文檔，值得你下載，教育，管理，論文，制度，方案手冊，應有盡有------------------------------

一、上市公司信息披露中存在的主要問題

１．信息披露內容不真實

這是目前我國上市公司信息披露中最嚴重、危害最大的問題。主要表現在：

⑴招股說明書過度包裝造成盈利預測偏差嚴重。如１９９７年在全國國有企業凈資產收益率平均不足 ７％ 的情況下，新上市公司的招股說明書披露的前三年資產收益率普遍達到４０％ 以上，有的公司竟然達到１００％，很顯然新上市公司的凈資產收益率中有不少水分。

⑵模糊收入概念，人為操縱利潤。有的公司將含稅收入放入會計報表對外報出，導致對外報出利潤與真實利潤相差甚遠；有的公司根據使用對象來公布收入。如青島雙星旗下的華青輪胎２００２年經營數據有四個版本，真假難辯。

⑶偽造資產、虛構利潤，以達到吸引投資者的目的。如國內 銀廣夏”、“東方電子”、“藍天股份”的造假事件使得會計報表不再是公司經營狀況的成績單，而是一小撮人在那里玩的“數字游戲”。

２．上市公司信息披露不充分、不完整。

根據規定，上市公司重大信息均應在財務報表附注中予以說明，要求做到內容充分、完整。但在實際操作過程中存在以下問題：第一，披露有關信息時措辭含糊模棱兩可。第二，規避不利事實，對有利于本公司的信息過分披露。第三，分部信息的披露不充分。

３．上市公司信息披露缺乏時效性。

任何一家公司的生產經營活動都是連續的，因而有關公司的信息的產生也是連續的。由于受到技術手段、信息生產成本、傳遞成本的限制，上市公司信息的披露只能是間斷的，呈現周期性。另一方面，根據有關規定，當發生可能對股票價格產生重大影響，而投資者尚未得知的重大事件時，應立即編制重大事件公告及時向社會披露。但仍有一些公司違反這一規定，不按法定時間正式披露會計信息。

--------------------------精品

文檔-------

精品文檔就在這里

-------------各類專業好文檔，值得你下載，教育，管理，論文，制度，方案手冊，應有盡有------------------------------

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慎之又慎，但一些上市公司卻不顧損害公司形象，披露信息時極為隨意。有的上市公司在公布定期報告時不嚴肅，公布之后不斷地打“補丁”。２００５年就有百余家公司就各自的中報發布了補充報告，個別公司的 補丁”使公司的盈利出現“縮水”，甚至盈轉虧。如大唐電信。

５．信息披露的非主動性

目前我國上市公司把信息披露看成是一種額外負擔，對信息披露總是抱著能少則少、能不披露就不披露的心態，而不是主動、自愿地去披露有關信息。這說明上市公司在其經營管理上存在著不愿讓社會公眾知道的陰暗面。

二、信息披露存在問題的成因分析

(一)上市公司自身的內在原因。主要包括：

第一，公司利益的推動。某些上市公司為了在當前證券市場中樹立其良好形象，并能在競爭中立于不敗之地，使得利用會計造假、操縱利潤的各種利益沖動一直有增無減。

第二，公司股東的產權約束弱化。當前一些上市公司的現代產權制度還不能通過改革一步到位，其中由于國有股產權主體缺位，很難強化國有股股東對公司的產權約束和控制，而社會公眾股數量較少，股東分散，也難以強化國有股股東對公司的產權約束和控制，從而造成這些公司的管理權失控，以致給利潤操作者以可乘之機。

第三，公司內部缺乏自我約束和監督機制。目前某些上市公司正是由于缺乏應有的內部審計及管理控制，會計基礎工作薄弱，會計管理體制不順，內部審計監督職能被削弱。

(二)信息披露存在問題的外在原因

１．會計法制不健全

目前，我國上市公司的會計準則制度仍然是不完全的。體現在以下幾個方面：第一，會計準則制度與會計實踐之間存在著一定的時滯。由于會計實踐和經濟創新行為的層出不窮，實踐中經常出現企業的會計處理“無法可依”的情況。第二，會計準則之間存在著不協調的現象。第三，有關規定政出多門。由于會計準則由財政部頒布，上市公司信息披露的規則由證監會制定，相關規定之間有時并不十分和諧統一，這也給信息披露工作帶來了一定困難。

--------------------------精品

文檔-------

精品文檔就在這里

-------------各類專業好文檔，值得你下載，教育，管理，論文，制度，方案手冊，應有盡有------------------------------

２．上市公司質量普遍不高

脫胎于經濟轉軌時期，我國上市公司大都由國有企業通過剝離、并購和包裝上市等方式轉制而來，這種以剝離、拼湊資產、亂作賬，以符合上市標準的非規范上市操作導致這一時期的上市公司質量普遍較差。那些質量不達標，靠披露虛假信息蒙混上市的公司，上市以后為了保住“殼”資源或達到更進一步的目的，迫不得已還要繼續披露虛假信息，從而進入作假的惡性循環。

３．利益誘惑

這是導致上市公司信息披露違規的根本原因。首先，是上市的誘惑。為了獲得更廣闊的融資渠道，有些公司或者利用各種手段虛增利潤，或者制造虛假證明文件，或者進行虛假陳述，在其招股說明書中發布不實信息，以此獲得上市資格。其次，是配股的吸引。為了獲得配股資格以滿足對資金的持續需求，有些公司往往粉飾會計數據，進而披露虛假的會計信息。

４．監管不力、處罰不重

這是導致上市公司信息披露違規的重要原因。首先，職業審計界的審計監督有效性不足。造成有大量的未經嚴格把關的不實信息得以對外披露。其次，信息披露違規的法律責任體系存在缺陷。對違法違規行為一般都采用行政處罰，責任人較少因其違法行為而受到處罰或承擔民事賠償責任。與信息披露違規所帶來的收益相比，違規成本僅是“滄海一粟”。因此，行政處罰對上市公司信息違規披露的遏制作用效果并不明顯。

三、規范上市公司信息披露的對策

規范上市公司信息披露，可以從建立內部約束機制和外部約束機制入手。

（一）建立健全內部控制機制。

第一，提高管理者的素質。管理者的素質在企業的經營管理中起絕對作用，對企業產生深

遠影響，企業內部應建立、健全管理人員的聘用、評估、升遷、淘汰制度；定期或不定期地進行培訓教育等措施，提高管理人員科學管理企業的能力和強化對內部控制的認識，此外，外部經理人才市場的建立也將為企業選擇高素質的管理人才創造出有力條件。在提

高管理者素質的同時也應該提高人們對內部控制的認識，使公司在實施內部控制的過程中變被動為主動，只有公司全員上下共同參與，內部控制制度才能得到有效的執行,發揮其真正的作用。要強化披露財務信息內部監督機制，保持監督人員在企業中行使職權時高度的獨立--------------------------精品

文檔-------

精品文檔就在這里

-------------各類專業好文檔，值得你下載，教育，管理，論文，制度，方案手冊，應有盡有------------------------------性。

第二，上市公司必須加強內部審計，設置內審機構，歸屬監事會領導，對會計業務進行日常的內部審計監督。

第三，明確財務人員的信息供給主體的地位，強化披露財務信息的內部監督。

第四，監督人員在企業中行使其職權保持高度的獨立性。

第五，必須合理、有效地設置會計機構。目前必須將上市公頃司的會計部門和財力管理部門分立，分屬不同領導，分擔不同職能。避免管理人員舞弊。

（二）建立外部約束機制。

第一，制定科學、配套的會計規范體系。我國上市公司會計規范體系主要由 《會計法》、《證券法》、《企業會計準則》、《企業會計制度》等法律規范制度所構成。但是目前我國有關現行法規制度中仍存在漏洞和不足，如財務信息披露中對重大事件披露的規定顯得不夠明確和完整，商業秘密和必須披露的財務信息間的界限不夠明朗等，這些地方都需要進行修改和補充。

第二，加大證券市場財務信息披露的監督力度。改革多頭管理的體制。證券監管部門的設置應集中到兩個層次：一是中央級的證券監管部門。負責對全國上市公司進行客觀監管，統一制定證券市場政策和上市信息披露規范；二是證券交易所，它就遵循中央證券監管部門的規定，對上市公司的日?；顒雍拓攧招畔⑴哆M行具體的詳細的監管。建立上市公司信息監察員制度，由中國證監會及其駐各地派出機構委派信息監察員到各上市公司，對上市公司的信息包括招股說明書、申報、年報、股利分配等信息的生成和披露加以監督，防止外界各相關利益集團對會計部門的信息供給橫加干涉。證券監管部門要制定一套切實可行的上市公司財務信息披露的監管辦法，對違規行為予以明確界定，堅決杜絕不規范行為。

第三，發展和完善注冊會計師審計制度。加快會計師事務所體制改革，改善執業環境，制定相應的執業自律準則，大力提高注冊會計師的風險意識、業務水平和職業道德水準，完善審計準則修改審計假設及審計方法和程序，以適合我國證券市場不夠規范的現實?？梢越⒁惶淄晟频摹⒖茖W的資本市場訴訟和民事賠償制度。這樣，可以使注冊會計師的獨立審計成為--------------------------精品

文檔-------

精品文檔就在這里

-------------各類專業好文檔，值得你下載，教育，管理，論文，制度，方案手冊，應有盡有------------------------------

上市公司財務信息質量和披露的可靠保證，才能保護投資者利潤，促進證券市場健康規范發展。

--------------------------精品

文檔-------

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 “listed 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 根據中國證券監督管理委員會有關上市公司信息披露的要求和《上市公司治理準則》，《上海證券交易所股票上市規則》以及上海交大南洋股份有限公司(以下簡稱公司)章程規定，為規范公司信息披露行為，確保信息真實、準確、完整、及時，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）公司依法公開對外發布的定期報告，包括季度報告、中期報告、報告；

（二）公司依法公開對外發布的臨時報告，包括股東大會決議公告、董事會決議公告、監事會決議公告、收購、出售資產公告、關聯交易公告、補充公告、整改公告和其他重大事項公告等；以及上海證券交易所認為需要披露的其他事項；

（三）公司發行新股刊登的招股說明書、配股刊登的配股說明書、股票上市公告書和發行可轉債公告書；

（四）公司向有關政府部門報送的可能對公司股票價格產生重大影響的報告、請示等文件；

（五）新聞媒體關于公司重大決策和經營情況的報道。第三條 公司董事會秘書及證券事務代表是公司信息披露的具體執行人和上海證券交易所的指定聯絡人，協調和組織公司的信息披露事項，包括健全和完善信息披露制度，確保公司真實、準確、完整、及時地進行信息披露。

第二章 信息披露的基本原則

第四條

公司應當履行以下信息披露的基本義務：

（一）公司應及時披露所有對公司股票價格可能產生重大影響的信息，并在第一時間報送上海證券交易所；

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

（三）公司確保信息披露的內容真實、準確、完整、及時，沒有虛假、嚴重誤導性陳述或重大遺漏；

（四）公司及其董事、監事、高級管理人員不得泄漏內幕信息，不得進行內幕交易或配合他人操縱證券交易價格。

第五條 公司各部門和所屬各企業按行業管理要求向上級主管部門報送的報表、材料等信息，應切實履行信息保密義務，防止在公司公開信息披露前泄露。報送的信息較難保密的，應同時報董事會秘書，由董事會秘書根據有關信息披露的規定決定是否向所有股東披露。

第六條 公司公開披露信息的指定報紙為《上海證券報》。指定網站為:http://www.tmdps.cn。

公司應公開披露的信息，如需在其他公共傳媒披露的，不得先于指定報紙和指定網站，不得以新聞發布會或記者問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

信息披露的內部審批程序

(一)信息披露的文稿由董事會秘書撰稿或審核。

(二)董事會秘書應按有關法律、法規和公司章程的規定，在履行法定審批程序后披露定期報告和股東大會決議、董事會決議、監事會決議。

(三)董事會秘書應履行以下審批手續后方可公開披露除股東大會決議、董事會決議、監事會決議以外的臨時報告：

1.以董事會名義發布的臨時報告應提交董事長審核簽字； 2.以監事會名義發布的臨時報告應提交監事長審核簽字；

3.在董事會授權范圍內，總經理有權審批的經費事項需公開披露的，56 該事項的公告應提交總經理審核，再提交董事長審核批準，并以公司名義發布；

4.控股子公司、參股子公司的重大經營事項需公開披露的，該事項的公告應先提交公司派出的該控股公司的董事長或該參股公司董事審核簽字后，提交公司總經理和公司董事長審核批準，并以公司名義發布。

(四)公司向有關政府部門遞交的報告、請示等文件和在新聞媒體上登載的涉及公司重大決策和經濟數據的宣傳性信息文稿，應提交公司總經理或董事長最終簽發。

第四章 定期報告的披露

第八條 公司應按《公開發行證券公司信息披露編報規則》的內容與格式公開披露定期報告。

(一)季度報告：公司應在每個會計前三個月、九個月結束后的三十日內編制完成季度報告，在公司的指定報紙上刊載季度報告正文，在公司指定網站上刊載季度報告全文(包括正文及附錄)，但第一季度報告的披露時間不得早于上一報告；

(二)中期報告：公司應當于每個會計的前六個月結束后二個月內編制完成中期報告，在公司的指定報紙上刊登中期報告摘要，在公司的指定網站上登載中期報告全文；

(三)報告：公司應當在每個會計結束之日起四個月內編制完成報告，在公司的指定報紙上披露報告摘要，同時在公司的指定網站上披露其全文。

第五章 主要臨時報告的披露

第九條 應公開披露的臨時報告：

(一)關聯交易事項

1.關聯交易是指公司及公司控股子公司與公司的關聯人發生的轉移資源或義務的事項，包括但不限于下列事項：

57(1)購買或銷售商品；

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

(6)提供資金(包括以現金或實物形式)；(7)擔保；

(8)管理方面的合同；(9)研究與開發項目的轉移；(10)許可協議；(11)贈與；(12)債務重組；(13)非貨幣性交易；(14)關聯雙方共同投資；

(15)上海證券交易所認為屬于關聯交易的其他事項。

2.當關聯交易金額達到如下標準時應向董事會秘書及時報告：(1)關聯交易金額達到300萬元以上時；

(2)與關聯人就同一標的或與同一關聯人在連續12個月內累計達到300萬元以上時。

3.公司及公司持有50%以上股份的控股子公司遵照上述標準執行；公司的參股公司以其交易標的乘以公司參股比例或協議分紅比例后的數額對照上述標準執行。

(二)重大事項

1.重大事項包括但不限于：(1)收購、出售資產；(2)重大擔保事項；

(3)重要合同：借貸、委托經營、委托理財、贈與、承包、租賃等；(4)大額銀行退票；

(5)重大經營性或非經營性虧損；

58(6)遭受重大損失；(7)重大投資行為；

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

2．重大事項達到或在連續12個月內累計達到如下標準時應及時向董事會秘書報告：

(1)所涉資產總額占公司最近一期經審計的總資產值的10%以上；(2)發生凈利潤或虧損的絕對值（按上經審計的財務報告）占公司最近一期經審計的上一凈利潤或虧損絕對值的10%以上，且絕對金額在100萬元以上；

(3)所涉交易金額（承擔債務、費用等一并計算）占公司最近一期經審計的凈資產總額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準執行；公司參股子公司按所涉金額乘以參股比例后的數額對照上述標準執行。

（三）其他重要事項

1． 其他重要事項包括但不限于：

(1)公司章程、注冊地址、注冊資本、名稱的變更；(2)經營范圍的重大變化；

(3)訂立除上述[

（二）重大事項]中第三款內容以外的其他重要合同；(4)發生重大債務或未清償到期債務；(5)變更募集資金投資項目；

(6)直接或間接持有另一上市公司發行在外的普通股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到5%以上；(8)公司第一大股東發生變更；

(9)公司董事長、三分之一董事或總經理發生變動；

(10)生產經營環境發生重要變化，包括全部或主要業務停頓、生產資料采購、產品銷售方式或渠道發生重大變化；

(11)減資、合并、分立、解散或申請破產的決定；

59(12)新的法律、法規、規章、政策可能對公司的經營產生顯著影響；(13)更換為公司審計的會計師事務所；(14)股東大會、董事會決議依法被法院撤銷；

(15)法院裁定禁止對公司有控制權股東轉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押；(17)公司進入破產、清算狀態；(18)公司預計出現資不抵債；

(19)獲悉主要債務人出現資不抵債或進入破產程序，公司對相應的債權未提取足額壞帳準備的；

(20)因涉嫌違反證券法規被中國證監會調查或正受到中國證監會處罰的（公司就違規事項公告時，應當事先報告中國證監會）；

(21)接受證券監管部專項檢查和巡回檢查后的整改方案；

(22)董事會預計公司業績與其披露過的盈利預測有重大差異時，而且導致該差異的因素尚未披露的；

(23)公司股票交易發生異常波動時；

(24)在任何公共傳播媒介中出現的消息可能對公司股票的市場價格產生誤導性影響時；

2.公司發生以上其他重要事項時，公司持有50%以上股份的控股子公司發生以上（3）（4）（6）（10）（11）（17）（18）（19）事項時，應及時報告董事會秘書。

第六章 責任與處罰

第十條 公司有關部門應當向董事會秘書提供信息披露所需的資料和信息。公司作出重大決定之前，應從信息披露角度征詢董事會秘書意見。

第十一條 公司各部門(包括各分公司)、各子公司發生符合本制度第九條規定事項時，需按以下時點及時向董事會秘書報告，董事會秘書按照《上海證券交易所股票上市規則》的有關規定，及時公開披露：

(一)事項發生后的第一時間；

60(二)公司與有關人有實質性的接觸，或該事項有實質性進展時；(三)公司與有關當事人簽署協議時，或該協議發生重大變更、中止或者解除、終止時；

(四)事項獲有關部門批準或已披露的事項被有關部門否決時；(五)事項實施完畢時。

第十二條 公司各部門(包括各分公司)、各子公司在報告本制度第九條規定事項時，應附上以下文件：

(一)所涉事項的協議書；

(二)董事會決議(或有權決定的有關書面文件)；(三)所涉事項的政府批文；(四)所涉資產的財務報表；

(五)所涉資產的意見書(評估報告或審計報告)。

第十三條 公司本部各部門(包括各分公司)、各子公司當發生符合本制度第九條規定事項時，應在規定時間內及時報告董事會秘書，同時提供相關材料。

第十四條 公司本部各部門(包括各分公司)、各子公司按公開信息披露要求所提供的經營、財務等信息應按公司制度履行相應的審批手續，確保信息的真實性、準確性和完整性。

第十五條 公司各部門由部門負責人負責信息披露工作，各分公司、控股子公司應指定專人負責信息披露工作，參股子公司的有關信息披露工作歸由公司投資管理部負責。

第十六條 公司各部門(包括各分公司)、各子公司發生本管理辦法第九條規定事項而未報告的，造成公司信息披露不及時而出現重大錯誤或疏漏，給公司或投資者造成損失的，公司將對相關的責任人給予行政及經濟處分。

第十七條 凡違反本制度擅自披露信息的，公司將對相關的責任人按泄露公司機密給予行政及經濟處分，并且有權視情形追究相關責任人的法律責任。

第十八條 信息披露不準確給公司或投資者造成損失的，公司將對相關的審核責任人給予行政及經濟處分，并且有權視情形追究相關責任人的法律責任。不能查明造成錯誤的原因，則由所有審核人承擔連帶責任。

第十九條 各分公司、控股子公司指定的信息披露負責人應是有能力組織完 61 成信息披露的人員，信息披露負責人的名單及其通訊方式應報公司董事會秘書；若信息披露負責人變更的，應于變更后的二個工作日內報公司董事會秘書。

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則》及有關上市公司信息披露的法律、法規的規定執行。

第二十一條 本管理制度所稱“以上”含本數。第二十二條 本管理制度由公司董事會負責解釋。第二十三條 本管理制度自股東大會通過之日起生效。