Research on the Quality of Accounting Information Disclosure by Listed Companies under the New “Securities Law”

Abstract

The “Securities Law” serves as the fundamental law governing the market, which influences and regulates the orderly development of the capital market. The revised “Securities Law”, officially coming into effect in March 2020, has introduced more detailed provisions on the disclosure of corporate accounting information, explicitly outlining the requirements for accounting information disclosure, and expanding the definition of “significant events”. It has increased the penalties for the management of listed companies and further regulated the healthy and orderly development of the capital market. By comparing the disclosure of corporate accounting information and penalties during the implementation period of the original law, this study aims to clarify the superiority of the new “Securities Law” in terms of the authenticity, speed, and quality of information disclosure by listed companies.