企业负面事件披露:现状检视与机制完善——基于A股上市公司负面事件公告的内容分析

本文以A股上市公司2014-2018年间发布的负面事件公告为样本,对我国企业负面事件披露的现状进行检视,发现企业“报喜不报忧”的现象得到了很大改善,但负面事件发生背后隐藏的企业安全生产、环境保护以及合规经营问题仍然令人担忧,负面事件公告的及时性、完整性和有效性也亟待加强。从机制角度反思,企业违法成本过低、事件披露的标准不清晰以及监管机制不完善是主要原因。要规范企业负面事件的披露行为,并从根本上减少负面事件的发生,政府管理部门应明确负面信息披露的标准、格式和内容,建立负面事件披露奖惩机制,并鼓励媒体正确发挥监督和引导作用。

Taking the negative event announcements issued by A-share listed companies between 2014 and 2018 as samples,the paper evaluates the current conditions of the disclosure of negative events disclosure in Chinese enterprises and finds that the phenomenon of reporting good news but not bad news has been greatly improved.However,the problems of enterprise safety production,environmental protection and compliance operation hidden behind the frequent occurrence of negative events are still worrying,and the timeliness,integrity and effectiveness of negative event announcements also need to be strengthened.From the perspective of mechanism,the main reasons are that the illegal cost of enterprises is too low,the standard of event disclosure is unclear and the supervision mechanism is imperfect.In order to regulate the disclosure of enterprises'negative events and fundamentally reduce the occurrence of negative events,the government should clarify the standards,formats and contents of negative information disclosure,establish a reward and punishment mechanism for the disclosure of negative events,and encourage the media to properly play the function of supervision and guidance.