上市公司的财务信息披露诚信机制的建立与完善(3)

信息需求约束，上市公司信息披露将偏离决策有用的最优化配置要求。因此，信息使用者对信息披露违约行为惩罚机制的建设与完善，对于抑制信息欺诈具有及时高效的作用。

The problems and reasons of the integrity mechanism of listing Corporation

(a) the existing problems of the integrity of the listing Corporation

1 listing Corporation's internal credit management system is not perfect. As the most basic carrier in the stock market, the listing Corporation is generally lack of credit management system. Listing Corporation organization set up seems to be very comprehensive, the office, the Ministry of personnel, the sales department, and so on a lot, but there are few companies set up a special internal credit management department.

2 credit intermediary services market is low. In the modern market economy, the intermediary credit service institutions bear the credit of the self-discipline, assessment, services, consulting, security and other functions, to make up the asymmetry of credit information has an important role.

3 integrity mechanism legal basis is not perfect, the listing Corporation credit activity environment is poor. In the current legal system of our country, the protection of the creditor's rights of some credit is guaranteed, but it can not cover all the credit behavior, and it is not perfect and not mandatory for the debtor to fulfill the obligations. At the same time, China has not yet established as a developed market economy in the credit system of credit records, credit organization and supervision system. Our country enterprise credit and other business activities to record and monitor scattered in different departments of industry and commerce, taxation, banking, customs, quality supervision, has not yet formed a unified communication network system, is difficult to form a complete credit record, also unable to carry out effective supervision. Without a sound legal system to protect, it is impossible to establish an effective credit system of the listing Corporation.

(two) the reasons for the lack of honesty and credit

1 asymmetric information. Asymmetric information refers to the transaction between the two sides in the economic activities of the status can not be exactly the same, so the two sides are not the same information, the internal control of their own information than the external people. Because of the existence of information asymmetry, the free competitive market may not be able to bring the highest efficiency. When market participants realize that can use the information asymmetry fraud, especially in fraudulent activity yields greater than the cost of maintenance of credit, based on information superiority of the transactions of the main may will take advantage of each other's "information disadvantage" and seek greater interests, and that the interests of the other party is compromised.

2 interest driven. The management of the listing Corporation for the interests of drivers, false financial information disclosure. Because in the modern joint-stock company, shareholders and entrusted with the management of the company's economic interests tend to pull high profits, and often with in accounting treatment to achieve their own purposes. In addition, in the increasingly fierce market competition, the securities market has become an important stage to show the image of the company, the company's earnings and other good news is conducive to attracting investors. Therefore, to improve the company's stock price is conducive to establish a good image of the company, so that the company in the competition in a favorable position. And