Non-financial information-disclosure of non-financial information

(1) Lack of motivation for disclosure of non-financial information. First of all, the company's information disclosure will enable competitors, suppliers, customers, banks, government departments, etc. to understand the company's operation, make it easier for potential acquirers to evaluate the company, choose appropriate acquisition opportunities, and reduce acquisition risks and costs. Secondly, information disclosure has a cost. In the case of public information disclosure, it is easy to have disputes and differences, and even cause shareholder litigation.

(2) The method of information disclosure is relatively simple, and the contents of non-financial information disclosure are not comprehensive. With the development of economy, non-transactional information is becoming more and more important to companies, and some non-financial information is even more valuable than financial information disclosed in financial statements, so many non-financial indicators that companies do not require to disclose have become necessary or should be disclosed at present. For example, human resources related to the company's future development prospects, the performance of major affairs related to the company's reputation and image, and other intangible assets related to the company's development.

(3) Non-financial information disclosure lacks a quantitative and standardized rule system. When disclosing non-financial information to investors, the first problem is how to quantify non-financial information. Secondly, the indicators to measure non-financial information are obviously subjective, which leads to great uncertainty of the company and ultimately affects the shareholder value. Therefore, it is objectively necessary to establish a set of rules system similar to generally accepted accounting standards to provide comparable information for the determination of company value.

(4) using non-financial information to cover up false financial information disclosed in accounting statements. Many listed companies often make vague statements about the issues to be disclosed in the notes to financial statements, and their explanations lag behind, and some simply don't explain them to cover up the false information in accounting statements. For example, some companies deliberately do not disclose the contents that need to be announced in time, such as contingencies, or do not provide guarantees, and deliberately postpone disclosure to hide liabilities. Measures of China Securities Regulatory Commission for the Administration of Information Disclosure of Listed Companies

Shanghai Stock Exchange "Guidelines for Internal Control of Listed Companies"

Basic norms of enterprise internal control-application guidelines of enterprise internal control

Basic principles of enterprise internal control-audit guidelines for enterprise internal control

Basic norms of enterprise internal control-guidelines for evaluation of enterprise internal control

Notice of Shanghai Stock Exchange on Strengthening Social Responsibility Undertaking of Listed Companies

Guidelines on Internal Control of Listed Companies of Shenzhen Stock Exchange

Guidelines on Social Responsibility of Listed Companies in Shenzhen Stock Exchange