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刚刚过去的2001年,是名符其实的监管年。沪深两地的上市公司感受到了从未有过的外部监管压力。一个方面是中国证监会针对上市公司的再融资、资产重组、关联交易和信息披露等事项作出了进一步明确的规定,其中的一些规定,已经使一些经营困难、希望借助于虚假交易和隐瞒真实经营信息的上市公司如坐针毡;另一个方面是有100家上市公司包括银广夏、三九医药和麦克特等因为各种违规问题而遭到了证监会和其他部门的查处,力度之大前所未有。上市公司的各种违规事件,包括虚假交易和隐瞒真实的经营信息,大都与企业的会计信息披露不规范有关。因为至少从外部投资者的角度来看,上市公司公开披露的信息是分析、判断和投资决策的主要依据。众多上市公司会计信息的严重失真,极大地打击了投资者对上市公司的信心。银广夏丑闻的败露,无疑给股市投下了一颗重磅炸弹。就象美国安然公司的丑闻发生以后所表明的那样,投资者面对接二连三的上市公司造假事件,已经开始对整体的证券市场产生了疑虑。在金融市场上,个体的风险防范
The year 2001 just passed is a veritable year of supervision. Listed companies in Shanghai and Shenzhen have felt the pressure of external regulation that they have never had before. On the one hand, China Securities Regulatory Commission has further and clearly stipulated the matters concerning refinancing, assets reorganization, connected transactions and information disclosure of listed companies, some of which have made some operations difficult and hoping to resort to fictitious transactions and conceal the real operation Information on the listed companies such as pins and needles; the other is that 100 listed companies, including Yinuang Xia, Sanjiu Medicine and Mettler because of various violations by the SFC and other departments investigated and dealt with, the unprecedented efforts. A variety of listed companies, non-compliance incidents, including fake transactions and conceal the real business information, most of the corporate accounting information disclosure is not standardized. Because at least from the perspective of outside investors, public disclosure of information listed companies is the main basis for analysis, judgment and investment decisions. The serious distortion of the accounting information of many listed companies has greatly hit investors' confidence in the listed companies. Silver Guangsha scandal broke, no doubt to the stock market dropped a blockbuster. As the United States Enron scandal after the show, as investors face a series of listed companies fraud incident, has begun to have concerns about the overall stock market. In financial markets, individual risk prevention