중국의 기업정보공개제도에 대한 고찰

Abstract

The recent demand for Chinese corporate information is growing significantly due to beginning of Shanghai-Hong Kong Stock Connect, floating Chinese corporate on the Korean Stock market, and increase in investment between China and Korea. Unfortunately, the information on Chinese corporations is not easy to collect and even if collected, there is a big credibility gap. Lack of information on Chinese corporations as well as lack of credibility has resulted in so-called “China discount.” At the present time, there are mainly three ways corporate information is publicly disclosed in China. To begin with, there is the credit information disclosure system for enterprise launched by The Interim Regulation on Enterprise Information Disclosure. This system encourages all corporations to publicly disclose their information including credit information such as the basic information, capital, mortgage, and administrative punishment. Secondly, disclosure system according to Securities Law aims at making listed companies publicly disclose investment information on financial management, corporate governance, stock holdings, and present management condition. Thirdly, CSR(Corporate Social Responsibility) information disclosure based on CSR reports targets some state-owned enterprises and listed companies to publicly disclose their social responsibility information regarding market, environment and society.