The Report On Quality Evaluation Of Information Disclosure Of GEM Companies In 2020 Released The Five Dimensions Evaluation Of Big Data: The Quality Of Information Disclosure Of GEM Companies Accounted For More Than Half Of The Quality Of Information Disclosure.

In order to support the implementation of the registration system reform of gem, under the guidance of Southern financial and all media group, jointly launched the "quality evaluation system for information disclosure of GEM companies" by the Financial Research Institute of Central University of Finance and Economics, the flute technology, the twenty-first Century Capital Research Institute and the Nancai AI news laboratory, and comprehensively evaluated the quality of information disclosure of 803 listed companies on GEM.

Based on this study, in June 24, 2020, the quality evaluation report of GEM companies in 2020 (hereinafter referred to as the report) was officially released.

"Based on the information disclosure data of the exchange, we introduce a set of information disclosure quality evaluation system, hoping that this will play a certain role in promoting the development of gem." As the main publisher of this report, the official responsible for flying flute technology revealed.

A deep involvement report released by the agency pointed out that the exchange wanted to form an open and open way of information disclosure assessment for GEM companies. For this reason, we think there is still much work to do in the middle. In this work, by analyzing the public disclosure information data of GEM companies in 2019, flying flute developed the evaluation system of the five dimensions automatically, completely relying on machine algorithm and data engineering, and eliminated the subjective factors brought about by the company's self-evaluation in the process of information disclosure evaluation, and the statistical results were more objective and fair.

Since June 15, 2020, the Shenzhen Stock Exchange will begin to accept applications for initial public offerings, refinancing and mergers and acquisitions of gem on trial enterprises, which means that the first batch of gem registration companies will soon be listed. The implementation of the registration system of GEM has brought more risk factors to investors and raised higher requirements for the level of information disclosure of listed companies.

Which is better: the proportion to be improved is 56.2%.

The report shows that there are 133 enterprises in Category A, 219 in B, 349 in C, and 102 in D.

Among them, the number of enterprises with good results (A and B) accounted for 43.8%, and the number of enterprises that needed significant improvement in the evaluation results was 56.2%. Generally speaking, the quality of information disclosure of gem enterprises has much room for improvement.

In twenty-first Century, the economic report reporters learned from the multi party information. Judging from the evaluation results, the quality of enterprise information disclosure is highly correlated with the reputation and quality of enterprises in the two tier market.

For example, there are 133 enterprises in the category A, including MINDRAY medical, AI Er Ophthalmology, Hua test, Hai Chen pharmaceutical and so on. These enterprises are rated as D, including 102 companies such as LETV, storm group and so on.

"The former is mostly a good company which is concerned by the organization, and the latter is a lot of risk events." In June 24th, an investment director of a fund company in Beijing admitted to the interview.

From the geographical point of view, ranking enterprises in the 29 provinces of gem enterprises are ranked: Guangdong, Beijing and Jiangsu provinces have the highest scores in the three provinces and municipalities, all over 2 points; Hainan, Jilin and Xinjiang rank the lowest, and the combined scores are below 0.2 points.

Among them, the report makes a comparative analysis of the three major economic regions of China's economy, namely, Guangdong, Hongkong and Macau, the three key areas of Beijing, Tianjin, Hebei and the Yangtze River Delta. Of the 803 GEM companies evaluated, 552 of them are located in the big bay area, the Beijing Tianjin Hebei region and the Yangtze River Delta region. The number of regional Corporation in the Yangtze River Delta is the largest, reaching 249.

From the average score of enterprises in different regions, the information disclosure quality of Listed Companies in Tai Wan district is excellent, with an average score of about 3.57, and the lowest in the Yangtze River Delta region, with an average score of around 3.5.

From the perspective of industry, the industries with better quality of information disclosure include computer software, general equipment and chemical products. The evaluation results of these plates are higher than that of A and B. Among them, A and B in the general equipment industry account for about 60%.

The poorer industries are mainly light industry, small household appliances, rare metals and so on. The main reason is that the number of GEM companies in these industries is relatively small. In this small number of companies, the results are basically C and D.

It is worth noting that fairness is an important dimension to weigh the quality of the letter in this report, which reflects the relationship between information disclosure and stock price volatility.

In twenty-first Century, the economic news reporter was informed that the fair disclosure system for investors should not cause frequent or excessive fluctuations in stock prices. The report selects 2 days before the announcement of the company and the stock price rises or falls by more than 6%, so as to record the company's stock price movements and give the top 30 companies that need continuous optimization. Including Yin Zhijie, Beth beauty, precise information, etc.

In addition, the report further analyzes the influencing factors of the five dimensions from the aspects of compliance, timeliness, accuracy, authenticity and fairness.

Five dimensional evaluation of big data

"Registration system itself emphasizes information disclosure." Huang Yu, partner of Southern China A group capital market, China's China business group, DDT China.

Huang Yue believes that the essence of registration system is to choose enterprises from the market rather than focusing on whether the enterprises are credible or trustworthy by the regulatory authorities under the approval system. An important foundation for market selection is whether the information disclosure is perfect, whether it is true or not.

According to the reporter's understanding, the quality of information disclosure of 803 listed companies of gem (January 1, 2019 to March 31, 2020) is evaluated from five dimensions: authenticity, accuracy, timeliness, fairness and compliance.

The five assessment dimensions refer to the assessment criteria of the Shenzhen Stock Exchange listed companies' information disclosure assessment method (revised in 2017). Based on these standards, we use data engineering and statistical calculation to divide the evaluation level.

For example, does the information disclosure document be corrected or supplemented repeatedly?

The research team made statistics on the number of additions or corrections to the information disclosure documents already issued in the designated media. Through screening the keywords of the announcement title, word frequency statistics. For example, corrections announcements, supplementary announcements, supplementary notices, amendments, bulletins, corrections, supplementary notes, etc. The more times you change the published documents, the lower the authenticity level.

In terms of accuracy, the report is mainly based on the following audit standards: whether the company's audit report has the following audit standards, and is based on the annual financial report or semi annual financial report. For example: non-standard audit report, reservation opinion audit report, unable to express opinion audit report, negative opinion audit report and so on. The more serious the types of audit reports, the lower the accuracy level.

In the timeliness dimension, the research team selects whether the listed companies disclose information according to the appointment date, and statistics the number of times the company changes the date of information disclosure every year. The more times the appointment date changes, the lower the timeliness level.

Fairness refers to whether the company's stock transaction is abnormal due to information leakage before disclosure of the announcement.

After the gem reform and the pilot registration system, the new listed companies do not set up the five day before the listing. After that, the price limit has been adjusted to 20% from the current 10%, which may lead to greater equity risks. Statistics on the stock price movements of listed companies on the two trading days before the announcement of major matters are made to see if there are any abnormal changes in stock prices. And whether any other public media outside the designated media appear relevant reports or hearsay before announcement. The more abnormal stock prices fluctuate, the more market rumors, the lower the level of fairness.

In the compliance dimension, when a listed company receives a letter of supervision or is placed on file for investigation or punishment, the number of times a company is punished during the year is counted. It is used to assess the company's behavior which does not conform to the laws, regulations and the relevant business rules of the company. The more times the company is investigated and punished, the lower the compliance level.

The three aspect is to improve the space.

"From the actual assessment results of the information disclosure quality of GEM companies in 2020, we can see that the level of quality of information disclosure of gem is very stratified, including some industry differences, geographical differences, and scale differences." In June 17th, Chen Bo, an associate research fellow at the Institute of Finance and economics, Central University of Finance and Economics, was the deputy director of the international finance and Technology Laboratory in the bay area, Dr. Chen, who was interviewed by the twenty-first Century economic report.

Based on the research, Chen Bo believes that the information disclosure of GEM companies still has much room for improvement.

According to the report, there is still room for improvement in the quality of information disclosure of GEM companies from the results of the evaluation. It is suggested that the following three aspects be improved:

First, a more quantitative and comprehensive evaluation system for the third party information disclosure should be established. The overall development level of the information disclosure quality evaluation system of gem is not high, and there is a problem that the evaluation method is relatively simple and the data source is not clear.

The report adopts the way of negative scoring, evaluates objective indicators as far as possible, combines with reasonable statistical methods, and initially forms a set of robust evaluation methods, which can be valuable reference for the quality evaluation of information disclosure of gem enterprises. In the future, it is suggested to further explore the method of combining internal and external data, subjective and objective methods, and form a more comprehensive and objective evaluation methodology.

Second, we should pay attention to the heterogeneity of the information disclosure quality of gem enterprises, namely, industry differences, regional differences and scale differences.

The existence of heterogeneous characteristics will bring some uncertainty risks to the implementation of registration system. Therefore, it is necessary to further analyze the reasons for the heterogeneity of information disclosure, and formulate targeted regulatory mechanisms combined with registration system, such as delisting system.

Third, we should attach importance to the relationship between information disclosure and stock price movements, and control investment risks. The growth enterprise market relaxes the restriction of stock price fluctuation, but this may lead to abnormal relationship between stock price volatility and information disclosure, thus forming potential risks for investors. This assessment will include this dimension, transforming "hard constraints" into "soft constraints", providing effective risk hints for regulators and investors, and promoting healthy development of the growth enterprise market.

In addition, Huang Yue believes that "the registration system of the future gem will emphasize that enterprises should disclose all the information in 360 degrees without death. A key point of disclosure is to be complete, thorough and consistent with the requirements of laws and regulations. In addition, Xin Phi should consider how to use the language that investors can understand to disclose and enhance the comprehensibility of information disclosure.

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