Path Deduction and Countermeasure Analysis of Tunneling Behavior of Major Shareholders of ST Protruly Company

In recent years, China's listed companies make use of the defects of the information disclosure system, using direct or indirect means such as the appropriation of enterprise funds to carry out large tunneling cases are frequently exposed. Based on ST Protruly company, this paper analyzes the path of its major shareholders to implement the hollowed out behavior from the four perspectives: large prepaid accounts, large accounts receivable, large illegal guarantee and huge foreign investment, and then puts forward the measures to restrain the hollowed out behavior of major shareholders of ST Protruly company.

Research on Environmental Information Disclosure Mechanism and Development Status of Automobile Enterprises in China

Firstly analyzed the progress of environmental information disclosure at home and abroad, and elaborated on the shortcomings of environmental information disclosure in China. Secondly, based on foreign information disclosure experience and the actual development of China’s development of the automobile industry, an environmental information disclosure system for the Chinese automobile industry based on the participation of multiple entities is proposed. Finally, by setting indicators for the whole life cycle, the environmental information disclosure of automobile companies is analyzed from different angles.

IS INFORMATION DISCLOSURE SYSTEM IMPROVES MARKET PERFORMANCE? CASE OF INDONESIAN STOCK EXCHANGE

Information disclosure prior to opening is implemented by Indonesian stock exchange for improving the pre-market information closure transparency. Based on the policy, information related to the bid/ask volume, five best bid/ask prices, trading volume, and transaction price is disclosed. In this study, investigation is made about the influence of pre-market information on the market quality measures including volatility, liquidity, and trading volume. Intraday day data is collected within the opening of first five minutes or one minute in selected months. Results of the study indicate that pre-market information disclosure transparency is influencing the market quality measures significantly.