Information disclosure is the lifeline of capital markets, and violations of information disclosure can bring both external and internal risks to companies. This article takes Sunflower Pharmaceutical as an example, conducts a specific analysis of corporate information disclosure violations in accordance with the Securities Law, uses event study methodology to compare the abnormal returns of the company before and after information disclosure violations, explores the resulting external risks, and combines it with a thorough four-dimensional analysis to study the internal risks brought about by information disclosure violations. The research results indicate that information disclosure violations can lead to a crisis of investor trust, resulting in a sharp decline in stock prices when negative events occur, exacerbating external risks. Furthermore, information disclosure violations can damage a company's reputation, significantly reducing its competitive advantage in the market, intensifying internal risks. The impact path is mainly transmitted through the following channels: "Information Disclosure Violations ? Aggravated Information Asymmetry ? Investor Trust Crisis ? Increased External Risks "and" Information Disclosure Violations ? Damaged Corporate Reputation ? Significant Reduction in Competitive Advantage ? Intensified Internal Risks."
information disclosure, corporate risk, information asymmetry, corporate reputation, Sunflower Pharmaceutical
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