Research On The System Of Accounting Information Disclosure In Securities Market

In recent years,some incidents of fraudulent accounting information disclosure happened in domestic and international securities market. From "Qiongminyuan","Zhengbaiwen", "Yinguangxia"in our county , to "Enron", "Worldcom", "Xerox"and so on. It results in serious consequences, stagnation of economy, confusion of securities market and destruction of investors confidence—"9·11 changes nothing ,but Enron changes everything! "In order to punish fraudulent disclosure, protect investors interests, so it is the definite choice of every country to improve laws, strengthen the legal liability and promote punishment. The paper mainly involves accountant and law, it systematical researches on the fraudulent accounting information disclosure, including the system of accounting disclosure information, the nature, elements, imputation of the civil liability of fraudulent disclosure, the ways of realization and so on. At the same time, it brings forward suggestions on perfecting relevant laws and system, we expect these can offer the support and reference in theory, which to strengthen the legal liability of fraudulent disclosure and to protect interests of the relevant investor effectively. The paper is divided into some parts as follows: Preface: From domestic and international current situation, it explains the incentive and meaning of this paper title. Chapter one: This chapter firstly introduces the conception, significance and historical evolution of the system of accounting information disclosure, then draw the conclusion: accounting information is the core of information disclosure in securities market, it exists the natural and close connection between the accounting information disclosure and the securities market, the perfect accounting information disclosure is very important for the development of securities market. Chapter two: This chapter mainly proves into problems and reasons of the accounting information disclosure in securities market of china. Listed companies cannot observe the timeliness rules, authenticity rules, sufficiency rules, violation isn't forbidden at all times. To find out reasons, firstly, the limitation of accounting disclosure pattern reduces the validity of accounting information; secondly, legal duties of fraudulent accounting information disclosure lay particular stress on the administrative not civil liability, misfeasor cannot be frightened; at last, the correlative mechanism of accounting information disclosure isn't perfect, for example, the function of supervisor in the company doesn't bring into play, surveillance of agency is inability and the legal status of securities department is ambiguity , the power is insufficiency etc. Chapter three: To settle the fraudulent accounting information, after Enron affair, Capitol Hill constitutes and enacts a series of laws and codes, of which the Sabanes -Oxley Act of 2002 is foremost, the Act not only amend 1933 security law and 1934 security business, but also explores some significant measures, so it is worth while using for reference. Chapter four: This chapter emphases how to perfect the accounting information disclosure system of china. This paper considers: firstly, it should intensify civil liability of fraudulent accounting information disclosure, including to definitude the character and imputation of civil liability, concretely realize the civil liability system, in order to strengthen function of civil liability; secondly, it should perfect the correlative mechanism of accounting information disclosure, including to enhance the supervisory power of company department, especially the corporate supervisory board so as to restrict acts of listed company, lead the behavior of agency, exert the supervisory function, at last, it should definitude the legal status of security department, in order to aggrandizement the supervisory effectiveness.