Information Disclosure System Of The Listed Companies And The Problems Of Its Application In The Securities Market Of Our Country

Whether the information on the capital market is adequate and accurate is crucial to the validity of the market. World governments use the information regulation as an important regulatory measure and the basic form of it is the information disclosure system. Being similar to the situation in other mature capital markets, the securities regulation in our country is also based on the information disclosure system of the listed companies. Information disclosure system is a system under which the listed companies are compulsorily required by the regulation rules to disclose all the true relevant information in a statutory form to the public during the whole process of securities offering and transaction so that the investors can make investment decisions on the basis of the true information.In the first chapter of this thesis, the author analyzes the theoretical principle and legitimacy of the information disclosure system in terms of the traditional theory of civil law, the adverse selection of the listed companies, the validity of the capital market and the social obligation of the public companies. Furthermore, the author also talks about the relationship between the information disclosure system and two different kinds of securities regulation modes. The registration regulation mode meets the demands of the tendency of marketization. We should take the information disclosure system as a combining site and transfer the approval regulation mode to the registration regulation mode.The second chapter of the thesis is about the analysis the legal system of information disclosure. Generally speaking, an integrate legal system of information disclosure should be composed of the following three aspects: securities offering information disclosure system (including the Prospectus, the Post of being listed and etc), continuous information disclosure system (including the periodic report, the provisional report and etc), judicial relief and accountability system (including the criminal liability system, the administrative sanctions system and the civil compensation system).In the third chapter of the thesis, the author ferrets out the outstanding problems existing in the current information disclosure system of our country by analyze the practical situation in the capital market. These problems include the confusion and overlapping of the regulatory agencies, the numbers game and accounting magic played by the listed companies, the latent utilitarianism on the market which induces the dishonest of the listed companies, the inefficient penalty and compensation system and etc. The author gives relevant advices to resolve the problems mentioned above.