The Problems And Solutions To Information Disclosure Of China's Listed Companies

China's securities market has made great achievement after more than 10 years' development. But compared to developed securities market, it is still in the development stage. Listed companies are the main body of the securities market. Along with the process of reform and opening up, China's listed companies from weak to strong, continuing to develop and grow, and gradually become an effective strength of the national economy. By the end of 2007, there have been 14771isted companies in two Stock Exchange (Shenzhen and Shanghai). The information of listed companies is the most powerful embodiment of "San gong" principles (open, fair and just)in the stock market. The information disclosure of listed companies permeated everywhere in China's young securities law and became the foundation of China's securities market and making it execute effectively.Since the foundation of two stock exchanges, the government has promulgated a series of laws and regulations to regulate information disclosure of listed companies and has formed a set of fairly sophisticated systems to China's stock market helping to promote a healthy development.However, after second thought, people will find: a listed company is not perfect, there are many unsolved problems. From the earliest Shenzhen wilderness producing fake, Qiong Mingyuan deception and then to the listing on the red light industrial, and they are all closely related to the disclosure of information. These problems seriously limited the optimizing function, brought investor great loss and shadowed the development of stock market. The study of International information disclosure of listed companies starts early. After all, the development of West securities market has a few hundred years' history. Regardless of the regulations in the disclosure of information in the slaw or the system level, they are all very mature. Many of them are worthy of our study and draw on, especially on the application of the "International Accounting Standards". There is a great gap between us and the developed Western countries. This essay is composed of four parts. The first part is mainly on our country's accounting information disclosure, pointing out practical significance of standardizes information disclosure of listed companies and introducing the historical evolution of disclosure of information in China from the legal system and the basic contents of China's listed companies. The second part is the theoretical research of the information disclosure of listed companies, mainly on the experience and data of foreign and domestic researchers on information disclosure of listed companies, and noted the difference between China the West, and come to the conclusion that the experience of foreign countries is not fully suitable to China. The third part is the underlying analysis for the accounting information disclosure of listed companies and pointed out the existing problems in China's accounting information disclosure of listed companies, that is false statement in serious condition, inadequate disclosure of accounting information, the lack of comparability of accounting information, untimely accounting information disclosure. And make depth analysis from non-exclusive and non-competitive features, the asymmetry of information, the opportunism and the private non-cooperative game in accounting disclosure of information, the Problems between disclosure of information of listed companies and market investors' behavior and income. The fourth part point out that standardizing China's listed companies' disclosure from improved corporate governance structure, strengthen the management of intermediaries, cultivating and strengthening the institutional investors, and improve relevant laws and regulations of information disclosure, increase irregularities punishments. And raise the cost of rent-seeking. Comprehensive and synthesis method and summarized analysis are used in this essay.