Research On Securities Information Disclosure System

Securities are the products of the highly development of market economy ,and the securities mrket is a place where the capital is allocated . The two main objectives of scurities regulation are investment protection and the optimal allocation of financial resourses.Information disclosure is the cornerstone of securities regulation. Efficient securities market depend on full disclosure of information to keep the balance and equality of information allocation . So as to form a reasonable securities price on a feasible and scientific leagal foundation. Meanwhile information disclosure system can curb the illeagal securities transaction such as insider dealing. Furthermore it also can protect securities transation ,maintain the securities investors'confidence and the order of securities market.Although our country has established relatively perfect securities information disclosure system which learned the advanced experiences of the developed countries,however there are still some problems in it. Information disclosure violation often happens and false information spreads far and wide. The listed company place stress on the forms while look down to the contents in the course of information disclosure. False and untrue information disclosure is the main problem in China's information disclosure system.To perfect the information disclosure system of our country shall take the following measures : first of all, the listed company shall comply with the principle of honour and credit. Second, place stress on the civil liability to ensure the victim of civil tort can get the legal remidies. Third, to perfect the pre-information disclosure system and to establish the information disclosure exemption system. in addition,to construct the safe harbor of soft information disclosure in China.