China Listed Companies' Information Disclosure System And Its Validity Discussed

Perfect system of information disclosure of listed companies in China is an important footstone for the existence and development of the security market, an essential content of the system of Security law and also strong guarantee for investors to use the right of knowing the inside story. But nowadays it is a doubtless fact that the information disclosure of listed companies in China is very serious false, which greatly oscillates the investors' confidence in the security market, seriously destroys the groundwork of the security market and even erodes the constant, rapid, healthy and steady development of the national economy.Based on this realization, the author intends to find out the existing problems in information disclosure system though analyzing the system in detail, then proposes some useful suggestions to strengthen and perfect the information disclosure system of listed companies.The paper is divided into five parts. Part Ⅰ, 'the summary of information disclosure system', analyzes voluntary information disclosure and compulsory information disclosure in theory beginning with the concept of information disclosure system. Part Ⅱ, 'the frame of information disclosure system of listed companies in China", introduces the system, means and fundamental principles about information disclosure. Part Ⅲ, 'qualitative analysis of information disclosure system's effectiveness', evaluating the effectiveness of our country's information disclosure system from the extent to which the information disclosure meet investors' expectations and action efficiency of information disclosure system. Part Ⅳ, the author tries to find out the problems that resulted in the inefficiency of information disclosure system from the angles of information need and information supply. In the last part of this thesis, the author put forward some reform suggestions to make the information disclosure system more efficient.