A Study On The Differentiation Of Information Disclosure Of The Listed Securities Company

After20years of development, the securities market has become animportant part of Chinese market economy. The healthy development ofthe securities market is inseparable from good information disclosuresystem. In the design of the rules of information disclosure system,regulator has been using unified disclosure rules, namely, regardless ofindustry, regardless of size, require all the listed companies in accordancewith the same information disclosure standards and requir ements, Thispolicy has played a positive role in the early stage of securities market, toensure the stable and healthy development of the securities market in acertain period of time. However, with the rapid development of Chineseeconomy and securities market, the old unified information disclosuresystem has been unable to meet the market needs of the parties, its defectsin terms of fairness and efficiency increasingly significant,This paper analyzes the current information disclosure system,information disclosure theory, status of Chinese securities market,proposed that we should implement rules system of informationdisclosure difference with the industry as the division standard. After that,this paper studies the differences in information dis closure in thesecurities industry, based on the demonstration of necessity andpracticability of differential information disclosure, through full analysisof the domestic securities industry, securities companies, securitiesbusiness, combined with the b usiness characteristics, risk characteristics,the focus of supervision, researcher focus, in order of importance,universal, representative, testability, supplementary principles, raised atotal of twenty-four specific recommendations for differential information disclosure on securities industry.This paper is divided into six chapters. The first chapter isintroduction, introduce the situation of Chinese securities market, theimportant meaning of information disclosure and the problem of currentinformation disclosure system, also propose the ideas and methods tosolve the problem; The second chapter introduces the theory ofinformation disclosure, China’s current information disclosure system, itsdefects and negative effect come from the unified inform ation disclosuresystem, proposes the practicability of differential disclosure. This chapteralso summary the exist research; Chapter III introduced China’s securitiesmarket from the macroscopic angle, include the securities markets’situation, the securities industry’s situation, regulator situation anddevelopment. Chapter IV introduced China’s securities companies fromthe microscopic angle, include companies’ business characteristic, such asbrokerage business, investment banking business, securities investmentbusiness, asset management business, loan business and other business.This chapter also introduce the main risk of securities and listedsecurities companies. Chapter III and chapter IV form the base of analysisof differential information disc losure’s detail rules; the fifth chapter isthe keynote of this paper, clear and definite five principles and basis fordifferential information disclosure, then proposed twenty-four specificrecommendations by management class, business class and revision classfor differential information disclosure on securities industry; the sixthchapter summarizes the paper and put forward differentiated disclosuremanagement suggestions.