Research On Information Disclosure System Of Listed Companies In China

In recent years,China's securities market has been continuously developing and improving,and there are more and more listed companies in China.The increase number of listed companies has brought a lot of material wealth to China and has greatly promoted the development of China's financial industry.However,some problems are also brought in the development process,such as disclosure of false information,major information not being disclosed in time,which to a large extent disturbs the order of the securities market and has a great impact on the country and investors in the market.Therefore,how to strengthen the supervision of listed companies has become an important issue.In the process of supervision of listed companies,the supervision of unlawful act in the process of information disclosure of listed companies is the core.However,at present,there are still many problems in the information disclosure of China's listed companies.In this paper,by analyzing the basic theory of information disclosure system of listed company,combined with the experience related to the development of the United States and Japan,the author finds out the current shortcomings in the course of information disclosure system of listed companies in our country through the analysis of typical cases happened recently in our country,then,analyzes what are the reasons behind these problems in our country at present through the comparation relatively with the United States and Japan whose system is more perfect relatively.Finally,how to improve the system of information disclosure of listed companies in our country were discussed.The first part of this article is the introduction.This paper mainly introduces the purpose of studying China's listed information disclosure system and the practical and theoretical significance of studying China's listed company information disclosure system.Therefore,it is necessary to establish and perfect the information disclosure system of China's listed companies.The second part of this paper is an overview of information disclosure system of listed companies,which mainly introduces the concept of information disclosure of listed companies and the theoretical basis for the formation of information disclosure system of listed companies.The third part mainly introduces the legal status of information disclosure of foreign listed companies.The information disclosure system of listed companies in the United States is more mature,which is mainly reflected in the relatively perfect legal system of information disclosure system in the United States.The information disclosure system of listed companies in Japan also has its own characteristics which emphasizes the reform of internal control of listed companies and limits the sources of information disclosure to ensure the authenticity,timeliness and integrity of information disclosure.There is so much experience we can learn from the information disclosure system of listed companies in the United States an Japan.In the fourth part of this paper,through the analysis of recent typical cases and the statistical analysis of the data of China securities regulatory commission for a period of time,the problems existing in the information disclosure system of China's listed companies are found.Firstly,the legal system is not perfect.Secondly,the corresponding supervision needs to be improved;Thirdly,information disclosure violations of the relevant responsibility system is not mature.The fifth part of this paper describes some suggestions to perfect the information disclosure system of China's listed companies.It mainly put forward some suggestions aiming at the problems found in the fourth part.Firstly,the improvement of the legal system of information disclosure of China's listed companies from a macro perspective should be strengthened.Secondly,some suggestions on the supervision of information disclosure of listed companies are proposed.Thirdly,some targeted suggestions on the internal structure of listed companies are proposed aiming at regulating the non-standard information disclosure from the source.Finally,the responsibility system of relevant illegal ACTS should be improved and the fairness and justice of the law should be guaranteed.