Research On The Continuous Information Disclosure System Of Listed Companies

In recent years,the information disclosure violations of listed companies have been repeatedly prohibited.The listed companies cheat on the disclosed information,or do not disclose the information in time,which will make the investors fall into the passive situation of information asymmetry and cause great harm to the interests of the majority of investors,especially small and medium-sized investors.In China’s securities law,information disclosure is divided into information disclosure at the time of public offering and continuous information disclosure."Zhangzidao incident" occurs in the continuous information disclosure of the company.Zhangzidao company has experienced three "scallop running" incidents from 2014 to 2019.The three events were disclosed in the interim report under the condition of good operation of the company.After each disclosure,the company fell into the situation of huge losses.The company’s share price fell sharply,and investors suffered huge losses without prior knowledge.However,the company used financial means to achieve book profits in 2016,avoiding the mandatory delisting provisions.The investigation results of the SFC show that the violation of the law is particularly serious,seriously disrupting the order of the securities market,causing serious damage to the interests of investors,and the social impact is extremely bad.The civil compensation liability of continuous information disclosure in China is not perfect,and administrative punishment is the main way of punishment for violation of laws and regulations of continuous information disclosure in China.The newly revised Securities Law in 2019 added the provision of voluntary information disclosure,so far the law distinguishes mandatory information disclosure and voluntary information disclosure in the disclosure system.The United States has formed a mature legal system of continuous information disclosure,and industry supervision is an indispensable part of this mature legal system.There is industry supervision in stock issuance and continuous disclosure after listing.In order to improve the system of continuous information disclosure,we can learn from the securities legal system of the United States,establish and improve the standards of continuous information disclosure by industry,establish and improve the "Whistler" system in the securities market,and introduce the third-party credit enhancement mechanism in the process of information disclosure in combination with China’s national conditions,We will further promote the implementation of the representative litigation system for securities disputes,improve the diversified resolution mechanism for securities disputes,and constantly improve the civil compensation system for securities disputes.