Research On Information Disclosure And Supervision Of Listed Companies In China

A sound stock market depends on an effective information disclosure system. In order to really create a fair, efficient and orderly securities market, and to enhance the long-term international competitiveness of China’s securities market, China has to further promote its transparency and improving the information disclosure in its securities market. The tasks include establishing a healthy, sound information disclosure culture, building good information disclosure regulations and enforcement and monitoring mechanism which can sufficiently control and punish the misconduct in information disclosure, setting up a complete system covering good information disclosure quality control procedures, accountability, implementation, and risk control mechanism in the internal information disclosure practice of the listed company. Based on the above, the study is carried out and my dissertation is divided into eight chapters shown as follows.The first chapter outlines the research background, basis, methods and framework. Also this chapter summarizes the innovation and shortage presented in my dissertation. To address the problems of the current information disclosure mechanism in China’s securities market, my paper presents a framework for I isted companies’information disclosure system and regulatory mechanism.The second chapter focuses on related literature review. With stat method, the first part reveals the domestic and international research on information disclosure from 1990 to 2010. Literature survey, retrospective analysis and statistical analysis, help me describe the quantitative characteristics and variation discipline of the literature. The following part shows the research focus and tendency through content analysis, qualitatively analyzing the specific topics of the literature according to the frequency of the keywords or subject content in the related literature. Finally, with the above quantitative and qualitative analysis, the paper summarizes and comments the characteristics and trends of the domestic and international research.The third chapter analyzes the stock market information disclosure system and mon itor mechanisms. After reviewing the origin and history of the information disclosure system, the paper made systematic analysis on the main theories of the capital market-based listed companies’information disclosure and regulatory system, including information asymmetry, signaling and game theory. Accordingly, to build information disclosure system and regulatory mechan ism is carried out in line with the "purpose-content-subject-responsibi lity" approach. Then I conclude that effective operation of information disclosure system and monitoring mechanism will play an important role in the securities market development.The fourth chapter compared information disclosure system and monitoring mechanism home and abroad, with analyzing the systems of the United States, Britain, Germany and Hong Kong, summarizing international experience and revealing the goods points that China can learn from.The fifth chapter discusses the status of financial information disclosure and supervision of China’s listed companies. After sorting out the evolution of China’s listed companies’ financial information disclosure systems and monitoring mechanisms, my paper describes the current legal system and regulatory system, analyzes the problems in these systems by statistical comparison and outlines the policy recommendations.The sixth chapter, from the perspective of corporate social responsibility, discusses China’s listed companies’ non-financial information disclosure and supervision situation. The paper first describes the concept of corporate social responsibility, the motivation of disclosure and the current situation in China, then analyzes the corporate social responsibility disclosure standards and implementation methods, and finally based on the actual case of Zijin Mining Group’s cesspool leakage, explores the feasible path to establish China’s listed companies’ social responsibility information disclosure mechanism.The seventh chapter discusses the disclosure and supervision on important events took place in listed companies. In the context of "major event-insider information-insider trading", the paper discusses the definition of insider information, risk prevention of insider trading crime in detail, and proposes a legal framework for China’s insider trading control, consider ing case analysis and lessons from insider trading in the United States.The final chapter makes pol icy recommendations for improving China’s I isted company information disclosure system and supervision mechanism. In such an emerging and undeveloped capital markets in China, obviously, to effectively prevent listed company information disclosure violations again and again cannot be realized by moral constraints alone. China should strengthen its information disclosure and monitoring mechanism buildup so that all investors can obtain information fairly, timely and completely. The paper finally put forward the particular measures.Information disclosure and supervision is the eternal research topic for the securities market. Considering the extremely broad extension and far-reaching connotation of the topic, although the paper discusses the involved issues on the listed company information disclosure and supervision, more important tasks need to be carried out in-depth by theorists and practitioners. My paper tries to initiate and play a certain reference role in the theory and practice in China’s listed companies’ information disclosure and supervision.