The Study On Supervision Mechanism Of Listed Company Information Disclosure

The development history of the world securities market indicates that listed company information disclosure (LCID) has become an extremely important way of securities regulation and the most important legal policy. As the essential means of intervening market made by government, LCID does not only safeguard the fairness of the securities market and protect the interests of investors, but also improves the efficiency of resource distribution in the securities market by readjusting the market.The securities market of our country, from the moment treasury bills resumed to be issued in 1981, has a history of 23 years, while, from the moment two stock exchanges were established in Shanghai and Shenzhen, a history of 14 years. Over the past 14 years, the securities market of our country underwent one climax following another, but it developed from scratch, from little to the great achievement which takes many countries decades or even a century to obtain, becoming a most noticeable new thing in the reform and opening-up process of our country. After the development of more than ten years, by the end of 2001, there are over a thousand of listed companies in our country which spread all over the country in 31 provinces, autonomous regions and municipalities directly under the Central Government. In Shanghai, the companies listed in Shenzhen stock exchange have already covered more than 20 trades such as automobile, chemical industry, textile, electron, communication, metallurgy, commerce, real estate, swimming, etc., nearly each national economic field. The total funds raised home and abroad have already been up to 944,300 million Yuan, and investors to 56 million. The securities market of our country plays an important role in promoting the development of socialist market economy, establishing the perfect market system, optimizing resource distribution, impelling the restructure of productive factors, promoting the adjustment of the industrial structure and the reform of investment system, financial system, and economical operating mechanism, changing the management mechanism of the enterprises, and setting up the modern enterprise systems. However, we should also be clear that there are still a lot of problems in the securities market of our country. These problems exist not only in securities issuing and listing which have certain administrative color, but also in the securities regulation, especially in LCID that often violates rules and regulations even after repeated prohibition, which has already seriously influenced and restrained the further healthy and steady development of the securities market of our country. Consequently, it has not only damaged the interests of investors, but also influenced the process of shareholding system transformation of state-owned enterprises.Therefore, the issue of LCID is not only related to listed companies themselves, but also to the steady development of the securities market. Thus, the study on LCID has great theoretic and practical values.First, with regard to the features, strengths, and the trend of LCID policies in foreign countries, the dissertation makes a study of LCID policy standardization. LCID policy in developed countries is a system consisting of multiplayer laws and specific regulations. The system varies from different economies, laws, and cultures, especially from different developing levels of securities market. Even though the frame of LCID policy standardization in our country has been established initially while laws and regulations have almost come up with international levels, there are still a great gulf between our country and developed countries in LCID policy standardization.Second, from the perspective of practice and theory, the dissertation analyzes the causes of unlawful LCID. The analysis of case study shows that, among the various reasons leading to the unlawful LCID, the major one, investors think, is the imperfect LCID regulation, imperfect company administration structure, and imperfect accounting policies and rules. The theoret...