The Effectiveness Of Information Disclosure Of Listed Companies In China

A security market is a information flow one, in which timely integrated and authentic information disclosure concretely incarnates the principles of "openness, justice and fairness" in a security market; and fundamentally guarantees validity of it. From history and experience of securities markets in countries all over the world ,it is timely, integrated and authentic information disclosure that can protect investors' interests. The history of a securities market is the one which information disclosure, and the one which protect investors' legal rights.First, the author defines validity of a securities market again. The validity of a security market is divided to the validity of securities information and the validity of resource allocation of a security market, while the validity of securities information is the precise of the validity of resource allocation .In addition, the author divides the validity of securities information into the one of information disclosure of listed companies and the one of conduction mechanism of securities information. In the former breaking laws and regulations about information disclosure in course of information disclosure is forbidden, the principles of timely, integrated and authentic information disclosure should be followed out. The latter calls for the plenitudinous reflection of the given securities information in course of fluctuation of stock prices, which comprises conduction, use and feedback of securities information.Nowadays, literature of study on information disclosure of listed companies is devoid, most of scholars engaged to study the validity of conduction mechanism of securities information. That is, they concentrate on study on information conduction, information use and information feedback after information disclosure of listed companies. They study the fluctuation features of stock prices and stock bargain volume after information disclosure of listed companies, so as to analyze the validity of the whole security market. It is biased to study the validity of information conduction mechanism in stead of the analysis of the validity of the whole securities market, which loses sight of the validity of information disclosure of listed companies and the validity of the validity of resource allocation of a security market.So the author in the paper probes into the validity of information disclosure of listed companies from the angle of information disclosure of listed companies, which consummates the study of the validity of a security market theoretically. Furthermore, the validity of information disclosure of listed companies is the premise and the fundamental guarantee for the validity of information conduction mechanism, and even more it is the premise of the validity of resource allocation of a security market, only in this way can the validity of the whole security market be improved, and the interests of investors be protected.Second, the author studies the validity of information disclosure of China' listed companies from the angle of the condition of institutional construction of the listed companies' information disclosure and from the angle of the validity of process of the listed companies' information disclosure.On one hand, the author divides the institutional construction of the listedcompanies' information disclosure into institutions in securities offering markets and in securities trading markets. Firstly, the author generalizes the existent institutions of the listed companies' information disclosure , and comparatively analyzes the listed companies' information disclosure and its institutions in China and other countries, and then briefly comments on the information disclosure institutions promulgated recently in China to protect investors .Then , probes into the validity of institutional construction of listed companies' information disclosure through the analysis of course > developing venation and existing problems of institutional construction of information disclosure in securities offering markets and securities trading markets, so as to open out the intrinsic logic of institutional construction of information disclosure------responsibility personification. The author thinks that the system of institutions oflisted companies' information disclosure is in better condition, and the newcoming advantage is evident; however enforcement of institutions is badly weak, and responsibility personification is not really realized, consequently the validity of information disclosure institutions is badly crippled.On the other hand , during discussing the validity of listed companies' information disclosure , the author attempts to study it from aspect of timely â– . integrated and authentic information disclosure. Lots of real example studying indicates that the validity of information disclosure of China' listed companies is lower. Though the listed companies have improved to provide timely and integrated information, the authentic information is not sufficient.Third, in course of information disclosure many interest subjects from internal and external enterprises will be involved, so the course of information disclosure is the one which the interest subjects game each other. The author thinks results of interest subjects' gaming decide on the validity of listed companies' information disclosure. The author detailedly analyzes the course of main interest-related subjects' gaming through probing into part orientation of every interest subject. And the author analyzes the relationship between insider control in listed companies' information disclosure and the validity of information disclosure through probing into insider trading in a security market and company management. Severe insider control in listed companies exacerbates asymmetry of securities information, and cripples the validity of listed companies' information disclosure.Fourth, it is a systematic project to consolidate behavior of listed companies' information disclosure to improve the validity of information disclosure. On one hand, government regulation is compulsory institutional arrangement, and is also a leading regulation quomodo .On the other hand, the author thinks that because of idiosyncracy and asymmetry of securities information, the recessive inspiriting function of market adjustment and sincerity mechanism should be exerted, so as to impel voluntary information disclosure mechanism to come into being to make use of it to reduce information asymmetry. Finally the author probes into the development orientation of listed companies' information disclosure from angle of stock right culture ^ company management culture and regulation train of thoughts .To sum up, the author discards the usual analysis just concentrating on the fluctuation features, which actually only studies the validity of conduction mechanism...