The Research On The Information Disclosure System And The Validity Of Listed Companies In China

With increasing development of market economy, the function of the stock and stock market's has already been not substituted, and it has made the very big contribution to national economy's development. Therefore, the promotion of stock market has become an important topic about the economic development as well as an important task of every country as well as area. According to experience of other countries in the past years, stock market's development is following unceasingly promoted standard of the information disclosure, and is following the process that should be paid more attention to enhance investor benefit and protect it better. The latent significance of each significant transformation's lies in enhancing and promoting the protection of investors' benefit. Only after transformed several times has the system of information disclosure been formed. It is an important aspect to r enhance the efficiency of stock market to make a perfect system of listed companies' information disclosure and to enhance the validity of listed companies' information disclosure.This paper attempts to analyze present situation of listed company information disclosure system by carring on the discussion appraisal to each kind of information's disclosure validity. It also analyze the problem exist in the information disclosure and proposed the suggestion and measure to promote, hoped it can help consummate our country listed company information disclosure system, enhance the validity of the information disclosure, therefore protect the investor rights and interests well, enhances their confidence of both stock and stock market.The paper is comprised to seven chapters, each chapter of major point outline is listed as follows:Chapter 1:"the introduction".By briefly summarizing the development of China's stock market, it proposes that the efficiency of listed company information disclosure is the most efficient mathod to protect the investor's benefit. It also summarizes the structure of the paper, the research technique, and points out the innovation and the insufficiency of the paper.Chapter 2:"the summary of the relevant theory"introduces the theory of"Efficient Market Hypothesis","Asymmetric Information","Principal-agent Theory","Transaction Costs Principal","Game Theory", and their functions in listed company information discloses, then, enhances its valid application, elaborates the basic thoery of the information disclosure. Finally compares present domestic and foreign information disclosed that the valid research literature carries on the narration.Chapter 3:"The Summarizes of Chinese listed company information disclosure system"introduces the information disclosure system's connotation. The induction has limited to be listed information disclosure basic principle is: Real, accurate, prompt, is complete and standard; Introduced the information disclosure system's historical development, summarized listed company information disclosure system which present our country establishes, and introduced other countries' information disclosure system.Chapter 4:"the financial information disclosure system and its valid analysis", this part introduced the present situation of chinese finance information disclosure system, from several aspects of the basic principle's of information disclosure, the validity which disclosed to our country listed company finance information,carrying on the appraisal and the discussion, deeply analyze the the reason of valid performance and proposes the corresponding countermeasure.Chapter 5:"The analysis of information of company governs system and the validity", defined the content of corporate governance information,introduced the system's present situation, from information disclosure basic principle's several aspects, governs information the validity which to our country listed compangy carry on the appraisal and the discussion, analyzes the reason deeply of the valid performance and proposes the corresponding countermeasure.Chapter 6:"The analysis of information of the big event disclosure system and the validity", give the mean of the big event, introduced the system's present situation, from information disclosure basic principle's several aspects, carry on the appraisal and the discussion, analyzes the reason deeply of the valid performance and proposes the corresponding countermeasure.Chapter 7:"MD&A information disclosure system and the valid analysis", similarly using the information disclosed that the basic principle took the evaluation criteria, and analyzed deeply the reason of the valid performance ,then proposes the corresponding countermeasure.Chapter 8:"the information of stock issue disclosure system and the valid analysis", similarly using the information disclosed that the basic principle took the evaluation criteria, and analyzed deeply the reason of the valid performance and proposes the corresponding countermeasure.