| After nearly two decades of development, on accordance with the principle of "rule of law, regulation, self-discipline, specification", Chinese securities market acting as an important part of the socialist market economic system has got a considerable scale. At the end of2012, all listed companies in Shanghai and Shenzhen Stock Exchange, account for2494. The total market value is of more than23trillion Yuan, which surpassed Japan and is just after the United States, and becomes the world's second largest securities market.However, as China's securities market was born to the foundation of market economy system transition from the traditional planned economy system, it has obvious traces of mandatory system changes, such as the equity division, unperfected corporation governance structure, lack of credibility and other congenital defects, the phenomenon of illegal information disclosure of securities market is still widespread, those will bring the system risk such as the stock market plummeted, insider trading, market manipulation and other phenomena.How to strengthen the research on regulation system of information disclosure, improve the information disclosure regulation system, format the information disclosure as the center of the audit and the corporate governance, control and punish false records, misleading statements or major omissions and excessive packaging, collusion fraud and other illegal behavior, to protect the stock market develops fairly and equitable, and make it play the role of the barometer of the economy, is a current important research topic of China securities market. Therefore, this paper select regulation of information disclosure as a research topic, which has important practical and theoretical significance.Based on political economics, regulation economics, financial economics theory, the paper analyzes many aspects of the Chinese securities market information disclosure regulation, and on the basis of theory and practice, with the actual situation in China, according to the information disclosure of the successful experience of foreign securities market regulation, to explore how to improve the efficiency of China's securities market information disclosure, and construct an effective securities market information disclosure system.The first chapter, an introduction. This chapter mainly introduces the reasons of selecting the topic, the related literature at home and abroad were reviewed in this paper, introduces the research content and framework of the paper, and summarized the research methods and innovation.The second chapter, an overview of information disclosure of securities market regulation. This chapter defines the basic connotation of the information, and the securities market information analysis of the basic properties and structure of the information system. Based on this proposed definition of securities market information disclosure regulation, the paper expounds the principles and significance for the analysis of securities market information disclosure regulation to construct a basic architecture.The third chapter, the theory basis of information disclosure of securities market regulation. Based on a brief review of securities market information disclosure regulation theory dispute, explained the reasons for the stock market information disclosure this chapter from the effective market theory, asymmetric information theory, the protection of the interests of investors, and provides theoretical support for the implementation of the securities market information disclosure regulation.The fourth chapter, Chinese securities market information disclosure regulation overview. This chapter reviews the development history of Chinese securities market information disclosure regulation, analyzes the necessity of the Chinese securities market information disclosure regulation, and expounds the basic framework of China's securities market information disclosure regulation.The fifth chapter, the reality of China's securities market information disclosure--the government level. This chapter analyzes the characteristics of China's securities market information disclosure of government regulation, expounds the existing problems in the disclosure of government regulation in the securities market information, put forward to improve the Chinese securities market information disclosure of government regulation policy recommendations. The sixth chapter, the reality of China's securities market information disclosure-self-discipline level. This chapter starts from the angle of the self-discipline regulation, self-regulation in the securities market information disclosure control, analysis of the current situation of Chinese securities market information disclosure of self-regulation, and in view of the current stock market information disclosure existing self-regulation problems in China, improve the information disclosure of stock market self-regulation policy recommendations.The seventh chapter, the reality of China's securities market information disclosure-securities intermediaries'level. This chapter first defines the definition and classification of securities intermediaries, analysis of the securities intermediary agencies in the securities market information disclosure regulation of duties, and then to the accounting firm as an example to illustrate the defect of market intermediary organizations of securities market information disclosure, and functions of the securities intermediary institutions put forward the suggestions of improvement.The eighth chapter, the reality of China's securities market information disclosure--the media level. This chapter analyzes the media in the securities market and securities market information disclosure control, the media in the information disclosure regulation, found out the existing problems, and puts forward the related policy recommendations accordingly.The ninth chapter, the reality of China's securities market information disclosure level-listing Corporation. This chapter starts from the angle of listing Corporation, in view of the existing problems in the information disclosure of listing Corporation, from the angle of cost accounting and corporate governance point of view of the listing Corporation information disclosure regulation ineffective internal motivation, and puts forward the improvement of listing Corporation governance countermeasures.The tenth chapter, the reality of China's securities market information disclosure level of investors--. This chapter analyzes the stock market investors in the information disclosure control, the investors in Chinese securities market structure, discusses the reasons for softening constraints on the behavior of investors and the listing Corporation, and strengthen investor constraints policyThe paper based on materialism, and using a systematic science, comprehensive analysis and comparative analysis as a comprehensive method of the research which explores both in theory and practice. The article try to make some progresses by studies conducted in-depth research, and hoping to innovate on the basis of previous studies.First, the thesis of the whole system perspective securities market research information disclosure regulation, disclosure of information from the securities market regulatory system, the various components of the sessions were to conduct research, breaking the previous study only focused on a single field or link information disclosure limitations, more comprehensive and profound Chinese stock market reflects the current status of the regulation of information disclosure, provides a solid foundation to further improving the information disclosure regulation.Secondly, the paper broke through the traditional control theory which often brought with fixed mode of thinking of tendency of strengthening the control of market. Paper points out that in the entire securities regulating system, information disclosure regulation appears partially over-controlled problem. In order to further improve the information disclosure regulation system efficiency, it is needed to reform the entire securities regulatory system.Third, the paper combines empirical analysis and normative analysis well, which avoids the excessively reliance on the quantitative analysis of many current essays.Fourth, the paper increase the analysis of media supervision, self-discipline of listing Corporation and investors constraints,which makes the study on the securities market information disclosure system more perfect, more systematic. |
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