Research On Improvement Of Our Country's Security Market Efficiency And Information Disclosure Mechanism

In our country ,the allocative efficiency of security market resources is closely related with the information disclosure mechanism, the upgrading of market efficiency hangs on the improvement of information disclosure mechanism.By defining the concept of information disclosure mechanism in our socialist market economy, which is referred to as the interaction > interdependence of one another concerning the relevant parties of information disclosure, this paper has listed out the characteristics of information disclosure mechanism: correlation s interest conditionally > objectivity > internalitys development compulsion etc., and has also clarified three criteria of information disclosure, that is, 'in times effectives sufficient'. Furthermore, this paper dissertated the necessity and importance of information disclosure mechanism for our society and economy, and pointed out that the co-function of information disclosure mechanism and price mechanism forms the basis on which security market keeps itself running, information disclosure mechanism shows 'opensfairs equal'------the principles of market economy, it determines the speed at which thesecurity market of our country is entering into the world capital market, and it is the key to upgrade the market efficiency.By giving examples such as public-listed companies' unwillingness or untruthfulness to carry out their information releasing obligations, inappropriate behavior of market agency, disfigurement existing in the process of lawmaking and executing laws, the paper has taken advantage of the well-known principles of economics to analyze the presentproblems plaguing our security market in our country, the results shows that there exists a great deal of incomplete information and asymmetric information at the security market, which can lead to moral hazard problem and adverse selection ,and both are the main causes that hinder the normal function of information disclosure mechanism, affect the market efficiency and allocation of financial resources. In addition, institutional objection at the security market is a crucial factor in arising the-above-said problems. Based on the above analysis, the paper attempts to give some proposals on improving information disclosure mechanism in China, like consummating corporate governance, standardizing the behavior of agencies, developing institutional investor, promulgating relevant laws and regulations, reinforcing executing laws, etc., which altogether serve to create an environment where information disclosure mechanism will play its role smoothly, allocative efficiency of the security market will be highly enhanced, the industrial structure will be optimized greatly, the development of our national economy will be accelerated, these will also consequently ensure a healthy development of our country's security market.