Academic Analysis And Research On Policies About Supervision Of Listed Companies

Based on listed companies, the securities market relies tightly on their normal operation. The transition from the planning economy to the market economy entrusts the securities market a special task: besides rational distribution of resources, adjustment of industrial structure, which are similar to the ordinary securities market, it will accelerate modification and normal operation of listed companies. Study activities, enforce supervision of these companies play an important role in developing the securities market and speeding up the market economy.Information Disclosure, Inside Dealing, Connected Transaction, use of Collected capital all need to be supervised. Listed companies' transformation from State-owned enterprises makes them act as the companies in the planning economy in the securities market. And also there exists some system defects. All these factors explain why there are many problems in Information Disclosure. Therefore, supervision need be enhanced.Inside and outside scholars have done researches on activities of listed companies and got lots of fruits, such as Effective Cost Theory, Abstein or Disclosure Theory, economical analysis about Connected Transaction, etc. However, all these theories above point merely out one detailed activities about listed companies. As a result, theories on supervision of listed companies remain still an undergoing system.Supervision of listed companies should not be separated from that of the securities market. In second market, investors are tied to listed companies by purchasing and selling securities products. It is necessary to analyze its characteristics in order to inquire into supervision of listed companies in line with economic principals, which is innovative in this article.An important measure taken to enhance supervision of listed companies is system innovation by which to improve their supervision and normal operation. In 2001 called "Securities Supervision Year", a series of regulations and policies were made and issued. We are convinced that operation of listed companies will be increasingly perfected and normalized.