Study On The Information Regulation Of Chinese Stock Market

The stock market has been gaining more and more attention while it is playing an increasingly important role in the economy. The problem about the regulation of the stock market is always the focus of discussions from different angles. Among these discussions, Regulation System, Government Intervention and Information Disclosure are usually emphasized. However, there is little research that treats Information Regulation as a whole system. Even, there is still not a definite concept of Information Regulation. In a sense, the stock market is a place where information is the decisive element. At present, in the stock market there is much illegal conduct related to information such as Disregarding Information Disclosure and Insider Trading, etc. Therefore study on Information Regulation is of great value in the sense of both theory and practice.The paper studies on Information Regulation with the clue of regulating asymmetric information in the stock market. The scope of research is Chinese stock market excluding Secondboard Market Meanwhile, the paper doesn't discuss the fund.The paper consists of six parts:The first part introduces the object of Information Regulation in the stock market and the content of Information Regulation System. Firstly, the information system of the stock market is analyzed from the view of Information Economics. This analysis lays a foundation of the research for the whole article. Secondly, the object of Information Regulation can be divided into two aspects, namely, the asymmetric information and the information-manipulating conduct. Thirdly, the main content of Information Regulation System includes Information Disclosure System and Information-Manipulating Prohibited System. Lastly, According to the above analysis the author define the concept of Information Regulation.The second part is the theoretical analysis of Information Regulation. The theory of Information Failure and Efficient Capital Market Hypothesis prove that it is necessary to regulate the stock market. Furthermore, the author point out the concrete fields which government should regulate.From the third part to the fifth part, the paper emphasizes on the InformationDisclosure from different point of views. In detail, the third part is about the Information Disclosure of the listed companies. Then, the Information Disclosure of mtermediar institutes is introduced in the fourth part. And the Information Disclosure about other market bodies can be found in the fifth part.The sixth part is the analysis on the present condition of Information-Manipulating Prohibited System, and methods for improvement are proposed.The characteristics of this paper lie in three sides. Firstly, Information Regulation is researched as a whole system, which is seldom discussed before. Secondly, the scope of information regulating is newly established. Thirdly, the object and the concept of Information Regulation is defined.