The Study On Information Disclosure Standardization In Securities Market In China

According to effective capital market hypothesis theory, information disclosure is the source of every problem . Information disclosure directly affects the efficiency of securities market. A series of rules and regulations are formulated to restrain listed corporation' s action. However , the problem that information was announced abnormally had arisen in the process of performance . Unstandardization of information disclosure blocks the healthy development of our securities market , and also makes extremely great jam to the securities market's normal operation .For one thing , it causes the distortion of information and causes the securities market to be out of order as the mirror of macro economy . On the other hand, it causes the resource in securities market can not be collocated effectively , and the rights and interests of investors can not be protected .Therefore , there is a great abstract and real significance to study information disclosure standardization in our securities market .Following the "raising problems-analyzing problem-solving problems" logic , the dissertation studies the effect that dissymmetry information and sham information made to our securities market , to the listed corporations and to the investors on the basis of information dissymmetry theory and effective capital market theory. The article announces the present situation of information disclosure and proposes the problems caused by information being announced abnormally .Then, analyzes the reason causing information to be announced abnormally from cost -benefit angle.The standardization development of information disclosure can be carried out in four ways. Firstly, the dissertation makes a standard frame about information disclosure from the angle of function mechanism . This section proposes a more comparative integrated process of information disclosure . Moreover , by means of macroscopic control and microcosmic control with pliable control and stiff control , the information disclosure can be controlled . Secondly , a fresh thinking on our securities market's supervision is proposed .Thirdly , it states the management of the main parts and correlating parts of information disclosure , including the management construction of listed corporations , the orientation of intermediary organizations , the administration system of government and correlatingdepartment and the management of investors . Finally ,we can improve the corresponding laws and regulations , including the designs of laws and regulations on information disclosure and the mechanism of these laws and regulations , and form information disclosure mechanism : "legislate laws and regulations in advance , announce messages based on the laws and regulations, punish afterwards " .