Research On Disclosure Of Public Company

Accompanied with the gradually perfection of the socialist market economy system, the security market, as an important part of the capital market, its market status and performance have represented much difference. The reason is very thoughtful. Different people have different opinion about this phenomenon, just like the security market itself----sometimes changed gigantically, sometimes kept stable---it's difficult to predict. Just because of this, relative professional investigation became more and more flourishing. On account of my major I became interested in this area. My article is named "comparative study", but because of limited knowledge and abilities, I use other peoples' view for reference, of course, we add our opinion and effort in it. The article can be divided into three parts:1.Research of disclosure in security market from year 1999 to 2000----take America and China as an example. 2. Research of the basic system of disclosure. 3. Research of disclosure of public company in China.In the first part, "Investigation of disclosure in security market from year 1999 to 2000----take America and China as an example", because of the limitation of the documents, I generally analyzed the problem of disclosure in America and China mainland. Based on the analysis of the disclosure problem in America security market, I bring forth the viewpoint of "the defect of the related disclosure system" and the two major reason of why "the selective disclosure method can decrease the effectiveness of disclosure". To the problem of the false information in the security market, on one hand, I enumerate the characteristic of this problem in our country. On the other hand, I analyzed the reason, which caused this problem---in my opinion, "inertial management inefficiency of public company", and "institutional defection" are the two most important reasons. In the second part, the study of basic system of disclosure, firstly, we settle with theoretic basis for disclosure and we will illustrate this subject from three respects: the evolution of the system about disclosure; the inner request of disclosure; the legal resource of disclosure. Secondly, we do some research about the context of disclosure, we analyzed it from five aspects: entry system--- disclosure at the early stage; operation system---continue disclosure; the corrective system---the definition and the standards of false presentation; danger-forecasting system---predictive disclosure; aiding system---the realization of litigation. Thirdly, in this article we have emphasis on the illustration about disclosure system under the current law, study the rule and practice in related areas under the current system framework: disclosure about the launch and marketing of securities, lasting disclosure system and so on.The third part "the beginning design explores of the disclosure law system about listed company" is the textual points,it is from "the anti think of the United States disclosure system", deviate the developments considers to our stock market information system. Speak from the logic path, "the special features of law and market term of our public company" should not be neglected, "the problem which is existed in the Chinese stock market" is necessary, But there is two points putted forward——"perfect system frame of disclosure" and "found of information system that can be operated"which is the last basic conclusion , that is textual core contents too. ——The contents of "perfect system frame " includes: "the disclosure system is an inside request of company manage", " enhancing the disclosure can promote the inner manages of the company" , " the relation of company manages, disclosure and investor", "f hint——the relation of inner and exterior charges";——The contents of "found of information system that can be operated" includes: "the concrete system that information", "the foundation system that disclosure——the usefulness that company manage", "the duty system of disclosure",...