Study On Forecasting Information Disclosure System Of Listed Companies

Information Disclosure System as a foundation stone of the securities market is a basis for realizing the principle of "openness, justice and fairness" and the fundamental guarantee for ensuring the securities investors' interests. As the information disclosed by the listed companies play the key role over the information of securities market and has the closest connection with the investors, the establishment and improvement of information disclosure system of listed companies has become the key agenda of the development and supervision of the securities market. Forecasting information disclosure system of listed companies is a new subject of the systemized construction of our securities market Forecasting information, so called as "soft information" internationally, refers to the information indicating the enterprise's future development and operation achievement. Forecasting information as a subjective forecast, the analyst, based on existing data or facts and historical experience, make subjective estimate and appraisal for the future. As a result, generally, it will be slightly deviated from the future actual happening. Relative to the traditional descriptive information, listed companies' forecasting information has its own characteristics in terms of method of supervision and focus aspects, etc. The supervisory body must adopt certain system design so as to balance its encouragement to the listed companies to conduct the forecasting information disclosure against the protection of investor's lawful rights and benefits. Accordingly, this article, based on the analysis and conclusion of current forecasting information disclosure of the listed companies in China, and the study of the advanced system of the overseas developed securities markets, attempts to establish a systematic framework of the forecasting information disclosure system of listed companies in China.The article is composed of five chapters:Chapter 1 introduced basic concepts of forecasting information disclosure system. First, from the traditional descriptive information perspective, the author defined the corresponding forecasting information. Second, the author analyzed four distinctive characters of forecasting information. Next, the author introduced forecasting information disclosure system. Lastly, the author uncovered the meaning of the forecasting information disclosure system. From micro perspective, such system will be of benefit for the improvement of the external information user's decision-making and evaluation, the reduction of corporate capital cost as well as the improvement of corporate management; from macro perspective, it will help reduce the social transaction cost and improve the efficiency of the securities market.Chapter 2 analyzed the theory basis of forecasting information disclosure system. The effectiveness of forecasting information and the possibility and necessity for the enterprise to provide forecasting information must be built up on the theoretic basis. Among them, the well-known theories include financial report objective theory, effective market theory, cost and benefit analysis theory, new capital demand theory as well as information demand and supply balance theory. Chapter 3 reviewed the development history of forecasting information disclosure system. This chapter, elaborated on the development of forecasting information disclosure in the United States which experienced the policy evolving process from prohibited disclosure to encouraging but voluntary disclosure and currently has established a developed information disclosure system. The author focused on the analysis of "safe harbor" rule and "advance warning" principle. Then, the chapter briefly introduced the relevant systems concerning supervision of forecasting information adopt by the IASC and relevant countries and regions such as United Kingdom, Canada, Singapore, Hong Kong (China) and Tai Wan (China).Chapter 4 studied on forecasting information disclosure system of listed companies in Chin...