Disquisition On Supervision Of The Distribution Of Information In Chinese Securities Market And Some Relative Issues

In-this thesis, I pointed out that there are six subjects that supervise the revealment of information in the securities market. It is based on the viewpoint of Prof. CHEN Zhi Wu, who believes that the supervisors are of five layers. The six subjects are the board of directors, the credit media institution, the market participators, the media, the CSRC, and the court of law. By analyzing and comparing some cases, I draw a conclusion to the function of each body.As a company's interior supervisor, the board of directors has the least cost of the six subjects, but it must be under other subjects' restraint and cooperate with other subjects. The credit media institution is a new subject that I added. It's the biggest innovation of this thesis. I illuminated why it is so important, and pointed out there is a constructive limitation in itself. So the credit media institution also needs to be supervised. About the market participators, I gathered some data about Enron event to explain the importance of market participators. Meanwhile, I pointed out there are few buy-side analysts in Chinese securities market, we must change this situation. About the function of media, I analyzed through Yin Guang Xia event, and believe that media should be the main force, not the auxiliary force. As the CSRC, I think we should put its emphases on the after-events supervision, and build up its overawing force. When illuminating the function of the court of law, I analyzed the relationship between law risk and quality of the revealment of information by Game theory. At the same time, I think Prof. Chen's proposal about practicing case law in domestic securities market is not feasible, and put forward my own opinion.Then I make some suggestions and proposals about property rights and modern technology related to regulation on the distribution of information further.