Comparative Study On Disclosure System Of Securities Market In China And The U.S.

As the major system applied to standardize and manage listed companies by all countries, valid Information publicize system could reflect in real time, prevent fraud and injustice efficiently with confidence form investors. On the securities marker that with adequate legal system, information publicized by listed companies is the major method for communication among investors, surveillant and listed companies.Investors could understand the operating situation and finance status thoroughly on reading the information before making out their decision.Whereas if the information is not genuine, sufficient, or even not provided in time, it means fraud or misleading to investors, they would suffer losses. Therefore, as the hard-core of modem securities market management system, information publicize system for listed companies is the important system, which shall maintain securities change security, protect legal right of investors, as well as keep the order of securities market. The securities market of China has a history of 14 years only, hence, there are much disadvantage in its disclosure system which on the one hand is unfavorable to the protection of investors, on the other hand disadvantageous to the healthy development of the securities market. Thereafter it needs to be bettered very urgently. This thesis makes a comparison of disclosure systems between China and the U.S and comes up with some suggestions or ideas to better the disclosure system of our state. The author hope the suggestions or ideas might be useful to the work or bettering the disclosure system of our state. First, the author makes a comparison of initial disclosure systems between China and the U.S, mainly on the usual rulings on the prospectus and listing particulars, then comes to deeper comparison and discussion of several matters of the two disclosure documents, from it some disadvantages of the initial disclosure system in our state are found. Second, a comparison of continuing disclosure system of China and the U.S is made. On the basis of introducing basic rulings, the author discusses the forms and the submission timing of the periodic report and the criteria of the material events (which is the contents of timely reports) and timing of submission and publishing of timely reports. Third, the civil liabilities system of disclosure on the basis of comparing the liabilities frameworks of disclosure system China and the U.S is discussed. Last, according to the status of disclosure of our state and based on the conclusions drawn from the forenamed content, the author makes several suggestions to better the disclosure system of our state.