Law And Economic Analysis On The Information Disclosure Regulation Of Securities Market In China

In recent years, in China's securities market, the information disclosure is not timely, not fully or even false phenomenon, resulting in damage to the interests of the investors. Enhancing information disclosure regulation had become the top priority of improving China's securities market. Can stringent supervision and regulation make the Chinese stock market more healthy and orderly development? How we can increase the efficiency of regulation? How can we achieve effective supervision?This paper attempts to macro-level analysis of government regulation as a regulation, the integrated use of comparative analysis. Empirical analysis from the perspective of Law and Economics Research conducted under the supervision of the government, the theoretical basis of its analysis. There is reasonable, defects and the development prospects and in light of economic globalization and China's practice form my government proposed regulatory reforms and development directions. Economics from the information disclosure regulation based on: market failure theory, the efficient market hypothesis theory, game theory, signaling theory, transaction cost theory, analyzes the information disclosure regulation exists which is reasonable. From the information disclosure regulation based on the reality - the law, analyzes the impact of laws on information disclosure and incompleteness.On Britain and the United States A Comparative Study of Information Disclosure, the paper summarizes the information disclosure regulation in the securities market in the different stages of development and positioning of different understanding and change. Disclosure of information by the origin and changes in the British study the information disclosure regulation, indicating the need for information disclosure regulation, its regulatory approach to principles-based regulation from the rules of regulatory change will help improve the development of China's information disclosure regulation. Overall, our information disclosure regulation is mainly single level of government regulation, regulations still single, and professional self-regulatory agency is still in the preliminary stages of development, the independence of the weak, small scale, charge order is poor, thus effectively improving Self-regulation and choice of multi-level services regulation and law enforcement is an effective way to improve the information disclosure regulation.On the basis of the above analysis and synthesis,disclosure of information by the origin and changes in the British study the information disclosure regulation, indicating the need for information disclosure regulation, its regulatory approach to principles-based regulation from the rules of regulatory change will help improve the development of China's information disclosure regulation. Overall, our information disclosure regulation is mainly single level of government regulation, regulation s still single, and professional self-regulatory agency is still in the preliminary stages of development, the independence of the weak, small scale, charge order is poor, thus effectively improving Self-regulation and choice of multi-level services regulation and law enforcement is an effective way to improve the information disclosure regulation.Through the above analysising,in the law and economics view, the legal regulation, legal activities, legal norms ultimately are intended to enable more efficient use of resources, so that the maximum increase in social wealth. The purpose of the information disclosure regulation is the adoption of mandatory supervision, intervention, so that power to the optimal allocation of resources, thereby enabling power resources both in quantity or quality, both to make the best, that is, to maximize efficiency.On this basis, this paper present the effectiveness of the proposed Reform of the regulation.By analyze the course of improvement of China's current securities market, and its information announcing regulation, this thesis point out certain suggestions regarding the potential problems within China's current related law, judicial regulation and listed companies.In a word, improving information announcing supervision is an integrated work; it not only requires collaboration from all aspects but also requires constant and progressive reforms. Only this way, the effectiveness of the information announcing regulation and the well-development of the security market can be guaranteed.