Research On Intellectual Property Information Disclosure Of China's Listed Companies

Information disclosure system is the soul of securities trading, and also the important guarantee that makes the stock market develop efficiently, orderly and healthily. Intellectual property information, with its particularity, complexity and as extremely important information for the quoted companies, should be disclosed accurately, timely and completely. No matter for the listed companies or for the investors, intellectual property information disclosure of the listed company is significant, which is showed in: To the listed companies, on the one hand, disclosure of intellectual property information is the important means, showing the strength of the listed companies which attracts more investors, on the other hand, under the supervision of most shareholders and the public, can be good to strengthen the operation and management and also reduce the financing costs; to the investors, intellectual property information disclosure, on the one hand, provides the opportunity to obtain information equally and lowers the asymmetry information phenomenon, on the other hand, provides the comprehensive and accurate intellectual property information, is convenient for investors to accurately know and predict the management risks, asset condition and the development prospect of the listed companies, which helps to make wise investment decision. What's more, it can also provide the investor proofs if the listed companies involve in sanctions fraud, insider trading, market manipulation. With these proofs, the investor can be compensated.Many listed companies in our country have begun to set foot in intellectual property information disclosure recently, however, because there are not specific rules on standardizing intellectual property information disclosure in system now, investors in average not paying much attention to this, the listed companies holding many wrong points, lacking of specific guidance on operation and professional service personnel causes many problems to the listed companies on disclosing intellectual property information. For example, in March 2010, the Patentgate scandal in Hengjiu of Suzhou--Hengjiu was suspended on the eve before its coming into the market because of the serious false disclosure information of intellectual property. In view that intellectual property information disclosure for the listed companies has become the focus of attention from all walks of life. China has also launched a specific research on the theme of listed companies'intellectual property information disclosure system in order to beneficial promotion on some related theory and practice problems. This paper, aiming at realizing normative and enthusiasm on intellectual property information disclosure for the listed companies, fair and timely acquiring knowledge property information for the investors, strictly and orderly regulating related standard design for the supervision department, lucubrates from the following several aspects:The first part is the definition of the basic problem on intellectual property information disclosure for the listed companies. This part mainly presents the connotation and value characteristic of the intellectual property, specific contents, functions, basic principles of the listed companies'intellectual property information disclosure, among which the specific content of the intellectual property information disclosure are attached much importance.The second part is the analysis to the main legal problems on listed companies' intellectual property information disclosure. This part analyses the uncertainty of the intellectual property, value assessment of the intellectual property, coordination between the listed companies' intellectual property information disclosure and protection of the business secrets, the relevance between the intellectual property information disclosure and the listed companies'profits, which aims to clarify the main specific legal issues which exist in the practice of the listed companies'intellectual property information disclosure.The third part is the listed companies in the intellectual property information disclosure of the main problems existing in the study. In this part, by collecting typical cases on the listed companies' intellectual property information disclosure in our country, I conclude four representative problems existing in today's Chinese information disclosure of listed companies'intellectual property, namely, the listed companies'not enough voluntary disclosure information, lack of standardization, untrue value reaction, slow updated speed. And this part also involves the research to the cause of the four problems.The fourth part are some countermeasures for perfecting the information disclosure system of intellectual property in China. This part proposes the feasible solutions according to the extracted reasons of the followed problems, that is motivating listed companies'managers to disclose the intellectual property information voluntarily, issuing intellectual property information disclosure guidelines as soon as possible, duly verificating the listed companies'disclosed information of the intellectual property, enhancing the continued disclosure to the intellectual property information, promoting professional services organizations and the intellectual property qualities of disclosure manages, establishing united intellectual property information disclosure platform all over the country, which all serve for the beneficial references for the perfection of our country's intellectual property information disclosure system.