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Compelling Information Disclosure In The Securities Market

Posted on:2007-01-03Degree:MasterType:Thesis
Country:ChinaCandidate:Y ChenFull Text:PDF
GTID:2166360212458018Subject:Economic Law
Abstract/Summary:PDF Full Text Request
Securities market's development is closely in conjunction with world economic development.The development of modern economy is deeply needs energy from financial market which has gone through three phases including the first one featuring that indirect financing play major role,the second one that indirect and direct financing play the same important role and the third one that direct financing play the most important role while indirect financing play the auxiliary role.On the other hand, securities market's development and maturity seriously influence to the soundness of direct financing.The key to securities market's healthy developing lies in information disclosure from securities issuer.The information disclosure enables investor to get understand on the business & financial soundness of issuer and thus to formulate the right investing decision.If issuers make misrepresentation,it will mislead investors thus improper allocation of social resource going to be happen as well, which will ultimately destroy the whole economic system;on the other hand,the misrepresentation can not be keep confidential forever, once it being seen through,the investors will loss interests who put money into the securities market during that period when the misrepresentation existed,and naturally this will seriously injure these investors and their enthusiasm and ultimately destroy the whole economic system.In a word, The security information disclosure is the lifeline of the securities market, while compelling information disclosure plays even more important role in this line.This article is divided into five parts.Part I gives a brief of the implication of information disclosure,the major fields disclosed and the law value effect of disclosure.Part I makes a conceptual foundation for the evolvement of this article.Part II study the conception of compelling information disclose and its theoretic foundation, partⅢ&Ⅳintroduce compelling information disclosure standards i.e."Materiality Standard"and"Stock Price Fluctuation Standard"and information classification which features with historical information and forwarding looking information and forecasting information, followed by PartⅤwhich summarize information disclosure system of China, and discuss the issues of currently existing in this area, analyze the root-cause and provide tentative solutions and ideas on solving the problem which base the study and understanding of the system.The article focuses on the basic theories and major institutions of compelling information disclosure in securities market.Additionally,by combining international and domestic practice,the article illustrates the value and necessity of compelling information disclosure,put efforts to analyze and figure out shortcomings and deficiency of which lines in the course of setting up our information disclosure system. conception and basic institution, provide solution and suggestion on solving problem and setting up an effective system in this area in China.Through the analysis and studies of this article, the author tries to understand deeply and grasps essentials of related theories in compelling information disclosure.
Keywords/Search Tags:Security Information Disclosure, Compelling information disclosure, Compelling Information disclosure system of China, Existing problem and suggestion on Law setting
PDF Full Text Request
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