Study On Information Disclosure System Of Securities Regulation In China

With the fast developing of our national economy and the improving of system of market economy, capital market has the great development. Security market face the good condition after experienced long-time low tide. The jurist always pay attentions that how to rule the security market of our country, make the security market into legal track and establish the system of security law with Chinese characteristics. In the system of security law, information disclosure is the most important and fundamental law system. It is also the corner-stone for foundation and healthy development of security market for the present. Information disclosure can be divided into two categories. The first is mandatory disclosure ,that is securities regulators demand the listed companies to disclose their related information. The second is voluntary information disclosure, that means the listed companies disclose their related information voluntarily. This paper studies the former mainly.Our country does some research in information disclosure system, but most of research concentrate on some specific system, empty of systematization. Basing on them, my article wants to do some general research for information disclosure system of security market.My article consists of introduction, text and conclusion. Introduction briefly introduce the writing background, purpose, meaning and research methods. The text has five parts. The first part is the brief description of information disclosure system. This part introduce security and securities market, the history of securities information disclosure and the meaning content, principle of securities information disclosure system and securities information disclosure system's central position in securities law. The second part describe the theoretical foundation of securities information disclosure system. It mainly introduce the theories of economics foundation and law foundation. The economics foundation of securities information disclosure system have "Random walk theory", "Reverse Choice Theory" and "Effective capital market hypothesis". The law foundation are equitable mind and principle of integrity and credit. The third part introduce civil liability of information disclosure. We make the civil liability alone, because the rule of criminal liability and administrative liability of securities information disclosure system are more sufficient and perfect, nevertheless the rule for civil liability is relative rough. It doesn't have ability to operate. As total meaningful and feasible information, public civil responsibility have not really built yet. This context analyses the definition characters of information disclosure, the elements and lawsuit's time-limitation of information disclosure's civil liability, and so on. The forth part analyses the law condition of the legal system of extraterritorial securities information disclosure. It introduces the information disclosure of several countries like America, England and Japan because their securities market are more mature. The fifth part analyses the status of Chinese securities information disclosure from current legislation, the status of Chinese securities market and civil litigation claims status and puts forward own suggests about how to consummate our information disclosure. The End part points out this research have promoting function to our information disclosure system.This passage takes apart deeply from the angle of instance analysis and comparative analysis. So it indicates the problems and scarcities of the information disclosure system in our securities market and puts forward the feasible and concrete program that is needed to develop and consummate. This paper uses the method of the historical analysis, comparative analysis and instance analysis. It takes apart deeply and comprehensively the object we research, thus it achieves one homologous depth at the theoretical level or practical level.