Ongoing Information Disclosure System: Based On The Perspective Of The Law And Economics

The process of issue is to separate the risk. While the information held by issuers and stock investors is asymmetry may lead to that the issuers and insiders cheat the stock investors by the information. Therefore the information disclosure system is the mainstay of the stock market. The information disclosure system contains the information disclosure system when the stock issued and the ongoing information disclosure system. Compared with the "stark" image of the company when it issued, the changing of the company after issued would be more important, so the ongoing information disclosure system is becoming the target of the world. Considering there are many provisions about the information disclosure requirement in the Corporate law, the Securities Law and the series of the rules and regulations by China Securities Regulatory, why the information disclosure system in China is still faulty? The dissertation tried to analyze the existing provision and the "should-be" context of the information disclosure to do some contribution. The paper consists of five chapters, about 59,000 characters.Chapter one is the fundament of the information disclosure system. This part includes the information theory of the economics and the fiduciary theory. In the information theory part, the paper discusses the two characteristics: the information imperfection and commonality. For the information in the stock market is incomplete, the searching cost raise, the investor will select in converse eventually. The commonality of the information becomes the reason that the government force the listed company supply the information. The fiduciary theory comes from the trust system, so the keystone of the part is the boundary of the fiduciary theory, the existing of the fiduciary relation in stock market and the influence of the fiduciary theory.In chapter two, the boundary of the ongoing stock information disclosure system. The ongoing information disclosure system is included in the information disclosure system, and comparative with the information disclosure requirement when the stock issued. The ongoing information system contains the periodic report and the temporary report. The part lays the boundary for the system through analyzing the information disclosure system, the information disclosure system when the stock issued and the reports.Chapter three is law and economics assessment of the provision about the ongoing information disclosure system. The part mainly analyzes the legal provision in existence based on the perspective of law and economics. The writer makes the analyzing model of the principle, the guarantee duty of the company's director, supervisor, senior mangers and the false statement, and then discusses the shortcoming of the provision.In Chapter four, law and economics assessment of the ongoing information disclosure system's context. The part mainly talks about the 'should-be' context of the ongoing information disclosure system. It starts from the legal provision. The writer believes 'Materiality' should be the core of the whole ongoing information disclosure system. The writer sums up some countries' provision about 'Materiality', and then discusses the context of the system by Stat. Analysis and questionnaire in the position of the listed company and the stock investor. In the aspect of the company, the writer chooses the administrative punishments in 2006 and 2007 that China Securities Regulatory made. In the investor aspect, through the questionnaire, the writer finds out the investor's relatively high demand for the information disclosure and limited understanding of the information context in fact.Chapter five is legislation Advice of the ongoing information disclosure system. Based on the outcome of the several front parts, the writer tables a proposal to perfect the system in the following ways: the context of the ongoing information disclosure system, the duty of the senior manager, the compensation duty of false statement and the investor's instruction.