Study On Legal Obligation Of Information Disclosure About Listed Companies

The information disclosure system of listed companies is one of the most important systems to contron and manage listed companies. Full,timely and effective disclosure can prevent the fraud and the unfair phenomenon in the securities market, and promote the confidence of the investor. Thus information disclosure sysytem is emphasis of the government supervisor and as an important legal sysytem it can also ensure the security of the securities transaction, protect the legal benefit of the investor and orders in the securities market. Furthermore, whether the information disclosure is perfect is the primary symbol of the mature securities market. There have been only about 20 years since our stock market was founded.According to the reseach in theory ,it is still in the stage of the weak-effect.Now the problem of information disclosure has aroused general concern and thought of the vast investors and the securities supervisor of government. In order to develop our stock market and strengthen its' effectiveness,to solve the problem of information disclosure of listed companies has already become an urgent affairs.On the basis of protecting investor's legal benefits, the thesis analyses and discusses legal obligation of information disclosure about listed companies. At first, this thesis deals with characters, system development ,value and function of legal obligation of information disclosure ;Secondly,from authenticity,integrity,accuracy, timeliness and convenience,this thesis emphatically discusses requirements of legal obligation of information disclosure.Thirdly,this thesis comparatively analyses content of legal obligation of information disclosure between American and China , and piont out our shortcomings.After that this thesis discusses civil liability of listed companies from character,defendant and constitutive requirements,when they violate legal obligation of information disclosure;Finally this thesis suggests several legislative opinions for improvement of legal obligation of information disclosure about listed companies.