On State-owned Enterprise Property Rights Information Disclosure System Of Our Country

Information Disclosure, also known as Information Release, refers to state-owned enterprises management or state property holder report to the state-owned enterprise supervisor the financial, managerial and other relevant information which could be released to the public to help the tentative investor make a reasonable judge in accordance with the law or agreements when assessing, auditing, pricing, transacting the state-owned property. It also involves the activities of releasing these information to the public by the property transaction organization.Information Disclosure is not only a key for the enterprise transaction system, but the main measure to implement market supervision as well. The other property transaction systems all center on it. With China's economy reformation deepening gradually, its system deficiencies are being attached more importance. In particular, during the process of the stated-owned enterprise reformation, the state-owned enterprises' unreal market price caused by the asymmetry of the information, elicits heated debate through the country whether the state-owned property is transferred illegally and it has caused serious loss of state assets. As a matter of fact, the state-owned enterprise has undergone the reformation for long, but the Information Disclosure System regulating its transaction was not established as a law until state-owned Enterprise Property Transferred Act was enacted in 2002. liven at present, China's Information Disclosure System still has some deficiencies, e.g. there is no established criteria for the publicized information contents; no uniform release channel; the potential investor can not access the effective information to help them make decision; the transaction is conducted unfairly due to inside transaction etc.. Besides, the current Information Disclosure System lacks operability in practice, which is embodied particularly in the uncertainty, inefficiency, and delay of the disclosed information. Without doubt, it will inevitably lead to the unfair trade, the unreal price controlled by the inside people and result in the damage of the state property. In view of it, it's urgent to explore how to solve these problems and set up an effective and efficient Information Disclosure System when transacting the state-owned property. It is the disadvantage of Information Closure System that leads to the information asymmetry in the property transaction. In other words, it's the system itself that caused these problems. However, what deserves our special attention is the intrinsic inefficiency the current Information Disclosure System has can not be overcome by the system alone. It means the idea that the market regulation alone could be enough to build a powerful effective Information Disclosure System is nothing but a fantasy. In this case, it is worth penetrating deep into its legal base and discuss the values of the Information Disclosure System. By referring to the experience of Information Disclosure System of capital market in foreign countries and the relevant regulations in Chinese stock market, some amendments are suggested in this article as follows: The Information Disclosure System is supposed to be supervised by the people with intention to collect the tentative investor by publicizing the information under the principle that it works at the investor's interest. Whether the price-sensible information is released is considered as the criteria to determine whether the price-related information is complete. Otherwise, the potential investor can not assess and evaluate the property properly. If condition permits, the information release channel, criteria, and format should be unifies when releasing the information of state-owned property. Innovative transaction ways should be adopted to connect the information disclosure and transaction organization. Finally, it's significant to strengthen the trade organizations that take charge of the information disclosure and implement effective supervision. Only by building a better transciction platform, can the regional capital market be developed and strengthened.