Research On Securities Information Disclosure Mechanism

With the application of computer technology and the popularity ofelectronic internet technology, the securities trading with internetnature which is based on the computer technology has become thesubject of the securities market. And China’s securities market hascompletely become “paperless” just in recent20years.The China’s capital market is developing rapidly, theinformatization and paperlessness has made a boundless convenientto the holders of securities. But the inborn character which is easy tobeen tampered of the dematerialized securities information reduce thecost of the false information published by the information publisherand increase the difficulty of the holder of securities judging theeffective securities information. In addition, the Internet’s rapidity,invisibility and the security problems of itself will increase thesystematic risk and the unsystematic risk of the securities marketinsensibly, and in the meanwhile they will increase the difficulty ofsecurities regulatory institution’s supervision and harm the holder ofsecurities’ legal interests.This paper regards the securities information disclosure as theobject of studying, trying exploring the problem from the view ofperfecting the legal system of securities information disclosure’sstructure. This paper divides into four parts besides the preface andepilogue. The first part explores the basic theoretical problems ofdematerialized securities in information era, expounding the dematerialized securities from the connotation, the emergence anddevelopment and the basic legal characteristics etc. about thedematerialized securities. Part two is the detailed introductions aboutthe current situation of the information disclosure in our country,including the diversified disclose information’s subject of duty and itsobligation of the security market, the easier emerging problems etc.in the process of the disclose information in our country at present.The third part summaries America’s practical experience and legalsystem about the securities information disclosure on the basis ofaccurate describe, and thinks the practical experience of America’sinformation disclosure as the main focus, and lists America’spractical measures on perfecting the legal system of securitiesinformation disclosure. In the last part, the author comes up with thesuggestion that the legal system of securities information disclosureis badly in need of perfecting and processing from the aspect oflegislation system, bettering the law enforcement and the regulationsof the relevant subjects in the securities market under the vision ofprotecting the holder of securities under the background ofinformation era according to the preceding part of the paper.Besides, we should be aware that perfecting the legal system ofsecurities information disclosure and protecting the holder of thedematerialized securities’ rights are a system engineering, it shouldbe perfected from all kinds of aspects’ hard work like the legislation,the law’s enforcement, the supervision and so on rather than relying on the law and the system itself merely. In addition, this paper will dohas theoretical significance and practical significance to perfect andprocess the protection of the holder of securities and the legal systemof securities information disclosure in the information era.