Research On System Of Information Disclosure Of Security Market In China

The system of information disclosure is the basis of the stock markets, also is the basis of the "tree fair" principles and the safe guard to protect the investors' benefit. Therefore, most countries and regions pay much attention to the system of information disclosure and focus on the establishment and implementation of the system of information disclosure.Chinese stock market has made great achievement in the system of information disclosure, and primarily establishes the system of information disclosure. However, it is not perfect and the actual situation is not satisfying. And sometimes the information will mislead the investors. Especially in recent years , some typical cases in the stock market show that the anamorphic disclosure of information becomes much serious. It harms the confidence of the investors and blocks the stock market to develop healthily. And that how to make the system of information disclosure standard has becomes a hot issue.This essay analyzes the system of information disclosure based on the economics theories ,studies the moral risk and adverse Selection of Chinese stock market under the circumstances of Asymmetric Information, and try to find our the reasons that why the efficiency of inspection is lower from the view of point that the lack of reputation of listed companies. And point out it is the moral risk and adverse selection that cause the low efficiency of the stock market. and it not good for allocation of resource and it is hard to establish the public honor of the stock market. This is the key reason for that the system of information disclosure is distempered and the inspection efficiency is low. Besides this essay use some methods of Game theory and information Economics to study the listed companies in China, and use...