Research On Forecasting Information Disclosure Of The Securities Market

Forecasting information is the information that indicates the future development and work achievement of the enterprises. Forecasting information is becoming more and more important in the securities market, because of it's inherent future-pointed attribute. A set of relatively intact forecasting information system has been established the in the countries with matured securities market. The forecasting information disclosure system of our countries will keep on perfecting along with the developing of the securities market, it is necessary for our country to establish a separate and intact forecasting information disclosure system in the security market.The article is divided into four chapters:Chapter1 summarized the forecasting information disclosure system of the securities market。First introduced the definition,characters and classification of the forecasting information disclosure system of the securities market. Next illustrated the reasons why the forecasting information disclosure system is established in the securities market.Chapter2 introduced the forecasting information disclosure system of the matured securities marker. First introduced the forecasting information disclosure system of America, mainly including the principle of disclosure the forecasting information voluntarily,"Safe Harbor","The Bespeaks Caution Doctrine" and "Duty to Update" four items. Second introduced the forecasting information disclosure systems of England,Canada,Singapore,Taiwan District and Hong Kong District of China.Chapter3 explained the legislation actuality of the forecasting information disclosure system of the securities marker of China. Second. In contrast with the countries with matured securities market, analyzed the shortages existing in the present forecasting information disclosure system of our countries. The author think the shortages of the forecasting information disclosure system of our countries are showing in the several following aspects: First, the securities law of our countries is lacking a clear definition of the forecasting information and a regulation of the principle of the forecasting information disclosure. Second, there is not a normative document that regulates the content and format of the forecasting information disclosure. Three, there is no civil responsibility burden system with respect to forecasting information in our county. Fourth, our countries are lacking the legislation of liability exemption that is similar to the "safe harbors" rules of America. Fifth, China Security Supervise Committee's strength of supervision and management is not enough, and the government structure of the listed company is not perfect.Chapter4 Aimed at the shortages of the forecasting information disclosure system of our countries, used the advanced system of the matured securities market for reference, in combination with the legislation actuality of our country. The author suggested first that we should define the forecasting information clearly and regulate the principle of the forecasting information disclosure. Second, the author gave some suggestions about establishing a normative document that regulate the content and format of the forecasting information. Third, the author think we should adopt fault-putative principle and build civil responsibility system of our country, and suggest that we should cancel the former procedure of securities civil litigation and induct American group lawsuit. Fourth, gave some assumption about how to design the forecasting information liability exemption system, including the scope of the persons who disclosure the forecasting information and the kinds of the forecasting information that can be free of liability. Fifth, the author adviced that we should improve the China Security Supervise Committee's strength of supervision and management, and perfect the government structure of the listed companies.