Research On Forward-Looking Information Disclosure By Listed Companies

Forward-looking information is the forecast or prediction about the trends or performance or important situations of listed companies in the future. In modern securities market forward-looking information is part of securities information which is disclosed to public by listed companies. It provides investors with a special perspective to view a listed company from the managers'standpoint and helps them valuate the company and then make a decision to buy or to sell any stock. Because forward-looking information is a kind of forecast which just tells the probability of future other than any specific description of fact, uncertainty is its source trait for which it may either come true or not. Although forward-looking information is important for investors to make investing decision by knowing a listed company more clearly, the uncertainty adds risks to the securities market. The purpose of this paper is to make some amending suggestion of forward-looking information system in our country through the studying of system of civil liability and legal exemption of forward-looking information.The full text consists of three main parts: the preamble, the main body and the conclusion. The preamble briefly describes the research background, the meaning of the study, the thought and the main creative points of the paper. The main body is divided into five chapters:The first chapter briefly outlines forward-looking information by discussing the meaning, the content, the term, the classification and the character of the forward-looking information. The second chapter of this paper describes the basic theory of the system of forward-looking information disclosure, including theoretical basis, the historical process and the supervisory dilemma of the system.The third chapter of this paper is to discuss the system of civil liability of false statement to forward-looking information. To define the false statement of forward-looking information is the premise to decide civil liability. It analyzes the standards of false statement and the factors of civil liability.The forth chapter of this paper is to discuss the system of legal exemptions from liability of fraud. The rules of Safor Harbor is the main exemptions for listed companies to disclose forward-looking information. This chapter mainly discusses the three safe harbors in America.The fifth chapter reviews the flaws of forward-looking information disclosure system in China and tries to seek their reasons, and then proposes some countermeasures from some aspects such as the basic rules, the civil liability and the exemptions of forward-looking information disclosure.The conclusion part makes a brief summary of this paper.