The Study On Information Disclose Of Chinese Capital Market

Securities market of China has made a great progress for ten years with the developing of reformation and opening. But we have to learn that there are many need-solved problems in the market. So how to develop and precept further our securities market is the most important task of financial system.Disclosure, transmission and utilization are three main steps through which securities information can be finally reflected on securities prices from its original source. Due to information asymmetry and different kinds of irrational and opportunistic behaviors in the process of information transmission, it happens frequently that securities information cannot be reflected efficiently on securities prices. This leads to securities market inefficiency.Owing to institutional, cultural, social and policy-triggered factors and the resulting opportunistic motives of organizations and individuals, there are abundant behaviors breaking laws and violating discipline, such as misrepresentation, earnings management, purchased auditing, fraudulent auditing, false information transmission, insider trading and etc, in the process of information transmission in China's securities market. As the result, market efficiency is undermined, both interests and confidence of investors are impaired.It's imperative to strengthen information regulation in China's securities market. Although much has been done in the area of information regulation, it is still far from enough. We try our best to solve those problems.