China's Securities Investment Fund Information Disclosure System

The current information disclosure legal system of the security investment fund basically reflects the characteristics of the operation and disclosure of the fund in accordance with the law, it has played a due role in standardizing the security-investment fund information disclosure and protecting the fund investors' interests. Otherwise, the information disclosure legal system of the security investment fund is still defective, such as, the standard of information disclosure is ambiguous; fund information disclosure is not timely, and initiative is not enough; technicality is excessively outstanding, choosing the lighter task to a few vital problems; the security-investment fund's scale information disclosure is insufficiency; the security-investment fund risk information is unreasonable; etc.Aiming at the series of problem mentioned above, this paper is commenced from that security-investment fund is as a kind of peculiar security. It emphasizes the particularity with the information disclosure legal system of the security investment fund and takes information disclosure legal system of the security investment fund as basis. Its system and characteristic have been completely studied and analyzed. The whole research includes four parts:The first part introduces the rationale with the information disclosure legal system of the security investment fund. It analyzes economics theory and the legal principle. The economics theory is mainly analyzed from the relation between information and market, information and subject. It presents the Invalid Efficient Markets Hypothesis and The Information Asymmetry which are the economics basis of the information disclosure legal system of the security investment fund. It also reveals the jurisprudence meaning in information disclosure which can ensure the government's valid supervision and investor's rights and interests.The second part introduces the system and characteristic of the information disclosure legal system of the security investment fund. First of all, consulting the information disclosure legal system of the security investment fund in other country, analyzes our system includes four aspects that takes the law of fund investment in securities, the Regulations of security-investment fund information disclosure, etc, as the core. Secondly, discussing the characteristic of the information disclosure legal system of the security investment fund which includes legal compulsory, diversity and complexity, and so on. This part indicates the particularity of the information disclosure legal system of the security investment fund, which is the premise of this paper.The third part makes a summary of the present situation and problems of the information disclosure legal system of the security investment fund in our country. It indicates that the information disclosure systems of investment funds is developing and improving in our country, and the improvement in some of these systems play an important role in the information disclosure. In addition, it analyzes the problems of information disclosure during the development of the funds market, and points out that the criterion of information disclosure is ambiguous, information disclosure is not in time, disclosure of funds size is inadequate, disclosure of funds risk is unreasonable and disclosure of funds associated trade is not all-sided.The fourth part offers proposals for perfecting the information disclosure legal system of the security investment fund in our country. It is the vital part of this paper and advances suggestion on information disclosure in two aspects. Firstly, to perfecting information disclosure, significance criterion of information should be unambiguous, information disclosure should be in time, disclosure of funds size should be in a criterion, disclosure of funds risk should be enhanced and disclosure measures of associated trade information should be taken. Second, to ensure the operation of the information disclosure systems, supervision of information disclosure should be perfected, investigation mechanism on civil responsibility of information disclosure should be perfected, the internal construction of fund company should be enhanced and perfected beside and outside the system.In research methods, the comparatively analytical method, the theoretical analysis method and interpretive method have been mainly used. It compares the information disclosure legal system of the security investment fund at aboard and analyzes the problems of it in our country. This paper states the theory basis of the information disclosure legal system of the security investment fund by economics. It involves Efficient Markets Hypothesis, The Information Asymmetry, Investor's Benefits Protection and the Effective Supervision Theory. These theories are the basis of analyzing. This paper makes an interpretation on the current law, including the literal interpretation, teleological interpretation, historical interpretation and system interpretation, etc. In addition, the methods used in this paper are empirical analysis and historical analysis.