On Factors That Affect The Information Disclosure System Implemented

Confronting the various problems in security market of China, what roles has the security information disclosure system, so called "the cornerstone of security market and the key to the supervision of disclosure system", played .Certainly, the realization of any regulations or sysftems is a process of coutinued improvement and enrichment.The security information disclosure system is not an exception , and it is also the process along with the changes of practices.So the realization of disclosure system is not only a legal issue and also a practical one related to the increasingly complicated realityThe article analyses the relevent factors which could lead to the losing efficiency or partly losing efficiency of the discloure system in 6 aspects, with about 48.000 words in all.It proceeds as followsPart I .Objectivity of the existence of defective informations restricts the function of the system and is a incurable flaw by itself.Part II .The constructive deformation of corporate governance is a promontional factor to the losing efficiency of the system.Part III .The excessive speculations in security market are resistent force to the realization of the system.Part IV .Disclosure of inside information in private is the systerm's incurable scar.Part V. The deficiency of trust environment deprives the system of favorable social atmosphere and the bound of trust.Part VI. The defect of law and supervision makes the realization of discloure system be without basic and forcelful restrain mechnism.In the final section,the article outlines three pieces of advice on how to make perfect the system: Improves the construction of corporate governance;Enforces the construction of trust service system;Makes accountant industry be independent and reinforces auditing system.