Securities Market Regulation, Research And Information Disclosure System

The past decade or so has witnessed the conspicuous progress in China's securities market development and a lot of breakthrough in renovations of securities market regulation. Several difficulties, however, still exist in the regulation. In this dissertation, I attempt to analyze the information disclosure, which lies at the heart of the securities market regulation, from an economic point of view. In the meantime, I make a comparison between the information disclosure regulation at home and abroad. Such a comparison enables me to identify the key issues that need to be addressed in China's securities market and to propose some relevant solutions.The dissertation is outlined as follows:The first chapter deals with an introduction to general theory of regulation. Free market development tends to cause inefficiency and unfairness sometimes. Well-designed government regulation can rectify market failure and achieve efficiency and fairness. The general theory of regulation acts as an analytical framework for securities market regulation. An economic analysis brings me to the conclusion that information disclosure is at the core of securities market regulation. I believe that information disclosure regulation is needed after a comparison is made between volunteer information disclosure by public companies and compulsory information disclosure by regulators.The second chapter covers a comprehensive introduction to information disclosure and its regulatory practices at mature markets overseas. The topics include regulatory regime, regulatory jurisdiction, information disclosure and its regulation in IPO, continuous information disclosure (regular report and interim report) and its regulation, legal implications in violation of information disclosure regulation and law enforcement by regulatory bodies. China can learn a lot from mature markets in those aspects.The third chapter explains the institutional framework of information disclosure in China, the current status of securities market regulation and the problems existing in information disclosure in China. An in-depth analysis is made on the factors that lead to those problems, such as institutional deficiency and functional mismatch in intermediaries.The last chapter proposes some solutions to the problems identified in the previous chapter, including institutional improvement and regulatory regime reform.