| According to Effective Capital Market Theory, the essence of the securities market efficiency is an issue of information, which means that the process of improving the securities market efficiency is, in fact, a process of strengthening of the symmetry of information. Compared with the securities market with semi-strong efficiency in western developed countries, the securities market in China has a weak efficiency. It is generally thought that many causes lead to inefficiency or low-efficiency of Chinese securities market, for instances, small scale, artificial segmentation of market, and inability of general investors to comprehend related information. A questionnaire survey has been carried out by Shanghai Securities Exchange, China Securities Newspaper, Shanghai Securities Newspaper, and Securities Times, which is on the "readability, understandability, reliability and usefulness" of the disclosed information of listed companies. On September 20, 2001, they published the survey result that investors are far from satisfying the disclosed information of listed companies and have considerable suspicion on the authenticity of their finical statements. Only 8.45% of individual investors fully trust the financial statements, while all institutional investors do not fully trust those statements. Therefore, some people claimed that many 'miracles' occurred in the capital market in the past decade were closely related to the serious asymmetry of information in Chinese capital market. Due to the vast vacuum of information transmission, Chinese capital market became 'stage of the power', and is characterized by the unique Chinese 'culture of major shareholders'.Therefore, based on the relevant researches of other people, the thesis employs the normative and institutional analysis and takes what theEffective Capital Market Theory describes that "the information disclosure, transmission, and feedback are very timely (real time) and accurate in the effective capital market" as the target model. Combined with conclusions of many empirical researches over recent years, the thesis investigates the actual information disclosure of listed companies in China and analyzes the causes that lead to those conclusions from various perspectives. Then, the author puts forward his viewpoints and suggestions.This paper consists of two parts: theory and empirical evidence.The part of theory (the first chapter) firstly describes the concept, characteristics, criterions, functions, modes and the importance of information disclosure principal. Secondly, the chapter explains the content of effective capital market and its four preconditions, and then analyzes the exiting constraints on these preconditions. Thirdly, on the basis of the above analyses, the chapter presents the internal relation between information disclosure system and the theory of effective capital market, namely, the theory of effective capital market provides the information disclosure system with the theory research platform. Moreover, the chapter rebates such a presentation that the theory of effective capital market denies the necessity of information disclosure system.. The end of the first chapter points out that the information disclosure system can not make all the information being "timely, effective, full" because of its inherent defaults. Therefore, we should make an objective judgment on the information disclosure system other than exaggerative or negative. The information disclosure system is necessary to the improvement of the efficiency of securities market and there is a positive relation between the efficiency of securities market and the perfecting degree of information disclosure system. However, the information disclosure system is not all-powerful, which cannot bring the securities market onto the state of strong form.The empirical evidence part (chapter two and three) follows the "raising problems-analyzing problems-solving problems" logic, analyzes the present information disclosure of listed companies from three aspects: effi... |
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