Listed Companies Continued To Information Disclosure System

Disclosure is an important mechanism of maintaining the credibility and efficiency of securities market , the cornerstone of Securities law .The system of sustained disclosure is the lawmaking performance of disclosure principle in the link of securities circulation . It can reinforce the public supervision in business of the listed company , strengthen the clarification of the listed company , support the investors confidence ,and also promote the fairness in investment .However ,How to letter understand and perfect this system is a problem worth our thorough investigation.This thesis is divided into five parts. The first part is the introduction , which elucidates the necessity of writing the thesis. In the second part , the author describes the theoretical fund of the system of sustained disclosure . China's securities market is a market of week validity , which requires the government's proper regulation and demands the system of mandatory disclosure. This part is divided into two sections . The first section introduces the theoretical fund of the mandatory disclosure system , and then from the positive and negative sides , elucidates the necessity of putting mandatory disclosure into practice . In the second part , the theory of presumption is effective capital market divides the market into three types : weak valid market, semi-strong valid market and strong valid market. By describing the three types of valid capital market and its meaning with regard to disclosure , the author points out the significance of putting the disclosure system into practice . In the first and second sections of the third part, the auto depicts the six principles of credibility , integrity , accuracy , punctuality ,easy comprehension easy obtainment and the concrete contents of this system , of which there is a comparison with the related provisions drawn abroad , In the third section , based on the lesson system from abroad , some suggestions are offered on the perfection of the present disclosure system : 'a. shortening the time of putting forward the periodical report;b. Clearly stipulating the confirmation duty of the listed companyc. Completing the system of writing temporary reports when important affairs happen . In the forth part , the author illustrates some problems concerning disclosure in China's securities market , such as inaccuracy , incompleteness recklessness and delay , in disclosure.Aiming at these problems , the second section focuses on the necessity of establishing the regulation on legal civil liability for dishonest statements .In the third section , there is a study on how to perfect the sustained disclosure system . from the aspects of the principles of determining the liability the scope of the civil legal persons and the allotment of the indemnity duty and definition . More over , the author tries to re-consider the legislation concerned hoping to draw nearer to the basic target of simplifying the necessary judicial process of the hanned people who want to get the compensations.