The Theoretical Basis For Listed Companies' Information Disclosure System

The information disclosure system is not only the cornerstone of securities market, but also the core of the securities legal system. It is the basic legal system for maintaining an open, fair and impartial security market. Based on the research of other scholars, this thesis attempts to demonstrate its theoretical foundation from ethnics, economics and jurisprudence.There are many different understandings of the information disclosure system. In the first part of this thesis, the new conception is advanced according to the writer's own understanding, which is the basis of subsequent demonstration.In some deep senses, deontology and utilitarianism reflect the ethical trend of market economy. Based on the deep analysis of deontology and utilitarianism, this thesis reckons deontology and utilitarianism are the ethics foundation of the information disclosure system.The information disclosure system is the result of economic development. This thesis illustrates that efficient market hypothesis theory; asymmetric information theory and game theory are the economics foundation. There exist three types of non-cooperative game in securities market: the non-cooperative game; among investors, the non-cooperative game between investors and managers, the non-cooperative game between managers and regulators. By analysis, this thesis reckons that the perfection of information disclosure system is beneficial to deal with above contradictions.As one of the most important law systems, the information disclosure system has deep jurisprudence foundation. It is the core aimof this system to keep good balance of right and duty relations of each side. This thesis illustrates the legal values theory foundation from order values, utility values and equality values.Today, in the information disclosure system there are many defects that need improving. According to above analysis and the experience of advanced countries, this thesis finally puts forward many measures to improve the information disclosure system.