On The Perfection Of System Of Information Disclosure Of Listed Companies

The information disclosure is main way for the investors to learn about the listed company, also for the supervisor of security. But it is the legal obligation. According to the law, the listed companies should disclose the important information of selves in trueness, accurateness and quickness, so that the investors could decide whether or not to invest and the own interests of listed companies could be protected. The information disclosure system, also be called information publication system, means the total of standards and rules that are established when the parties of the securites market submit the information related with securities to the public and supervisor of the securities market in special meaning during issuing the securities, being listed and trading. The information disclosure system is the core system of the securities market, and the main system to protect the interest of investors. In the past ten years of the securities market developing in our country, it has been turning into standardization and legislation. Meanwhile, the information disclosure system has also been set up entirely. But there are still many illegal operation when the listed companies disclose the information, such as publishing the fake information, concealing the true information, abusing the information, controlling the market, deceiving the investors, transferring the risks which disturb the securities market badly. As the foundation of securities market developing in goodness, the information disclosure system has to be deprived of the above problem. If not, the development of securities market would meet with obstacle. In this article, those problems in information disclosure of the listed companies are analyzed, and the proposals to perfect the information disclosure system are present at the basis of the study on the primary theory of information disclosure system. In the first chapter of this article, the primary theory of information disclosure system is introduced. The theory consists of the conception of information disclosure, the origin and development of the information disclosure system and its jurisprudential basis and role. These are the elements to study the information disclosure system. In the second chapter, the establishment, development and present of information disclosure system in our country is concerned. In the third chapter, the problems in the present information disclosure system of our country and their harms are analyzed. Based on the analysis, the reasons of those problems and the faults of the system are found out. And the proposal to perfect the system is ready. In the last chapter, the proposals and Countermeasures have been contributed: the further shift of the government function, the more quick accomplishment of law and rules, completeness of the supervision by law; putting the idea to disclose the information with good qualify into minds, promoting the reality, accurateness, integrality, validity and equity of the information disclosed by the listed companies, improving the supervision; referring to the advanced experience oversea, bettering the ways of information disclosure, making the voluntary disclosure as the supplement of compulsive disclosure, setting up the digital system of information disclosure of listed companies; enhancing the external obligation to the information disclosure of listed companies, building a social atmosphere of honesty and faith, increasing the quality of information disclosure.