Study Of Stock Market Information Disclosure Liability

Information disclosure in security markets is a kind of core system adopted by official governments to regulate and manage security markets. Adequate, timely and effective information disclosure can prevent the fraud, unfair phenomena in security markets, strengthen the confidence of investors and protect their interests.In the first chapter, the author gives an overview of information disclosure system in security market, discussing its definition, characteristics and requirements, introducing its theoretical basis, origins and functions.In the second chapter, the author gives a comparison of information disclosure system between China and America, the most developed country in security markets. First of all, the author introduces the formative process and establishment of information disclosure systems in China and America; secondly, the author discusses the performances of regulatory philosophy of information disclosure at different stages in America, and its external changes, putting forward that the idea of protecting investors is the core value of information disclosure system. And then, the author compares information disclosure integrated systems between China and America, including management system, the initial disclosure of information, continuous disclosure of information and the methods of information disclosure, exploring their differences and gaps, and puts forward the measures that China should take to learn from America and improve itself.In the third chapter, the author introduces the legal liability systems of information disclosure. The criminal, administrative and civil liabilities are discussed respectively according to the nature of law violated by perpetrators of misrepresentation. It is put forward that the legal liability systems of information disclosure should stick to division of labor and interdependence; however, the civil liability system should play a major role.In the fourth chapter, the author analyses illegal information disclosure and the establishment of civil liability of misrepresentation, including the definition, nature and constitution of cause and effect of civil liability. On this basis, the author puts forward the thoughts and suggestions about improving the civil liability system.The thesis makes a study of information disclosure and legal liability by comparing their differences between China and America. It aims to assimilate and learn from the experiences and lessons of developed countries selectively and make a good and fast development of the construction of security markets and legal systems in China.