On Information Disclosure " Major Character " Standard

Information disclosure system is the cornerstone of the Securities Act, which maintains an orderly securities market Fanrong conduct, which requires disclosure of information is important standards issues, and also about the accountability of the disclosure obligations of people, so that a major criterion is the information disclosure systemthe core, how to solve the appropriate disclosure is a problem.The major criteria of selection present in the theory and practice of all countries there are mainly two, namely the "Investor decision-making" standard and "Share Price" standard.Mainly in the absorption of China's legislation on the basis of American experience to the dual mode system is mainly reflected in the stage of the securities issued by "investor decision-making" standard, the Securities and Exchange stage a "stock price impact" standard, and the event is not provideda list is provided for, in general this requirement is now in line with China's national conditions.But as China's capital markets mature, uniform distribution and trading system is established would be the ultimate trend.Therefore, in the current transitional period in China, how do the material standard of choice is a urgent need to address the issue.Based on the material standard of theoretical research, in comparison the United States, on behalf of the European Union and other countries on this system requires that our material standard of legislative shortcomings, and finally proposed system improvement recommendations.