Securities Market Information Disclosure System

Information disclosure system is the core and the cornerstone of the Securities Act, is also a basic system to realize open, fair and justice of the securities market. Information disclosure system has a very important significance in enhancing market transparency, protecting investors, preventing excessive speculation, preventing insider trading, preventing other illegal activities and promoting the healthy development of securities market. By contrast with securities issuance market, stock market is more vulnerable to excessive speculation and inappropriate behavior and is worth more studying. The information disclosure of stock market includes the information disclosure of listed companies and that of stock exchange. At present, the domestic study about information disclosure system mainly focuses on the information disclosure of listed companies. The information disclosure of stock exchange is usually regarded as the basic trading service functions or trading rules of the stock exchange. Chinese scholars paid little attention to the information disclosure of stock exchange. And they mention it only when they study the relationship between market transparency and market quality. In fact, the information disclosure of stock exchange and that of listed companies are equally important to the investors, especially in the way of preventing inappropriate market behavior and protecting the interests of small and medium investors. To study the information disclosure of listed companies and that of stock exchange as a whole is very helpful for preventing excessive speculation and other illegal activities, protecting the interests of investors and promoting the healthy development of securities market.In the thesis, a combination of empirical analysis and normative analysis is the research methods. The main line of the thesis is information asymmetry and its writing objective is to promote a fair securities market, safeguard market order and improve market efficiency.The thesis includes three parts:the introduction, body and conclusion. In the introduction, it mainly introduces the background and significance of the topics of the thesis. And it defines the object and scope of study and related concepts. In addition, it demonstrates the research at home and abroad. Then it introduces the innovations of the thesis.The body of the thesis is composed of three chapters:Chapter One sets out the flaws of information disclosure system of stock exchange in our country in the way of empirical analysis. SEC Information Disclosure is not paid enough attention and it doesn't play its full role. The problems of lower market transparency and information asymmetry between investors have not been well solved, which result in endless excessive speculations and irregularities. So the interests of investors, especially small and medium investors, are not adequately protected. And the thesis assumes the path to solve the problem, which leads the argument of the thesis. And it use above opinions as clues to analyze the existing defects in the information disclosure system in our country from the normative point of view with according to the relevant provisions of the Securities Act. In order to support this argument, it examines the practical effect of the existing information disclosure system in securities market of China from the aspects of market efficiency, its goals and actual performance and its status and role in the securities law. In addition, it analyses the main causes leading to the above problems and it demonstrates that the most important cause is that the theoretical foundation of information disclosure of securities exchanging, which is efficient markets hypothesis, has its own shortcomings.Chapter Two starts with the role of revealing of the SEC Information Disclosure. And it discusses the necessity of securities transaction information disclosure from the aspects of promoting a fair market, maintaining market order, improving market efficiency and reducing the information asymmetry between the investors. This chapter paves the way for conceptualizing to construct dualistic-structure information disclosure system.Chapter Three conceptualizes to construct dualistic-structure regulatory system, which attaches equal importance to the information disclosure of listed companies and that of stock exchange, in order to improve the information disclosure system in China's securities market. And it also analyses the scope and manner, the duty subject and legal liability of the information disclosure in securities transaction. At last, it gives some proposals against the status quo of the current market irregularities and investor protection.The conclusion concludes the whole thesis by summarizing the article's points of view briefly.