The Analysis Of China's Stock Market Information Disclosure

Information disclosure system is the core of securities law system. From the point of view, information disclosure is the Government to force listed companies disclosure their information, and also is the primary means of government intervention. From an investor point of view, true, accurate and complete information is to establish the basis for the confidence of investors in securities markets, but also is the premise of investors to make investment decisions. From the perspective of listed companies, transparent and standardized information disclosure can establish a good image of the company, has won the favor of investors, thereby reducing the cost of raising funds to promote the development of the company. At the same time, strict information disclosure system can promote the company to establish and improve internal governance structure, improve corporate quality.Throughout the decades of stock market history, information disclosure of listed companies of repeated violations seriously affected the healthy development of market. In this paper, several typical cases of stock market in recent years, elaborates the information disclosure of listed companies in China illegal behavior patterns, analysis of information disclosure of the underlying causes of repeated cases, on the basis of perfect information disclosure system to make some recommendations.Besides the introduction and conclusion, the article is divided into four parts. The first part is through several typical cases of the stock market in recent years, reveal the existence of information disclosure is not timely, true, injustice and lack of awareness of regulatory bodies, and analysis them from the legal point of view.The second part analysis the reasons for them mainly from conflicts of interest, regulatory mechanisms and governance structure of listed companies in the three aspects through the phenomenon of information disclosure repeated violations in practice.Of the main provisions of existing laws and regulations is information disclosure and information disclosure liability of a listed company and its executives, then the legal liability system is the key to information disclosure. The third part points out and analyzes the existing information disclosure legal liability system deficiencies mainly from civil liability, criminal liability and the administrative interface between law enforcement and criminal justice. The fourth part is how to improve the information disclosure system. Based on previous research, this section from the securities market regulatory system, Regulatory information sources, legal responsibilities and governance structure of listed companies in four aspects of information disclosure system put forward a sound proposal. First of all, improve the self-regulatory mechanism, building multi-level regulatory system. Second, regulators should open up a rich source of information channels to ensure efficient and timely regulation. Then, increase the cost of violations of law, improve the legal liability system, to curb the wrongful act occurred. Finally, listed companies should focus on strengthening shareholder rights and supervision, build effective internal checks and balances mechanism.