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Question Research Of Listed Company Information Disclosure System

Posted on:2013-12-21Degree:MasterType:Thesis
Country:ChinaCandidate:Y H WangFull Text:PDF
GTID:2246330374479877Subject:Civil and Commercial Law
Abstract/Summary:PDF Full Text Request
A series of laws codes have come into effect over the past years to regularize information disclosure of state-owned listed enterprises. But, in the execution of the laws and codes, they are not effectively implemented. Regulation execution varies much in different situations. Sometimes, false information disclosure is severely punished while in some cases, it escapes investigation and punishment.The existing research explains the above mentioned problem in two ways,one is that the laws and codes are incomplete and there is no strict regulation on malfeasance or there are incomplete and there is no strict regulation on malfeasance or there are no regulation to punish it at all. The other one is that due to the high cost of regulation and inadequate regulation power, the regulation is not fully executed.However, inadequate laws will only lead to non-punishment for the malfeasance because there are no related regulations at all.It doesn’t necessarily mean no any punishment for the clearly described malfeasance in the laws and codes.And inadequate laws cannot explain over-regulation either.The limitation of regulation cost means that not all the malfeasance could be identified,investigated and punished.It is random for the punishment, but not intended selection of the regulation authorities.There are two contradictive objectives of Chinese security market since the found of it.That is,one objective is to cultivate orderly and effective market based on fair and open transaction.The other objective is to finance in the security market for the state-owned-enterprises to ease their difficulties. Chinese security laws come from developed market economy and the healthy development-oriented idea strictly limit the state-owned-enterprises to ease their difficulties through financing in the security market so as to keep the stableness of the society as the reform goes on in China.Chinese security regulation authorities cannot execute strictly based on the reality of China. On the contrary, the authorities can only select between the two objectives judging different political, social and economic situations.To initially and purposely select regulation objects and intensity in order to realize maximum society welfare is selective regulation.As the reform goes on in China, the state-owned-enterprises have got rid of finance difficulties and the external environment for the effective operation of security market has improved greatly. Under new circumstances, the security regulation authorities do not need to set the most important objective of financing in the stock market any more.
Keywords/Search Tags:Listed Company, Information Disclosure, The Security Market
PDF Full Text Request
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