Improvement On The Accounting Information Disclosure Legal System Of The Listed Company

Accounting information is the most basic channel for the people tounderstand the listed company, an important basis on which informationusers do decision-making, and the most basic way is accounting informationdisclosure to master the accounting information. Therefore, theaccounting information disclosure system is directly relate to thequality of information disclosure and the information control ofinvestors, and even affect the interests of investors.Entrust responsibility theory, control theory and the philosophy ofinformation disclosure are the theoretical basis of Accountinginformation disclosure system of the Listed Company. They are agencyrelationship between investors and operators of the modern listedcompanies. Operators are required to fulfill in good faith agentobligations, make the necessary accounting information disclosure inaccordance with the investors; Because the accounting information has theproperties of public goods, monopoly capital markets, informationasymmetry, Control theory said the government should play an role in theaccounting information disclosed; Open concept which based on the openphilosophy makes the requirements inherent requirement of the necessityfor disclosure of accounting information of listed companies. Thecontradiction between the economic value of accounting information as aresource and involuntary disclose shows the importance of accountinginformation disclosure system. Because there are capacity differencesaccess to the information between the large investors and small investors,the existence of the Accounting information disclosure system of theListed Company appears to more important for the interests of smallinvestors.Information disclosure is incomplete, not in time, untrue and otherissues in accounting information disclosure of listed companies in China.The authenticity of the accounting information is complete a direct impacton the investment decisions is correct or not, and their effectiveness;Disclosure of accounting information affects investors aware of thesignificance of the information, thereby affecting investor decisionsaccurate; Not timely accounting information disclosure will also causethe lack of information validity, or even lose the practical value ofaccounting information for investment decisions, resulting ininfringement of the interests of small investors. The existence of theseproblems are because the accounting information disclosure system is notperfect, such as ambiguity and limits of the system requires unscientific concept is not clear about the specific behavior of the requirement isunreasonable; liability provisions direct the absence of certainliability provisions imperfect, the absence of relief measures, theabsence of specific methods of operation. To improve the accountinginformation disclosure system of listed companies in China,firstly,clear the standards and define the boundaries to make law morescientific and more operational; Secondly strengthen the strict liabilitysystem, so that the responsibility can be really undertaken and theinterests of the victim can be a relief. Finally, to strengthen thebuilding of the system, making China’s listed companies accountinginformation disclosure system to form a complete system, making it moreoperational, more effectiveness, thus achieving a truly safeguard of theinterests for the small investors.