The Defect And Perfect Of The Information Disclosure System About Listed Company In China

The information disclosure system is an important system of the securities law. From thebeginning of the United States to today，during less than a century of the time,It has become the main way to the investors to understand the listed company, thenegotiable securities supervising and managing organizations to manage them. Our countrysecurities market from set up to today has almost thirty histories, the Information disclosuresystem experience from scratch, no perfect to relative perfect process. It has becomemaintaining the healthy development of the stock market effective system. But, it does notignore that there are still many imperfections to the information disclosure system in ourcountry. It is also leading to violations of the investors interests and destroys the order of thesecurities market of events. In order to further the development of China’s securities market, itis the urgent task to improve our country’s information disclosure system.This paper based on some problems existing in the information disclosure system in ourcountry, in order to put forward some reasonable suggestion for improvement.Part one, introducing typical cases, Wu Liang ye Co.Ltd violations of the informationdiscourse system. By generalizing existing problems in the stock market, the paper’s purposereveals these problems arise of the reasons of the system, finally improvs the system.Part two, the information disclosure legal regime outline primary coverage. From themeaning of information disclosure system, this paper introduces the theoretical foundation ofthe information disclosure system. Finally, expounding the information disclosure systemsignificance.Part three; first, this paper discusses the present situation of our country’s informationdisclosure: information disclosure is inaccuracies, composition, not in time, not standard.Second, focuses on our information disclosure system problems: the regulators authority isnot reasonable, the information disclosure standards and rules too rough, lacking the specificfeasibility and effectiveness; Lacking of the civil liability of the aspects of the specificprovisions to illegal behavior in our country; Company internal management lacks of effective checks and balances mechanism, making a few people freely to control the company,which can hide with the company.Part four, in view of China’s information disclosure system existing the problems,consummation certain corresponding improvements. First, giving the stock exchange morepower so that the position of a line supervision should be played. Second, perfecting theinformation disclosure of time and program, for temporary information disclosure system,improving of timeliness and importance of the standard,as well as the distribution ofpredictability information, making the information disclosure law system more feasible andeffective. Third, securities regulatory commission establishes hosted return program, to altercomplex civil litigation procedure to solve the existing problem of the lack of civilcompensation. Fourth, perfecting the system of independent directors, strengthen thecompany’s internal management.