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A Comparative Study System Of Information Disclosure Of Listed Companies Of China And The United States

Posted on:2013-06-05Degree:MasterType:Thesis
Country:ChinaCandidate:X LingFull Text:PDF
GTID:2246330395950119Subject:Law
Abstract/Summary:PDF Full Text Request
Information disclosure system regulates how the listed companies disclosing their own status, including the financial and operational situations, internal management, future planning and so on to the securities regulators and public investors. The information disclosure system of a country can directly influence the listed companies’development and image, the investors’ability to make rational and correct investment decisions, even the health and order of a nation’s stock market.The legal system of the information disclosure of listed companies was first built in the UK. But the legal system was well-established in the United States. In this paper, the writer firstly described the basic theory of the information disclosure system of listed companies, such as the definition and basic principles in detail. Secondly, through the overview of the historical changes of the U.S. listed companies’ information disclosure system, the writer summed up the system’s different characteristics in different historical background. Then, through analyzing a case which the Chinese company listed in the U.S. suffered from a suit of information disclosure fraud, inspired some thoughts about the Chinese information disclosure system. Finally, by comparing the differences of the release information, continuous information and non-compliance obligation regulated in the information disclosure system between China and the U.S., combined with the basic national situation of China, the writer brought up some recommendations for improving and perfecting China’s listed companies’information disclosure system, such as changing the release information disclosure system from approval system to registration system; improving the disclosure system of the forecast information, establishing the "safe harbor rules"; improving the civil compensation legal system of the information disclosure of the listed companies, introducing the class action rules; enhancing legal deterrent power, increasing non-compliance costs; strengthening the gatekeeper role of the intermediary service institutions; improving the environmental information disclosure system and etc.
Keywords/Search Tags:listed companies, information disclosure, safe harbor rules, America
PDF Full Text Request
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