Legal System Of Continuous Information Disclosure Of Listed Companies

Investor protection is the governments core objectives of securities regulation,and the quality of information disclosure is important to investor protection. Atpresent, China has established the institutional framework for continued informationdisclosure of listed companies, including regular reporting system, the interim reportof the system, and the acquisition announcement system. However, the listedcompanies in China continued disclosure of irregularities is not reduced, but anincreasing number. These are the investors’ legitimate rights and interests of thesecurities market resulted in serious injury. Therefore, how to improve the quality ofthe continuing disclosure of information to improve the level of investor protection,has become the focus of this study.In addition to the introduction and conclusion, a total of four parts. The first partdescribes the theoretical basis of the information disclosure system; second partdescribes the current continuous disclosure regime content; The third sectiondescribes the existing and ongoing information disclosure system problems and theircauses; the last part of to perfect our continued information disclosure systemrecommendations.The first chapter, the theoretical basis of the information disclosure system. Thepart of the start to the commission on behalf of theory, asymmetric information theoryand the efficient market hypothesis brief introduction of the theory that the stockmarket is an information market, continuous disclosure obligations by requiring listedcompanies to be able to reduce the principal-agent costs, reduce the listed companieswith information asymmetry between investors, so as to protect the legitimate rightsand interests of investors. In this section, also specifically addressed the relationshipbetween the system of information disclosure and investor protection, that the onlyvalid information disclosure system in order to achieve the requirements of theprotection of the interests of investors.Chapter II, our existing and ongoing information disclosure system content. Startwith the legal system of our specification continuous disclosure this part of the comband summarized existing continuous disclosure system, which can then be theintroduction of the system, including the main continuous disclosure, the content andform of the continuous disclosure and ongoing information the standard of disclosure, including regular and ad hoc reports for further analysis, laying the groundwork forthe analysis of the next chapter.Chapter problems and their causes, the current continuous disclosure systemexists. Through this part of the analysis that the existing continuous disclosure regimeexists mainly in: the disclosure of false information, withhold information fromdisclosure, delay in information disclosure and fair information disclosure, and dataanalysis, and case analysis of the manifestations of these problems do more detailedelaboration. The reasons for these problems, including the absence of system,stakeholders’ behavior and the structure of listed companies is flawed. Pointed out anddiscussed issues further for the final recommendations on improving China’scontinuous disclosure regime laid the foundation.Chapter recommendations to improve our ongoing information disclosure system.This is the last part of this article, and gradually improve ongoing informationdisclosure system of listed companies, and institutional arrangements for sustainedquality of information disclosure of listed companies and the correspondingrecommendations. Including the consummation information disclosure rule and thesupervising and managing flow, enhance the supervising and managing validity,perfect and the perfect accounting information disclosed the standard system, theimprovement to be listed governs the level, the consummation continues theinformation disclosure mechanism, strengthening stock market intermediarysupervising and managing, the consummation facilitating agency fulfillsresponsibility the mechanism, the establishment effective negotiable securitiescontrary disciplinary punishment mechanism, enlarge attack dynamics and so on fiveaspect suggestions.