Special Processing Of Securities Information Disclosure System Research

Securities is a special commodity, and the investors mainly make judgements for the value of the securities based on the information disclosed by the listed companies issuing the securities. However, the information asymmetry and self-dealing are major factors to impede the capital market, therefore, the base of the capital market’s boom is to develop the system to curb the threat of information asymmetry and self-dealing and its core power is derived from the the flexibility and efficiency of the securities regulatory authorities.Policy is an administrative supplement adjustment to insufficient legal regulation. Therefore, China’s securities regulatory policies and judicial policies against securities disputes make up for the lack of rules flexibly and promote China’s capital market’s development in regulation as the current "Company Law", "Securities Law", "Bankruptcy Law" and the other legal texts making poor adjustment to certain issues. ST (Special Treatment) system with Chinese characteristics is a means of supervision, based on the social purposes of laws, which connects the securities regulation to the legal system in order to make up for the legislative system lag in practice.China ST segment is regarded as a high incidence of non-compliance of information disclosure, and how it shall be carried out effectively?What information needs to be disclosed? How to determine the disclosure framework?These are the issues that the theorists and the market regulators should focused on. The resolution of this issues will also make ST segment to clearly settle the market positioning and to curb ST’s "stir" phenomenon.In this paper, the perspective of the author is to summarize the characteristics of ST’s and non-ST companies and to put forward a framework for information disclosure:Basic Information+non-ST+ST Company’s special information feature information, and the specific issues are discussed based on this framework by comparing the unique system of ST’s information disclosure to the similar information disclosure systems of the other counties. The innovation of this paper is trying to explain institutional reasons of he prevalence of ST-stock’s "speculation" for 20 years in China’s capital market to trace and find out the solutions to perfect ST Securities information disclosure system. The author propses to the management of China’s stock market to better improve and standardize information disclosure of ST securities in order to actually eliminate the speculation of special treatment of securities Throughout the current study, ST securities disclosure literature is very limited, and the scarcity of data, data gaps and poor research base are make it difficult for this study, however,it is with innovative value to make further research in this field. Therefore, this paper is also filling the research gaps in the information disclosure system of special treatment securities to some extent.