Research On The Perfection Of Listed Company’ Information Disclosure Legal System In China

Recently with the deepening of reform, market economy is increasinglysophisticated. In a world where the capital and stock market are highly developed, andinformation dependence is more and more intensified, listed company’s informationdisclose is significant to macro policy, micro management, national economy as wellas individual interest. A sound listed company’s information disclosure system isnecessary to create a good market order and to maintain a sound market order.It hasn’t been long since China’s the listed company’s information disclosure wasestablished. It came into being after China’s government’s enforcement of thedisclosure of accounting information system accompanied by stock listing. After aseries of reform and development,a complete normative system has been preliminarilyestablished, covering laws, statutes, regulations and self-discipline terms. On thewhole, the quality and system of information disclosure have improved year by year.But there are still many irregularities, such as disclosure of false information,incomplete information disclosure and untimely information disclosure.A sound listed company’s information disclosure system is foundation for ahealthy stock market development, and also a core system for securities regulatoryinstitutions to supervise effectively. On one hand, it must safeguard the investors’benefit and propel enterprises to disclose information fully and effectively. On theother hand, there can’t be mechanical and strict legal standard imposed on theenterprises, otherwise it will dampen fund-raisers’ enthusiasm. In China whereexperience of securities market management isn’t quite advanced, it must be attachedgreat importance. Therefore, the thesis presents information disclosure system inforeign developed market, and makes an analysis of the extracted typical cases inChina. Using other countries’ advanced experience for reference, the thesis putsforward positive measures against the problem in existing law system.China is going through a coordinated and sustainable development of economyand society, so a harmonious development of capital market is a vital part of economicdevelopment. When researching listed company’s information disclose system, onemust take China’s specific national conditions into consideration, from macro andmicro aspects, based on the concept of propelling the innovation of system by ideainnovation, set up a complete and perfect information disclose laws and regulationsadaptive to social development to meet the demand of China’s public policies and market supervision.Starting from establish a solid foundation, listed company’sinformation disclose system will be completed gradually. Improving the system canlevel up standard operation of stock market, push a standard and ordered listedcompany’s information disclose and related information service, and ensure that thelisted company can disclose true, accurate, and complete information in time.