Chinese Listed Companies Research On Legal Problems Public Regulation

Information disclosure of listed companies is an activity of timely and accuratelydisclosing material information in securities issuing, management and operation,financial and business status etc pursuant to the Securities Law and other relevantlaws and administrative regulations. Only in the basis of getting prompt, accurate,complete and standardized information the investors can make rational investmentdecision and behavior, thus it can ensure that the funds flow into those prospectivecompanies. Whether information disclosure of a listed company is in accordance withthe standard is one of the decisive factors in the stable operation of securities market.Information disclosure system of listed companies is an important part of China’ssecurities market supervision. Mandatory information disclosure system can largelysolve the problem of adverse selection in the securities market, thus avoid securitiespricing deviation and promote effective capital allocation.At present there are many problems in the supervision of information disclosureof listed companies in China. The quality of information disclosure can not meet thestandard from investors. The thesis is to discuss the legal issues in the supervision ofinformation disclosure of listed companies, to point out the problem of informationdisclosure supervision of listed companies in China, to analyze its reasons andpropose countermeasures. So the thesis has its practical significance. The thesis isdivided into three parts except its introduction and epilogue.The first part discusses the concept of the information disclosure of listedcompanies and the concept of the supervision of information disclosure, and alsodiscusses the scope and goal of the supervision of information disclosure of listedcompanies.The Second part focuses on the mode and means of the supervision ofinformation disclosure of listed companies. In China the mode of the supervision is acentralized and unified one that the dominant administrative supervision is combinedwith the self-regulatory supervision. The measures that The CSRC takes for thesupervision of information disclosure of listed companies mainly include on-sceneinspection, investigation and taking of evidence, consultation and inquiry, freezing orseizing assets, restricting transaction and administrative penalty. The measures thatstock exchange takes for the supervision of information disclosure of listed companies mainly include reviewing and supervising listing announcements of listed companies,checking annual and interim reports, examining temporary reports, suspending stockdeal and restricting transaction.The third part deeply discusses the problems and reasons of informationdisclosure supervision of listed companies in China and put forward some reasonableand constructive proposals to build a more comprehensive and effective informationdisclosure supervision system, to ensure the validity and authenticity of theinformation disclosure, to protect the interests of investors, and to promote moreeffective resource allocation.