Legal Consideration On The Supervision To The Information Disclosure For The China’s Listed Company

Listed company’s financial fraud scandal and illegal disclosure of the impact on China’ssecurities market order, the event also serious damage to the vital interests of the majority ofinvestors. Listed companies’ information disclosure regulation to address the issue of informationdisclosure violations, and thus establish effective information disclosure regulation system isimportant to ensure orderly development of the securities market. The analysis of this paper, thetheoretical level, combined with the typical countries and regions of the system after the inspectionleads the domestic system defects, and, ultimately, to explore and improve the measures.The first chapter is the overview of the theory of the listed company information disclosureregulation. Divided into three levels, the first is the concept of Listed Company Supervision andthe concept and characteristics of the information disclosure system; followed the theoretical basisand necessity of the listed company information disclosure regulation; Finally, the three principlesof the listed company information disclosure regulation, including the principle of investorprotection,"Three" principle and the principle of combination of supervision and self-discipline.The second chapter is Foreign Investigation of the regulatory system of information disclosureof listed companies. Contains two aspects, the first is the concept of listed companies’ informationdisclosure regulation system and its major types, including the government unified regulatorysystem, autonomous regulatory regime and intermediate regulatory regime; followed by threetypical country of the United States, the United Kingdom and Hong Kong information disclosureof listed companies in the region’s comparative analysis of the regulatory regime.The third chapter discusses the regulatory defect information disclosure of listed companies inChina. Defects including outside of the China’s securities market regulatory mechanisms areinadequate and lack of internal control system of the listed companies. Which external imperfectregulatory system mainly for the absence of self-regulation of the stock exchange, the punishmentof the information disclosure regulation mechanism is not perfect and the interests of investorsprotection mechanism is not perfect three aspects. The missing of the internal control system ismainly for the management of the internal control awareness, and the Board of Supervisors theregulatory functions of the absence of independent director system failure. Chapter IV to explore China’s listed companies disclosure of supervision perfect. Improvemainly include two aspects, the first is a sound external regulation, including the right to play theregulatory functions of the stock exchange, and improve the information disclosure of theregulatory mechanism of punishment and improve investor protection mechanisms; Second is toimprove the internal control of listed companies, including the effective strengthening of theSupervisory Committee regulatory functions and promote the directors’ fiduciary obligationssystem.