Research On The Information Disclosure System Of Listed Companies In China

Since the reform and opening up, China’s economy has developed rapidly, andthe capital market has also achieved considerable progress, with an important symbolof the growing number of the listed companies. Listed companies not only create alarge sum of material wealth, but also foster the development of the financial industry.However, problems come with the development of the listed companies, which makesthe regulation of listed companies an important issue, in particular, the regulation ofviolation of the rules on information disclosure. Information disclosure is the primarymeans for investors to know, for intermediary agencies and regulators to supervisethe listed companies. Thus, the information disclosure system becomes the corecontent of the research on the regulatory regime of listed companies. In practice, thereare a series of problems on information disclosure of listed companies. By analyzingthe basic theory of information disclosure system and relevant facts, this paperexplores the inadequate information disclosure status of Chinese stock market anddiscusses ways for the improvement of the information disclosure system of listedcompanies in China.The first chapter is the overview of basic theory, introduces the basic meaningand value of the information disclosure system, which demonstrates the necessity ofthe establishment and improvement of China’s information disclosure system. Itanalyzes and interprets the history and current situation of information disclosuresystem as well.The second chapter discusses the inadequacy of information disclosure of listedcompanies in China from the aspects of the quality, coverage and standard of theinformation and analyzes the causes of the inadequacy from three perspectives, thesystem, regulatory and accountabilities of information disclosure.The third chapter introduces the current legal system of information disclosureof foreign listed companies. The information disclosure system of listed companies inthe USA is relatively mature, with comprehensive sets of rules both in initial disclosure and continuous disclosure; the information disclosure system in Japan hasits own features. Information disclosure systems both in the United States and Japanare worth learning from.The fourth chapter is the key part of this article, focuses on how to improve theinformation disclosure system of listed companies in China, which supports the maintheme of this paper. The author believes that from the experience of other countriessuch as the United States and the United Kingdom, the information disclosure systemin China can be improved from three aspects. Firstly, improve the design ofinformation disclosure system of listed companies; Secondly, strengthen supervisionand improve the regulatory system; Thirdly, improve the existing legal system andestablish scientific and reasonable civil, administrative and criminal liability system.The fifth chapter is the conclusion section, which summarizes the abovechapters.