Research On Network Information Disclosure Regulatory System Of Listed Companies

Information disclosure system is one of the core contents of the securities market regulation. The innovation of net technologies and the development of the network era profoundly affected the structure of the securities market, and the stock market which put information disclosure as a core ushered a major change. In order to adapt to the impact of the internet age to the information disclosure, United States, Japan and other mature securities regulators initiative to amend the securities information disclosure regulatory rules and establishment information disclosure of listed companies that based system network. With the establishment of Shenzhen Stock Exchange "Listed Company Information Disclosure Train" and Shanghai Stock Exchange "information disclosure of listed companies electronic system",information disclosure system of the listed companies of China has begun to take shape.The building of Shenzhen Stock Exchange"interactive easy" system and SSE e interactive network platform accelerate the pace of network information disclosure of listed companies and protect the interests of investors better.This paper is divided into two parts:introduction, text.Introduction:introduce the origin and development of the information disclosure of securities market,and the evolution and rules of the stock market regulatory system,the impact and new requirements of the innovation of net technologies on information disclosure systemThe text part is divided into four sections.The first chapter: Elaborate the worth of regulatory system of network of information disclosure of listed companies. That is order value, interest value and resource allocation value.The second chapter: introduce and analysis the extraterritorial legislation and systems of listed companies network information disclosure.that is US law and Electronic Data Gathering, Analysis, and Retrieval System,Japanese law and TDnet and EDINET electronic information disclosure system,Hong Kong’s rule of law and "Disclosure" electronic information disclosure system and so on. Analysis the network information disclosure of listed companies in regulatory practice in these more mature capital market network,we found there are some commonalities worth our reference:strict legislation to ensure the flow of information disclosure;flexible electronic disclosure system of regulation;application of XBRL language in information disclosure of listed companies;provide a lot of money and manpower support for electronic system.The third chapter:Expound the status and analysis network information disclosure of listed companies of China’s regulatory regime.Illustrating the existing legal system of disclosure regulatory regime of listed companies and the regulation content and subject from the legislative level.Introducing network information disclosure regulatory system of listed companies from a practical level:the operating rules and regulatory approach of Shenzhen Stock Exchange "Listed Company Information Disclosure Train"and "interactive easy" system and Shanghai Stock Exchange "information disclosure of listed companies electronic system" and e interactive network platform.The fourth chapter:Elaborate the improvement of network information disclosure regulatory system of listed companies.improving the regulatory of principles, means and philosophy;The balance between network information disclosure of listed companies and trade secret protection. Construction of forward-looking information and predictive information exemption system of network information disclosure of listed companies.