Study On Information Diselosure Of Listed Companies In Our Countries

This paper first introduce research of the information disclosure theory of the listed company based on the Asymmetric Information theory and Efficient Markets Hypothesis, and then analyses the present problems and causes of problems of Chinese information disclosure in our country in several aspects:the information disclosure authenticity of listed companies; the information disclosure integrity of listed companies; the information disclosure timeliness of listed companies, the information disclosure normalization of listed companies. Through the analysis of comparison in information disclosure among Hong Kong, China and America, this paper comes to a conclusion about how to improve the information disclosure of China in two ways:company internal governance and supervision system.The six parts of this thesis are as follows:Part one:the introduction part. This part mainly talks about the research background, the research purpose, the research methods, the research content and framework, and the innovations of this thesis. The significance of this topic are mainly as follows:It is conducive to the operation and management of China’s listing Corporation; it is conducive to the protection of the legitimate rights and interests of investors; it is also conducive to the healthy development of the securities market.Part two:the literature review part. This part concludes the existing research achievements both at home and abroad.Part three:theory part. This part starts with the talk about the concept of information disclosure, and then concentrate on the main theoretical basis of this paper:Asymmetric Information theory and Efficient Markets Hypothesis, so as to make a solid foundation of subsequent concrete research and analysis.Part four:situation analysis part. This part majorly analyses the present problems and causes of problems of Chinese information disclosure in several aspects via the score of listed companies taken by regulators:the information disclosure redundancy of listed companies; the information disclosure authenticity of listed companies; the information disclosure integrity of listed companies; the information disclosure timeliness of listed companies, the information disclosure normalization of listed companies. Then it structures Chinese information disclosure violation system of listed companies and select plenty of samples to analyses the violations of Chinese information disclosure of listed companies.Part five:comparison part. This part compares the present situation and governance of information disclosure of listed companies among China and other countries and regions of the world, so as to explore the lessons. The lessons are:enhance punishment; strengthen the construction of CPA; establishment of the shareholder representative litigation system; and improve the level of management of listed companies.Part six:advice part. This part mainly talks about steps and advice on the basis of the above research about the information disclosure of listed companies. The steps and advice are: improve the information disclosure supervision system of listed companies, improve the legal system, and strengthen the information disclosure of listed companies’ governance.