The Study On Legal Supervision Status Of The Public Company’s Selective Disclosure

The disclosure of information has been the focus of securities marketsupervision. Perfecting the system of information disclosure has a positive effect onsecurities market regulation.Fairness information disclosure is the core principle ofthe laws on information disclosure of listed companies in China, and the standard oftesting whether violation on information disclosure of listed company. Selectivelyinformation disclosure violations of listed companies has severely disrupted theorder of the securities market information disclosure, has also been a securitiesregulatory focus and difficulty in our country.Listed companies to discloseinformation selectively acts undoubtedly violate the rights of investors equal accessto information, not only on the stock market "Three" regulatory principles ofstraying, but also is a flagrant violation of the securities market management order,but even lead to insider trading, market manipulation and other securitiescrimes.Therefore, the specification selective information disclosure of listedcompanies is not only just for the fair value of the securities market practice, butalso the institutional arrangements to follow the order of securities market regulation,in favor of the entire stock market information constitutes a reasonable and efficientoperation of the circulation system.Meanwhile, the selective disclosure of listedcompanies conduct regulation meaning not simply prohibit the meaning, but to taketo prevent the disclosure of information obtained in a non-equity being illegallyexploited to prevent insider trading, market manipulation and other illegal andcriminal acts of abuse of information.In theory the research community to conductselective information disclosure of listed companies to define and understand thereis a big difference, showing each faction into the phenomenon.The role of thesetrivial, fragmentation and large differences in the theoretical fair informationdisclosure system running play is limited, but in practice after the study of thespecific effects of fair information disclosure system to run its regulation of thesecurities market disclosure of information generated relative lack of, in particular,from a legal perspective analysis of the research results is limited.Through thepractice of fair information disclosure rules establish the regulatory status ofempirical research in recent years in our country for selective information disclosureof listed companies found that selective information disclosure of listed companiesregulated regulatory strength, punishment, punishment in deficiencies and so on.Therefore, China should in practice top-level design and implementation ofrelated systems, the selective information disclosure of listed companies inregulatory intensity, punishment, punishment, internal governance structure of listedcompanies, securities disclosure of information related to the quality of personneland the securities regulatory responsibilities and other aspects of the system andcontinue to strengthen and improve the functions.