A Research On The Information Disclosure System Of Listed Companies In China

Securities market is an important part of China’s capital market and it has made important contributions to the development of China’s market economy. The information disclosure system of listed companies is one of the primary parts in the securities market. China attaches great importance to build up the information disclosure system from the securities market start. Information is a kind of important financial resources. Timely and accurate information will help investors make the right decisions. Strengthen information disclosure and improve the quality of information disclosure is not only conducive to China’s establishment of a fair, transparent and efficient securities market, but also help to protect the interests of investors. However, China’s current securities information disclosure system still has many problems compared with the United States and other developed countries. So,there is a very important sense to have a research on the information disclosure system of listed companies which will conducive to the healthy development of the securities market of our country.This paper is a comprehensive analysis about information disclosure system of listed companies in china. Structurally, the article includes six chapters which contains the overview of information disclosure system of listed companies,the running status of the listing Corporation information disclosure in China, the analysis of U.S. listed company information disclosure system, the problems of information disclosure of listed companies and the suggestions for improvement.Chapter one is the introduction, which elaborates the domestic and foreign information disclosure system research present situation,the research significance, the research background,research methods and so on.Chapter two is the overview of the information disclosure system of listed companies,which introduces the concept and origin of information disclosure system and the theoretical basis of the information disclosure system which includes contract theory, transaction cost theory, the efficient market hypothesis theory, asymmetric information theory.Chapter three is related to the analysis of China’s current status of listed companies securities information disclosure system which involves its overall framework of the legal, disclosure content, supervision system and punishment mechanism, thus we can have a detailed understanding of the current securities disclosure in China.Chapter four is the analysis of U.S. listed company information disclosure system, which also includes overall framework, disclosure content, supervision system and punishment mechanism four areas.Chapter five analyzes the problems of information disclosure system of listed companies. Mainly in the following four areas:first, the high-level law of China’s current information disclosure system is lack of maneuverability and the law is lagging behind;second, disclosure is not sufficient and the material standard is not clear; third, the approval system prone to rent-seeking and strong government regulation but weak self-regulation mode is not conducive to supervision; fourth, the civil litigation mechanism has not been established.Chapter six presents the author’s own thinking about how to improve our system of information disclosure of listed companies based on the analysis in Chapter five. And then raise some suggestions from four areas which contains overall framework, disclosure content, supervision system and punishment mechanism.