Research On The Information Disclosure Systems Of China Securities Market

Since established in 1986, the Chinese securities market has 30 years history, the settling time, compared with other country’s securities market is relatively late, but only a short 30 years, our country securities market system has preliminarily set up and constantly improve, from the securities issuance to the securities and exchange, from the securities company to regulatory responsibilities to establish and improvement of the system of legal liability, the securities laws and regulations of the present system in our country will be blended in among them. With the steady and rapid development of market economy of our country after reform and opening-up, mature and perfect securities market to a furious pace up and has a very strong development space, as an important part of our country’s economic system, have to legal system of securities market and securities. Information disclosure system as the cornerstone of the development of the securities market, it is the core of the legal system of securities, had a profound influence on the existence and function. Securities market in China adhere to the principles of fairness, openness, fairness, and information disclosure system is the embodiment of "three" principle, therefore, the information disclosure system should be able to pay attention to. But because the present market with asymmetric information and lack of subsequent supervision in the securities market, the company’s internal governance structure is imperfect, and so on, make the insider trading behavior, the frequent phenomenon of illegal disclosure, damage of the stock market investors can not be relief, combined with the market mechanism itself is not sound, the healthy development of securities market in China is very bad.Therefore, in the full understanding of the securities market in our country under the premise of information disclosure system, to the problems of effective prevention and resolution, in view of the problem one by one, and improve the system of information disclosure in China from all aspects are very important. This article from the stock market is the basic content of the system of information disclosure system, to our country’s securities market and the status quo of the American securities market information disclosure system as the background, this paper introduces the problem of information disclosure system in our country and analyzes the causes of the problem. Through to our country securities market information disclosure system of economics theory and law theory can not understand, and a basic understanding of the securities market information disclosure system, combined with the specific provisions of the securities legal system in our country, it is concluded that perfects our system of information disclosure method, from the enterprise itself, the regulating function of securities market system itself, as well as three aspects to improve the information disclosure violations, civil liability, so as to solve the problem of the securities market in our country, perfecting information disclosure system in our country, to make our country securities issue market and the securities and exchange market to be more perfect, make the stock market investors because of illegal disclosure damage for relief.Based on the conceptual analysis, comparative analysis and experience summary on the securities market information disclosure system of our country and on this basis, combining with the United States securities market information disclosure system and improving Suggestions on our country’s information disclosure system, makes every effort to understand the information disclosure system, on the basis of the present of our country existing problems put forward countermeasures, so as to establish perfect securities market system.