The Information Disclosure System Of Listed Companies Under The Background Of Registration System Reform

In the legal system of securities trading in various countries and regions of the world, the information disclosure system has always been at the core of the position. It is an important means for the government to implement securities regulators, as well as the mainly protection of investors’ right to know. Our legislature has always been working hard to improve the information disclosure system of listed companies, making new regulations to adapt the development of the securities market constantly. But the efficiency of China’s stock market information disclosure system is still not running high. Investors make more consideration of the government’s policy-oriented when make investments, do not take care of the status of listed companies information disclosures. Speculation is still the main driving when investors having the securities market activities. However, in the context of the issuance of securities registration system reform, the government is no longer check the investment value of listed companies. The duty of care will be shifted to the investors. Thereafter, when investors have investing activities, they will mainly rely on their own judgment of the investment value of listed companies, and the information disclosure system will become the most important institutional infrastructure of such value judgments.This paper have four chapters totally, removed the introduction and conclusion, from the path of the status of information disclose system of China’s listed companies, information disclosure system of listed companies in US stock market,features and direction of development of information disclosure under the registration system and the improvement of information disclosure system in our country.The first chapter is the analyze of information disclosure system of our country’s listed companies. From the perspective of the quality of the disclose, this part describes the current situation in our country and analyzes the reason about the law, internal constraints of listed companies, the regulation of the information disclosure and legal liability system.The second chapter mainly introduce the status of information disclosure of listed companies in US. Their information disclosure system listed companies is more mature and its legal system and regulatory system have many means worthy of our learn. While learning to their Information disclosure system, we should be based on the development of China’s securities market practice, fully consider the characteristics of the registration system reform to develop the China’s information disclosure model.The third chapter is the summary of the characters of the information disclosure system characteristics under the registration system, through the analysis of the information disclosure system of listed companies in US, and clarify the basic direction of the information disclosure system reform and development of China’s listed companies, according to the aforementioned characteristicsThe forth is the means of improve our country’s information disclosure system under the registration reform. This part present the quality of information disclosure and refer some of improvement, on the law of information disclosure, information disclosure regulatory mechanisms, outside environment and legal liability system, to meet the issuance of securities registration system reform, protecting the interests of investors.