The Study On The Legal System Of Information Disclosure

As the cornerstone of the securities market regulation, information disclosure system runs through the securities laws and regulations. Information disclosure system is vital to maintaining fairness and efficiency of the financial markets. In the beginning of 21 century, American subprime mortgage gave rise to a great impact on the world economy. One of prime reasons is lack of effective information disclosure system, which can effectively guard against financial risks. On the one hand, it can protect the legitimate interests of investors in order that investors can obtain the listed company full, precise and sufficient information to make rational decisions, on the other hand, it can effectively regulate the behavior of listed companies to make the sound development of the capital market and ultimately achieve efficient resource allocation optimization purposes. Information disclosure system has three important aspects of significance. The first is the protection of rights and interests of investors, making it have cost-effective access to information. The second is that information disclosure system is able to help realize resource allocation function of the stock market. The third one is information disclosure system is an important means of urging companies to improve operation and management. At present, domestic and foreign studies on information disclosure system from an economic view are comparatively rich, there are also some studies conducted from a legal view, mostly from one specific legal point of view, however, studies from the overall perspective of laws are rarely discussed. This article tries to make a comprehensive description of information disclosure system from perspective of the overall legal system.This article is divided into four parts. The first part is an introduction. It discusses the research background, purpose and significance of this article, and the origin and development and status of research on information disclosure. The second part briefly describes the basic theory of information disclosure. The third part is the core of this article. It states the legal system research on information disclosure and proposes appropriate countermeasures. The aspects of this part are as follows:the legal relationship of information disclosure; the comparing of legal system research of information disclosure from the regulation system between China and America; the legal system research of information disclosure from the basic guidelines and basic principles; from the legal norms of information disclosure behavior; from mandatory disclosure and voluntary disclosure of information disclosure; from legal norms of information disclosure quality; accountability mechanism of information disclosure in China and America. The fourth part is the conclusion of this article. It summarizes the full contents of this article and presents some suggestions. This article uses literature analysis together with the securities act and the enterprise act on information disclosure to study the legal system of information disclosure. This article will propose some useful advice for information disclosure system from the perspective of the legal system through the study on the information disclosure research status, accountability mechanism and comparing regulatory system in China and America.