Research On Legal Regulation Of Information Disclosure Of Listed Companies

Along with the deepening of the reform and opening-up process,China has realized a rapid development of economic with constantly expanding capital market volume.One of the most distinct signs of the expanding volume is the sharply increasing of listed companies that contribute to economic development by creating a great deal of material wealth.However,a lot of problems caused by imperfect system or hysteretic regulation etc.were exposed during the growing of listed companies,which requests an improved regulation system to support the healthy development of capital market.Among all the progresses to a better supervision system,the improvement in information disclosure system regulation is one of the main contents of listed company regulation process.Information disclosure is the main approach for investors to understand the status of the listed companies.On the other side,it also serves as an important basis for regulators to supervise activities.In reality,however,there are plenty of problems in information disclosure of listed companies including a vast majority of disclosure violation cases.In this paper,we have selected altogether 1241 cases of listed company disclosure violations from Shenzhen CSMAR database,penalty date from January 1st,2014 to December 12 th,2016,as our research sample.By analyzing real case data with empirical research methods,we probed into identifying the characteristics and penalty effects of listed company disclosure violations in order to provide solutions and suggestions of improving the information disclosure regulation in the market.First of all,we clarified the definition and current regulation system of listed company information disclosure violation in China.The form and harm of violations was analyzed with illustration of typical cases in order to emphasize the importance and necessity of information disclosure violation regulation.Secondly,starting from the main violation subjects and contents,we have analyzed the characteristics of information disclosure violation behavior combining with sample data and the case to locate the “severely afflicted area” of listed company information disclosure violation.Thirdly,starting from the penalty regulator,basis and methods,we have studied the deterrent power of penalty combining with sample data and penalty cases.Finally,specific suggestions for the following 3 areas were provided based on the previous empirical analysis aiming to improve the information disclosure regulations of listed company: improving the efficiency of supervision,completing the information disclosure content and strengthen the penalty.