Research On Legal Regulation Of Financial Information Disclosure Of Listed Companies

The information disclosure of listed company is the bridge that connects investors with the listed companies,also is the source of information for investors and a gist of investment decision in the securities market.The quality of information disclosure of listed companies not only relates to the interests of shareholders but also affects the healthy development of securities market.The financial information is the core information of information disclosure,therefor the financial information disclosure system is the key of the securities supervision.Although the fact that our country had promulgated a series of informa tion disclosure law regulation,there is still a lot of violation behavior of infringement of listed companies in recent years,which do great harm to the broad masses of investors.The third Plenary Session of the 18 th CPC Central Committee propose to registration for issue of securities reform in 2013,which declared securities issuance had transformed approval system to substantive examination into formal examination.The declaration is much stricter than the previous for the quality of information disclosure of listed companies.The draft securities law has been presented to the National Peop le’s Congress in 2017.The information disclosure has been separated as a single chapter in the draft,embodying an idea that the information disclosure as securities law center Therefore,the establishment of a sound financial information disclosure system is imperative.Analysis the reason why financial information disclosure of listed companies is not standard bases on the analysis of the concept of financial information disclosure of listed companies,substantial requirements of financial information disclosure and law supervision.Combining with the relevant systems of foreign rule,the paper will discuss five aspects deeply as follows: legislation conflict,regulatory body functions and powers,registration system reform,network information disclosure,securities civil compensation lawsuit system.Finally,the study puts forward reasonable suggestions for current financial information disclosure system,and wishes to protect the profit of the extended investors.