Research On Legal Issues Of Information Disclosure Of Listed Companies

Since the birth of the securities market, especially the last two decades, domestic and international information disclosure fraud, fraud scandals occur frequently, seriously harm the interests of medium and small investors, credit crisis has caused in the stock market, affecting the healthy development of the securities market. How to improve the securities market regulatory disclosure of information to protect the interests of investors is always the top priority of China’s securities market. A sound and comprehensive information disclosure system is to achieve legal protection for this purpose, to keep the stock market stability and promoting the development of the securities market is essential.According to the practice of different periods of development of securities market, issued a series of information disclosure laws, regulations, stock market information disclosure legal norms played a good role.Based on the analysis of three typical cases of information disclosure, discusses the issue of disclosure of the existence of the legal system, by improving the information disclosure legal system rationalization measures and improvements, this article is divided into four parts:The first part of the introduction of the disclosure set forth concisely the legal system, and the background and significance of the topic of this paper will be described. The theoretical basis of this paper, by analyzing the relevant literature.The second part is a typical case of illegal disclosure of information analysis. Recalling the first two decades of information disclosure of listed companies profile cases, administrative penalties, criminal penalties, civil compensation. Then, through the analysis of specific cases, further found that disclosure of information laws lag, the depth of the current information disclosure system to deal with the reality of the plight faced by a wide variety of cases.The third section discusses the status quo of information disclosure of listed companies and the legal system of the main problems. Mainly from illegal low cost, low penalties, compensation amount is low, the lack of class action, unreasonable pre-procedure, civil liability system is imperfect, and so on are discussed.The fourth part, put forward China’s listed companies to improve the information disclosure system of legal advice. According to the third part of the induction out of the issue, to improve measures: to increase penalties, increase the amount of compensation, the establishment of the group litigation, to cancel the pre-program.Only a standardized information disclosure of listed companies in order to protect the securities market of security and justice, which is the key to long-term healthy development of China’s securities market, is an important measure to protect the legitimate interests of small investors.By analyzing three typical cases of information disclosure of listed companies, China’s information disclosure system to explore the problems and put forward a sound and comprehensive disclosure of information on legal issues and recommend measures. I hope this writing of information disclosure of listed companies, to make modest improve and perfect the legal system of information disclosure of listed companies.