The Research On The System Of Suspension And Exemption Of Information Disclosure Of Listed Companies In China

The listing of the company means more financing opportunities,so as to sol ve the problem of shortage of funds and obtain more opportunities for develop ment.However,the listing for the company,meanwhile,stands for not only hu ge listing costs,but also lose of interest caused by assuming the obligation of information disclosure.Therefore,it is central to coordinate the relationship bet ween the information disclosure and the protection of trade secrets to a listed company to ensure the company's sustained and healthy development.At prese nt,the protection system of commercial secrets in our country is not yet perfe ct,and the scope of information disclosure for listed companies is too general.Undoubtedly,excessive emphasis on information disclosure will hinder the inn ovation activities of listed companies.In addition,there is no need to disclose the trade secrets which do not affect the decisions of investors or cause the ch ange of stock price.Both the Shenzhen Stock Exchange and the Shanghai Stoc k Exchange stipulate the system of suspension and exemption of information di sclosure concerning trade secrets in the rules of their stock trading.However,d ue to the vague definition,there are still some problems in the application of t he system in practice.Based on the basic theory,this article discusses the nece ssity of the suspension and exemption of information disclosure,and puts forw ard some suggestions to improve the system of our country by analysing the e xisting problems and the relevant Extraterritorial system.This article is divided into four chapters.The first chapter introduces the origin of information disclosure and trade se crets protection of listed companies,the existing rules and regulations of our c ountry,and analyzes the root causes,manifestations and problems of the confli cts.Finally,through the demonstration and exploration of the necessity and pos sibility of the coordination path,it proposes a solution which is the system of suspension and exemption of information disclosure concerning trade secrets.The second chapter introduces the connotation and characteristics of the syste m of suspension and exemption of information disclosure of Chinese listed co mpanies,and the relevant provisions of our country about the system,as well as the conditions and procedures for the listed companies to apply for the syst em.Lastly,it lists matters on the force of law,specific provisions and corresp onding regulatory measures.The third chapter introduces the regulations of exemption of information disc losure of the United States and the European Union from the legislative level,specific regulations and the corresponding regulatory measures respectively.The fourth chapter suggests that our country should improve the legislation o n information disclosure and the protection of trade secrets,clear the objects,s copes and resumption of suspension and exemption of information disclosure.S imultaneously,we should strengthen the supervision over the listed companies t o prevent the listed companies from abusing the system.