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Research On The Interactive Disclosure System Of Information In The Securities Law

Posted on:2019-10-19Degree:MasterType:Thesis
Country:ChinaCandidate:L D WengFull Text:PDF
GTID:2416330548488009Subject:Civil and Commercial Law
Abstract/Summary:PDF Full Text Request
The current information disclosure system in our country had already shown its inherent defects under the continuous development of the internet,it has a relatively limited effect on bettering information asymmetry,protecting investors,and maintaining transaction security.Meanwhile,investors' information needs still cannot be satisfied and the effectiveness,timeliness,and pertinence of listed companies'disclosure cannot be improved because in our country,the disclosure via the internet is still a supplementary form,the disclosure is mainly based on paper-based media.The article analyzed the current status and existing problems of our information disclosure system as well as the reasons why our disclosure system lacks interactive quality.Moreover,this article also discussed the necessity and specific measures of establishing the interactive system of information.This article consists of five parts except for the foreword.The first part,the current interactive system of information in our country and its problems.This part encompasses the discussion of the related laws of information disclosure system and pointed out that the problem of the current disclosure system is attaching too much importance to one-way disclosure rather than information interaction.The literature review and the purpose and research methods of this article were included.The second part of this article focuses on the defects of one-way ideology withn the existing disclosure system.The theoretical basis of one-way disclosure includes the theory of transaction security,the theory of investor protection and the theory of information asymmetry.The basis of one-way disclosure,between investors and listed companies is making the two sides become more unequal,one-way disclosure is difficult to further enhance the transparency and it is difficult to achieve the transaction security.The third part is the theoretical basis for the establishment of an interactive disclosure system in the existing information disclosure system.Interactive disclosure system includes the value basis of improving the state of information asymmetry,fully safeguard the security of transactions,realize the protection of investors,its main function is to improve the effectiveness of information disclosure and pertinence,embodies the spirit of contract,and plays a leading role of investors.The theoretical transcendence of the interactive disclosure system is reflected in three aspects:the improvement of information asymmetry,the maintenance of transaction safety,and the better realization of investor protection.The fourth part is the institutional framework of the information interaction system.The characteristics of information interaction include the information based on publicly disclosed information,the purpose of enhancing information's comprehensibility and accuracy,and the main channel of network platform.Interactive information emphasis on the direct interaction between investors and listed companies;enhance the interactive way of disclosure;investor demand;and can embody the humanism spirit of civil law.The core content of information interaction include the information disclosure obligor,the platform and our current platform.Meanwhile,means of supervision need to monitor and combat insider information.The fifth part is the concrete measures to improve the system of information interaction in China.The improvement of information interaction system in China should legalize the information interaction system,including expanding the legalization of XBRL and investor information interaction platform.At the same time,the responsibility that does not comply with the requirement of the information interaction system should be clear.In addition,the exemption system system of information interaction should be perfected,in particular,should improve the interactive process of protective information and perfecting the relevant exemption system.
Keywords/Search Tags:Securities Law, Information Interaction, Information Disclosure, One-way Disclosure
PDF Full Text Request
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