Research On Information Disclosure Of Listed Companies In China

Around the whole world,the information disclosure system always takes the priority in the securities law system,considered as not only the governments' primary implementation measures for administration supervision,but also the investors' basic guarantee for information.From the practice in history,the British government firstly established the Disclosure Regulation in the Joint Stock Companies Act 1844 due to the fact that we needed to set up the information disclosure system for the stability of the capital markets since securities fraud had existed for a long time.Currently,the American information disclosure system is the most sophisticated.The standardization of information disclosure behavior in listed companies has been explained at length in their Securities Act of 1933 and Securities Exchange Act of 1934.And the information disclosure system has been an indispensable part of American Capital Markets.Nowadays,in China's information disclosure system,the disclosure content,standard,regulation pattern and so forth have been formed as a whole set of system in listed companies,which plays an essential role in the healthy and orderly development.However,with the furthering progressing of market-oriented reform,the problems and challenges of the information disclosure behavior in listed companies are gradually coming out.For example,the information can not disclose true,in time or not overall;the intermediary organizations cannot report individually and independently;the disclosure format are not able to adapt to the rapid development of new media industry;there is a lack of specific civil liability system in our country's illegal information disclosure.Especially,at present,with the reform of securities issuance system,the investors make investment decisions and operate their own risks based on the information exposed to the public.in addition,the regulators no longer estimate and endorse the asset quality and investment value.Besides,they are also no longer responsible for the reality and accuracy of financial information.The facts mentioned above make existing problems of the current information disclosure system of listed corporation become more obvious.