The Improvement Of The Information Pre Disclosure Rules Of Listed Companies

The pre disclosure system is a company's early disclosure of the company's main business,business mode and accounting data.The emergence of this system can greatly alleviate the information asymmetry of the securities market,improve the usefulness of information decision-making,and because of its forward-looking and predictive,more and more attention has been paid by the community.However,pre disclosure is not formally disclosed,its results may not be consistent with formal disclosure,and the uncertainty of pre disclosure is stronger.If it is still used in the traditional disclosure system to regulate pre disclosure,it is an unfair way to disclose the disclosure rule and to bring it into the pre disclosure rule.This article is divided into four parts,the main contents are as follows:The first part of this paper introduces the basic concept of pre disclosure,and proposes that pre disclosure is a disclosure of the provisional number of earnings before the official earnings report is published by the listed companies.It also reviews the development and changes of China's pre disclosure system.Starting from the pre losing system in 1998,our country has gradually established a pre disclosure system.The second part emphasizes the Institutional Predicament Faced by pre disclosure,mainly about the time,quality and method of pre disclosure.Pre disclosure time has information content and plays a guiding role in decision-making of investors.Due to the fact that the relevant documents do not require the change of pre disclosure,the change of pre disclosure in practice is serious,which has disrupted the order of the stock market.The quality of pre disclosure is the problem of timeliness,accuracy and accuracy faced by our country in pre disclosure.The motivation and strategy of pre disclosure is deeper difficulties encountered in pre disclosure.All these problems need the attention of the CSRC.The third part analyzes the performance of the listed companies' pre disclosure violations,such as the difference between pre disclosure and actual disclosure,multiple changes of pre disclosure,overdue pre disclosure and so on,and compares the two criteria for the pre disclosure violation.It is clear that the civil liability should distinguish the exemption situation and bear the responsibility situation,and hope that this method can be confirmed through this method.China's listed companies should be responsible for information disclosure.The fourth part is about the perfect proposal of pre disclosure.The specific legal path includes improving the cost of pre Disclosure Violation and optimizing the quality mechanism of pre disclosure.The most important thing is to establish the system of pre disclosure legal responsibility,determine the scope of application of the exemption system and the responsibility bearing system.