Research On The System Of Lock Holder Disclosure

The disclosure system of large holder provides institutional guarantee for securities regulators to conduct market monitoring.Assume the important task of improving market transparency and play an important role in creating an open trading environment.Information disclosure can send warning signals to the market,promote the improvement of the governance of target companies,protect the right to know of investors in the securities market,and improve market supervision.Therefore,the disclosure system of large shareholding is the basis to ensure market transparency.The more information is disclosed,the more transparent the market will be,and the earlier and more timely information disclosure will be.With the development of the securities market,the equity is more and more dispersed,participants generally improve the quality of the investment,securities market puts forward new requirements for large stakes for investors,? Securities Law ?requirement for large investors holding too loose,there is subsequent disclosure trigger line is too high,incomplete disclosure,walking rules hinder the acquisition of listed companies,and responsibility to the offender's adverse punishment cost is too low,can't the deterrence and prevention.Therefore the author believes that large stake disclosure shall require investors to walking rules under the premise of full disclosure,investors don't limit shares are traded,fully play a role of the market,in addition,investors for violating a large stake to disclose to strengthen administrative penalties,refine civil liability of both,to create a good trading environment.