Research On Improving The Supervision Mechanism Of Information Disclosure Of Listed Companies

With the introduction of the "disclosure-oriented" regulatory requirements,China has further strengthened its supervision over the process of information disclosure,which has played a positive role in the truthfulness and fullness of information disclosure of listed companies.Strong regulation is the necessary guarantee for regulating information disclosure behavior,protecting investor rights,maintaining the smooth operation of the securities market,and promoting transparency of information disclosure.In the important transition period of China's capital market,strengthening the supervision of information disclosure of listed companies is of great significance to China's capital market Through the information disclosure supervision letter and announcement issued by the China Securities Regulatory Commission and the Exchange,it is not difficult to find that information disclosure violations have occurred frequently,and the regulatory mechanism is still insufficient.Firstly,it expounds the information disclosure supervision mechanism of listed companies,expounds the legal provisions of information disclosure,and the methods and measures for the supervision of information disclosure of listed companies by the CSRC,exchanges and intermediaries,as well as the submission of information through penetrating supervision.New requirements brought about by disclosure.Secondly,in the "Mingzhi Intelligent" acquisition,the information disclosure was not timely,the "Jiuhao Group" was flickered and the "Baoqianli" violations were circulated in three cases,focusing on the analysis of the shortcomings in China's regulatory information disclosure.And from the regulatory level,analyze the root causes of the above information disclosure violations.First,because the internal governance structure of listed companies is unreasonable,independent directors have not played a supervisory role;second,because the information disclosure supervision of intermediaries is not in place,concealing false information in due diligence;thirdly,due to insufficient information disclosure violations,mainly adopting administrative Responsibility,and the amount of fines is low;Fourth,due to the lack of uniformity and efficiency of the regulatory mechanism,the level of penetration of supervision is not clear.Finally,it is suggested to raise awareness of the importance of the letter of trust from the internal supervision mechanism,clarify the specific functions of the shareholders'meeting,the board of directors and the board of supervisors,and focus on the role of independent directors;from the external supervision mechanism,strengthen the construction of information sharing platform and give full play to The role of "gatekeeper"in intermediaries;from the legal system of information disclosure supervision of listed companies,prudently determine the penetration boundaries,improve the information disclosure standards oriented to investor demand,and improve the legal responsibility system for information disclosure violations.Focusing on information disclosure and focusing on strict supervision,from the information disclosure supervision mechanism to the listed companies to put forward sound recommendations,the establishment of a tight and strict,loose regulatory mechanism is essential.It is hoped that it will have positive significance for improving the quality of information disclosure in China and consolidating the dynamic capital market.