Research On The Legal Regulation Of Voluntary Information Disclosure Of Listed Companies

In the securities market,voluntary information disclosure is an important part of the information disclosure system.The combination of mandatory information disclosure and voluntary information disclosure can build a complete information disclosure system.As my country’s securities market continues to deepen reforms,major changes have taken place in the structure of the securities market,the composition of investors,and the business model of companies.Compulsory information disclosure is increasingly unable to meet the needs of investors,and market entities are increasingly calling for voluntary information disclosure.Regulatory authorities are aware of the importance of voluntary information disclosure and have adopted legislation to encourage listed companies to voluntarily disclose relevant information.However,in practice,the issue of voluntary information disclosure is also very prominent,and my country’s current legal system has not yet formed a systematic regulation on it.Based on the theory of information asymmetry and the theory of incentive compatible games,this article draws on the relatively mature securities market experience of the United States and European countries,aims to protect the legitimate rights and interests of investors,re-examines and thinks about the existing legal system,and explores voluntary information for listed companies Disclosure of suggestions for perfecting legal regulations.This article divides the research into four parts by adopting normative analysis method,literature research method,comparative research method and market empirical method: The first part: the theoretical overview of voluntary information disclosure by listed companies.It defines the basic connotation of voluntary information disclosure,such as the meaning,content and value,and analyzes and generalizes the theory of information asymmetry and the theory of incentive compatible games.The second part: Empirical investigation on voluntary information disclosure of listed companies.By combing through the establishment of voluntary information disclosure channels,basic information disclosure and active information disclosure of listed companies in my country,it is concluded that there are inconsistencies in disclosure time and caliber,malicious tandem and selective disclosure in the process of voluntary information disclosure.Voluntary disclosure of three core issues,including liability for violations and difficulty in litigation protection.Then it discusses the reasons for the problems in voluntary information disclosure of listed companies,including: lack of voluntary information disclosure platform support,incomplete voluntary information disclosure regulatory system,imperfect civil liability for voluntary information disclosure,and lack of voluntary information disclosure by listed companies Four aspects of the protection mechanism.The third part: Analyze the practice of voluntary information disclosure legal regulations for listed companies in the United States and European countries,learn from the US "safe harbor" rules,"pre-warning" theory,FD rules,and so on,and learn from European countries to gradually expand non-financial information disclosure companies Scope,non-financial information disclosure should adopt a combination of qualitative and quantitative methods,formulate a template system,attach importance to the role of the board of supervisors,expand the audit responsibilities of the board of supervisors,and so on,in order to improve my country’s voluntary information disclosure legal system.The fourth part: Suggestions on the improvement of the legal regulation of voluntary information disclosure by listed companies.Propose the establishment of platform regulations and guidelines for voluntary information disclosure by listed companies,the establishment of voluntary information disclosure exemption protection mechanisms,the improvement of the voluntary information disclosure supervision system,the improvement of the company’s internal governance and awareness of rights and responsibilities,the construction of a three-in-one responsibility system,and the improvement of voluntary information disclosure The six aspects of the civil liability mechanism are proposed.