Research On Voluntary Information Disclosure System

Voluntary information disclosure refers to that information disclosure obligors,in order to obtain market competitive advantages,such as showing their own strength to attract investors to buy company securities and other purposes,voluntarily disclose company related information to the outside of the company,that is,investors and the market.At present,the voluntary information disclosure system is still at the beginning of construction,and there are many problems in legislation and practice.Through the analysis of the content and scope of information in the legal norms of voluntary information disclosure and the status quo of the current system,this paper sums up the problems in China’s current legislation: the legal system is not perfect,the compliance requirements are not perfect,and the legal liability provisions are not perfect;through sorting out the obstacles and shortcomings in practice,it comes to the problems in China’s current practice: quality Low standard,confused standard and fuzzy boundary.In addition,through the introduction of the advanced experience of voluntary information disclosure in the United States,we can draw on the improvement plan for our country.The legal path of system improvement mainly focuses on perfecting legislation,improving the quality of disclosure,redefining the boundary of disclosure and the construction of supporting system.The first chapter is the general discussion of the voluntary information disclosure system.Mainly in accordance with two aspects,on the one hand,through the introduction of information disclosure system,this paper introduces the basic concept and meaning of voluntary information disclosure.On the other hand,through the comparison of voluntary information disclosure and mandatory information disclosure,it is concluded that the two are complementary;in addition,there are certain institutional defects in mandatory information disclosure,which must be made up by voluntary information disclosure,so it is necessary to build the voluntary information disclosure system,but at the same time,the voluntary information disclosure system itself also has some limitations,which need to be improved It should be improved through the path proposed below.In the second chapter,the main purpose is to sort out the problems existing in China’s current voluntary information disclosure system,and lay the foundation for the following solutions.This chapter is divided into two sections: the first section introduces the scope and content of China’s current voluntary information disclosure system in detail,including the provisions of recognizing the legitimacy of voluntary information disclosure before the implementation of the new securities law and the revision of the previous system after the new securities law comes into effect.The second section,according to the previous section of the legislation and the analysis of the system practice in this section,summarizes the existing problems of voluntary information disclosure from the two dimensions of legislation and implementation.The third chapter is a comparative study of the overseas experience of voluntary information disclosure.This chapter is divided into three sections: the first section focuses on the regulatory agencies of voluntary information disclosure in the United States and their respective voluntary information disclosure rules.The second section focuses on the highlights of the American voluntary information disclosure system,and the third section mainly summarizes the experience that can be used for reference to adapt to China’s national conditions and the specific situation of China’s securities market,so as to lay the foundation for the following suggestions.The fourth chapter,aiming at the problems raised in the second chapter and the foreign experience summarized in the third chapter,puts forward the legal path to improve the voluntary information disclosure system.As there are loopholes in the design of the system,the first section suggests that the legislation should be improved to make the application basis more complete.The second section focuses on the ways to improve the quality of voluntary information disclosure,such as specific listing provisions and detailed disclosure standards.The third section focuses on the exploration of the boundary of voluntary information disclosure,so as to avoid the continuous occurrence of confusion with mandatory information in practice.The fourth section hopes to improve the supporting facilities,so that the voluntary information disclosure can be better implemented.