Research On Legal Issues Of Voluntary Information Disclosure Of Listed Companies In China

The new securities law first stipulated voluntary information disclosure in the form of law,which highlights the important role of information disclosure in the whole capital market.At present,the research on voluntary information disclosure system has been more in-depth,but most of them are related to accounting,finance and other disciplines,and few of them are analyzed from the perspective of law.Moreover,before 2019,there is no legal regulation on voluntary information disclosure in China,which only exists in the regulatory documents of China Securities Regulatory Commission and the guidelines of Shanghai Stock Exchange and Shenzhen Stock Exchange.In view of this,most articles put forward suggestions to improve the voluntary information disclosure system from the perspective of legislation.The revision of the securities law fills in the legislative gap of the voluntary information disclosure system.In order to standardize the implementation of the voluntary information disclosure system of the securities law,the CSRC,Shanghai Stock Exchange and Shenzhen Stock Exchange have formulated a large number of detailed provisions.Generally speaking,the information disclosure system tends to supervise the listed companies in order to protect investors.However,the biggest feature of voluntary information disclosure is the independent choice of the disclosure subject,which is not only reflected in the content,but also in the way and degree of disclosure.If the legislation of voluntary information disclosure system is too strict and complicated,the enthusiasm of voluntary disclosure of listed companies may be hit.The securities law has greatly increased the cost of illegal credit approval of Listed Companies in the aspect of legal responsibility.But in practice,the illegal behaviors of listed companies such as manipulating stock price and disclosing inside information by using information disclosure still happen.Based on the perspective of balancing supervision and encouragement,this paper analyzes the influencing factors of voluntary information disclosure.Starting from case analysis and empirical analysis,it reveals the status quo of low quality of voluntary information disclosure,selective disclosure,insufficient profit forecast disclosure of Listed Companies in China,and low information utilization ability of investors,Finally,it puts forward to cultivate effective information users from two aspects of strengthening the education of individual investors and expanding the proportion of institutional investors.The first chapter gives an overview of voluntary information disclosure,and explains the definition of voluntary information disclosure.The second section introduces the five characteristics of voluntary disclosure compared with compulsory disclosure.The third section reveals the great significance of voluntary information disclosure to all participants in the whole capital market.The second chapter introduces the practice of voluntary information disclosure in China.First of all,it analyzes the basis of the system in our country and highlights the necessity of the existence of voluntary information disclosure.The second section introduces the stages of voluntary disclosure from the beginning of the establishment of China’s capital market to now,from scratch to continuous improvement.After the voluntary disclosure is regulated by the securities law,many normative documents have been issued,which are related to the implementation of the securities law.Therefore,this paper also introduces other regulations.The third section analyzes the influencing factors of voluntary disclosure.The third chapter is a typical case of COVID-19’s "hot spot" illegal disclosure of information on listed companies.It defines the nature of illegal activities,reveals the specific types of illegal activities,and conducts an overall analysis of such illegal activities.The fourth chapter analyzes the dilemma of the voluntary information disclosure system in China.Firstly,the legislation lacks flexibility and the legal provisions are scattered.Secondly,there are a lot of constraints on the profit forecast information,but there is no exclusive exemption clause,resulting in the imbalance of legal liability.Secondly,in practice,the voluntary disclosure of listed companies has some problems,such as low disclosure quality,selective disclosure,and insufficient disclosure of profit forecast.The low information utilization ability of investors is also one of the problems in practice.Through the analysis of voluntary information disclosure in the first four chapters,the fifth chapter carries on the problems in the fourth chapter,and puts forward suggestions for improving the various links of voluntary information disclosure from generation to transmission and finally being used by investors.