Research On The Improvement Of The Liability Limitation And Exemption System For Directors Who Violate The Law In Information Disclosure Of Listed Companies

Illegal information disclosure has always been a frequent case in China's securities market.Directors of listed companies play a very important role in information disclosure.With the transformation of the corporate governance model,the power of the board of directors has expanded rapidly,and the accountability mechanism of directors in various countries has also been strengthened day by day.In our country,there are also problems of disaggregating primary and secondary responsibilities and disorderly punishment for directors of listed companies in the cases of illegal information disclosure.However,too much emphasis on the responsibility of directors will easily lead to the drain of directors' talents and seriously restrict the operating vitality of the company.Therefore,in the cases of illegal information disclosure of listed companies,it is very important to discuss the limitation and exemption of directors' liability.Due to the practice,the listed company information disclosure illegal cases often of director of the securities supervision department shall be investigated for administrative responsibility as start,causing director shall be investigated for criminal responsibility or civil responsibility of the program,and due to the lack of development of civil litigation and the criminal responsibility shall be investigated for the poor,the administrative punishment be curb illegal information disclosure,standardize the operation of the main means of listed companies.Therefore,this paper mainly from the Angle of administrative responsibility to discuss the limit of the liability of directors in the cases of illegal information disclosure of listed companies.Apart from the introduction,this paper consists of five parts,each of which is summarized as follows:The first part of the body mainly explains the theoretical basis of the immunity of directors' liability.The second part of the body is to introduce the legislation of information disclosure of listed companies in China.The third part of the body adopts the method of empirical research,aiming at the administrative responsibility of directors,carries on the empirical research on the relevant administrative law enforcement cases and judicial cases.The fourth part of the body is a comparative study of the immunity system of the foreign directors.The fifth part of the body mainly discusses the ways to improve the exemption system of directors' liability for illegal information disclosure of listed companies in China.