Research On Voluntary Information Disclosure System Of Listed Companies In China

Voluntary information disclosure is a form of information disclosure corresponding to mandatory information disclosure.Under the mandatory information disclosure system,the obligor of information disclosure must strictly comply with the law to perform the obligation of information disclosure.Under the voluntary information disclosure system,the disclosure standards of information disclosure obligors are more relaxed and autonomy is greater.The establishment of voluntary information disclosure in the new "Securities Law"provides normative guidelines for information disclosure by listed companies in my country.However,after the implementation of the new "Securities Law",the voluntary information disclosure violations of listed companies have increased unabated,which poses a challenge to the application and improvement of voluntary information disclosure rules.This article analyzes the violations of laws and regulations in the securities market and the application status of the voluntary information disclosure system,aiming to improve the voluntary information disclosure system to form a good ecology with investors,listed companies,and regulatory authorities as the main participants.The specific ideas are as follows:First,clarify the basic concepts of voluntary information disclosure:meaning,scope,method,constituent elements,characteristics and necessity,etc.,and then analyze the pros and cons of the voluntary information disclosure system from the three dimensions of the securities market,investors and listed companies.Overall consideration of the significance and shortcomings of the voluntary information disclosure system for the development of my country’s securities market.Secondly,sort out the evolution and empirical analysis of the voluntary information disclosure system of listed companies in my country.By examining the development history of my country’s voluntary information disclosure system and combining with typical cases of violations during the 2020 new crown pneumonia epidemic,it summarizes the current voluntary information in my country’s securities market.The main problems in the disclosure system:the lack of a "safe harbor" system makes listed companies lack of willingness to disclose,selective disclosure or"hot spots" emerge in an endless stream,and civil compensation remedies are hindered.Thirdly,it analyzes the rules that are used more in practice in the voluntary information disclosure system of the US securities market,mainly including FD rules,information update obligations,and safe harbor systems,and explores its reference to my country.Finally,the relevant rules for voluntary information disclosure by listed companies in my country are improved from three aspects:constructing a "safe harbor" system for voluntary information disclosure in my country,strengthening guidance on voluntary information disclosure,and unblocking channels for civil compensation for false statements in voluntary information disclosure.