증권애널리스트와 공정공시제도 = Analysts and Regulation FD(Fair Disclosure)

다국어 초록 (Multilingual Abstract)

Regulation FD is a new issuer disclosure rule that restrict selective disclosure of material nonpublic information. Selective disclosure is the practice by which companies release material nonpublic information to selected insiders before disclosing the information to the general public. Even where selective disclosures benefit investors through an increase in the amount of information in the market, resulting in greater price accuracy, such disclosures may also impose a cost on uniformed investors. In addition, when issuers selectively disclose material information, those in possession of the information prior to the public release are capable of making profits or avoiding losses at the expense of the uninformed. Through the adoption of Regulation FD, the Financial Supervisory Service of our nation intend to eliminate public companies's selective disclosure of important nonpublic information to analysts etc., before making full disclosure of the same information to the public.
Regulation FD, however, leads to the negative effects on analysts. Those who stand to lose the most from the passage of Regulation FD are the securities analysts who are no longer able to obtain advance notice of material developments from the corporate that they cover. Analysts may undertake to assess regularly the value of a corporation and transmit this information to the general investing public. This assessment may combine both material and immaterial information obtained from the company as well as other information sources at the analyst's disposal. Such information may help increase the accuracy of share price, reducing the mispri챠ng risk facing the company's investors.
The adoption of Regulation FD negatively affects the market by increasing volatility and decreasing the quality and quantity of information disclosed to the public, because it will have a chilling effect on the disclosure of information by issuers. It is leads to the reducing the role of analysts because they should always be needed information to analyze the value of a company' securities.
In order to increase the positive role of analysts, it is necessary to ensure access to material and immaterial information of the company, In this sense, the adoption of Regulation FD has many problems in our securities market. It is necessary to reexamine this rule. therefore, for activating the affirmative role of analysts.

목차 (Table of Contents)

• 1. 서론
• 2. 애널리스트의 역할과 규제체제
• 3. 공정공시제도의 도입에 따른 영향 및 문제점
• 4. 결론
• 참고문헌
• ABSTRACT