The establishment of disclosure system is the precondition for the normal operation of listed companies, the reasonable investment of the investors and the effective regulation of the competent authorities. It is argued in this study that the comprehensive disclosure system should cover the primary disclosure and continuous disclosure, responsibility and remedy systems. The disclosure system shall cover the whole process of operation of listed companies, in which a synoptic consideration of investment decision criteria and market value criteria, and prescribes explicitly in an exemplary way the major information that shall be disclosed, the information that may not be disclosed, and the information that will not be released, especially the situations of the disclosure of the latter two kind s of information. As to the identification of the importance of the non-exemplary information, the market value criteria should be applied therein. The integration of responsibilities and rights, which is the ought-to-be connotation in law, entails the launching of a multi-dimensional responsibility system.
