The Status Quo of and the Reflections on the Information Disclosure of Listed Companies in China

In the information disclosure of securities, the listed companies employ over-technical professional terms intentionally or unintentionally, which undoubtedly causes extra burdens on the investors, especially those who are lack of professional skills. The abundance of false or dishonest presentations in securities market distorts has distorted the truth of information and seriously attacked the investor's confidence. The selective disclosure of listed companies infringes on the investor's right to equal access to information and therefore is against the principles of fairness, justness and openness in securities market. Besides, the lack of exercisability of responsibility system makes it difficult for the effective sanctions on the acts harming the investor's interests. The paper investigates the status quo and problems on the information disclosure of listed companies in China, examines the practices overseas in the major securities markets and provides suggestions for the regulation on and system construction of the information disclosure of listed companies in China, which is hopefully beneficial to the improvement of the information disclosure of listed companies therein.