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At the waving of economic globalization, more and more Chinese enterprises go abroad, to overseas markets in securities listed on overseas capital to demand. Information disclosure system in the country is among the core securities law status. In the case of cross-border listing, a listed company on the information timely, accurate and complete disclosure is more difficult. This paper uses empirical analysis, comparative analysis, analysis of the overseas listing of information disclosure and the causes of the problems described in detail with the major securities listed in China to differences in information disclosure system, and on this basis, proposing the countermeasures of disclosure of overseas listed System.This article is divided into four parts:PartⅠ: Overview of information disclosure of listed companies. First of all sources of information disclosure described, followed by the theory that the basis of information disclosed, namely, the efficient market theory, asymmetric information theory, theory of public goods, and finally discusses the disclosure of the value function, namely, the performance of information disclosure is prices of securities based on securities fraud to prevent, an important means is to urge enterprises to improve management of important means.PartⅡ: Disclosure and foreign listed companies comparison. It is described the United States, Japan, France and China in the initial information disclosure system and continuous system of information disclosure between parties. Details of the prospectus, annual reports, interim reports in the United States, Japan, France, the different requirements.PartⅢ: Analysis of Overseas Listed Companies in China’s information disclosure system status and problems. On the one hand, elaborated on China listed companies outside the status of information disclosure system, including: securities system defects, defects in cross-border regulatory regime, corporate governance system defects; accounting system deficiencies; the other hand, pointed out that China’s Overseas Information Disclosure of Listed Companies: Information disclosure is not timely, incomplete, inaccurate, untrue.PartⅣ: In the reference mature outside the relevant provisions of the securities market, based on the proposed I had the information disclosure system of listed companies outside of the Improvement. Include: first, improve the securities system. To this end, we must strengthen our information disclosure of listed companies on the outside of legislation, and specifically information on the regulation of listed companies outside the main body and responsibilities; second, improve the information disclosure system of international collaboration. On the one hand to detail the contents of the bilateral memorandum of understanding, and make it operable, on the other hand strengthen the legislation to promote international collaboration securities; Third, improve the corporate governance system. Be dispersed equity and eliminate the phenomenon of internal control and strengthen the authority of the board of supervisors, and strengthen the supervisory role of the board of supervisors; Fourth, improve our accounting system. Full reference to the U.S. public accounting standards and international accounting standards to modify the accounting standards of China, to reduce differences in accounting standards to bring the overseas listed company information disclosure issue.
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