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Information disclosure system is the cornerstone of the existence and development of the securities market , securities core content of the legal system , is one of the most important system in the world to regulate the management of its listed companies or companies to be listed . Full , timely, accurate and effective information disclosure can effectively prevent false securities market fraud, unfairness , can enhance the confidence of investors . Information disclosure of listed companies is the main channel of the listed companies to communicate with investors, market regulators . For the supply side of funds investors , they want to listed companies to provide a complete and reliable information so that they can make the right decisions ; funds demand side that a listed company , including company to be listed , they need through the listing the information asymmetry between corporate information disclosure to reduce investors , the stock more liquid , thereby reducing the cost of financing . However, in the development of the securities market in China there is too much information asymmetries , including listed companies to be listed companies always want as much as possible to keep company information concealment , not positive performance in terms of information disclosure , believing it will damage the interests of the company , either in the actual disclosure of relevant information , or disclosure of the information is untrue , inaccurate , incomplete , untimely phenomenon. Based on this , this article describes in detail the historical development of the information disclosure system , the theoretical basis and the status quo of China 's information disclosure system , inadequate , and put forward suggestions for improvement in order to help the development of China's securities market and China's economic development .
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