On Standardization Of Information Disclosure In Chinese Securities Markets

The author defines the securities markets as information markets, and probes into the function of securities markets at the basis of above definition. The author thinks the conflict between the expected function and the theoretical function leads to invalid securities markets because of the unhealthy information disclosure in China. Then the author interprets "the information", "the information disclosure" and "the unhealthy information disclosure" from the government and the listed corporation and expounds the Chinese and abroad disclosure system and their theoretical foundations. After analyzing the internal causes of the unhealthy information disclosure from the supply and demand of the information and the transformation of enterprise's organization model, the author tries to conclude some policy advice in order to solve the unhealthy information disclosure in Chinese securities markets.