| Trust crisis has been stimulated in capital markets of China and U.S.A from 2001 to 2002 since a series of imitation events. False information disclosure in capital markets causes damage to the benefit of investors, and distorts resource allocation, which will have negative impact on the economic development. So it is very important to normalize information disclosure and improve the quality of information disclosure for the improvement of market efficiency, protection of investor benefits and enhancement of social benefit.Based on the debate of voluntary information disclosure and mandatory information disclosure, this paper starts with the analysis on theoretical basis of information disclosure, and points out that the essence of the debate is the problem of justice and efficiency, while the way to solve the problem is to normalize information disclosure and improve the information disclosure quality. After putting forward the standard for quality of information disclosure, this paper probes into the factors influencing quality of information disclosure, compares the laws and rules for information disclosure in U.S.A and China, briefly introduces the SOX Act recently implemented in U.S.A aiming at trust crisis, and analyzes the enlightenment of SOX Act for the quality improving on information disclosure of listed companies in China. Based on game analysis, the paper points out that both common investors and listed companies will benefit from the enhancement of investors instruction, promotion of market honest construction and improvement of information disclosure quality. Finally, combing with yearly reports of listed companies, this paper takes the information disclosure evaluation results publicized by Shenzhen Securities Exchange as samples to make regression analysis with LOGISTIC model, and the results indicate that the internal factors like company governance structure and financial condition have significant impact on information disclosure quality.
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