| The list-company discloses its management information in the securities market. It is the main way that the operating statements of the list-company are known. The information disclosure means: the financial statements, the operating results and all the other data are announced in some forms by some vehicles. To disclose information is the inevitable result of socialization of information demands. The essence of information disclosure is to make the information open.Scholars inside and outside studied on the problem of information disclosure using the theory of economics and law. In this essay, the author tries to analysis the criterions of list-company accounting information disclosure in our country and the relations between accounting information disclosure and investors' interests protection on the base of former research results, then point to the problem and put forward the way on the improvement of information disclosure of list-company in the view of investors' interests protection.Part One: Study on the Theory Basis of Accounting Information Disclosure of List-companyThe basic theories relating information disclosure are: the theory of contracts, the theory of agent costs and the theory of company administration. The legal system of securities in some countries regulated the criterion of list-company information disclosure so that the disclosed information could be creditable objectively and its inter valuation could be realized. The criterion of information disclosure can be reduced to reliability, integrity and validity. The factor that influences the list-company supplies the accounting information is divided into economic factor and non- economic factor. The former means the cost that the list-company discloses the accounting information, including measurable and immeasurable cost. The later includes such factors, which influenced accounting information of the list-company, as the improvement of the accounting theories and the supervising attitude of the government, and so on. The cost of the accounting information will be the main factor.Part Two: Relations between Accounting Information Disclosure and Investors' Interests ProtectionThe information disclosure is basis of the securities market and the fundamental premise to set up a fair, impartial and open securities market. The financial statements and operating results of the company are opened to the public by the information disclosure. The participators of securities market can make strategies in accordance with the disclosed information. To many investors, the unreal accounting information will mislead them and make them lost confidence. It is no good to normal developments of the securities market. To protect the profits of the investors is not only common knowledge in the international capital markets, but also invariable opinion since the China Securities Supervisor Committee set up. It is necessary to set up the system of investors' interest protection on the basis of the experiences of the marketing economy countries.Part Three: the Problems on the Accounting Information Disclosure in Our Present List-company and their ReasonsWith the development of the economy and the trend of economic integration, the risks in our securities market appear obviously day-by-day. The administering authority came to take the problem seriously. One of the risks is the false accounting information. The interests of the investors will be damaged seriously in some degree and the development of our securities market will be influenced. The matters of the accounting information disclosure can be reduced to unreality, insufficiency, and invalidity. The reasons are concluded: 1) lack of the supervision of government; 2) CPA's lost supervising duty; 3) the inter profit demands of list-company; 4) immature ideal of the investors.Part Four: the Main Way on the Improvement of Information Disclosure of List-company and Investors' Interests ProtectionTo disclose the exact, complete and timely information to the investors...
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