The Conflict Between Information Disclosure And Confidential Information Protection And Its Coordination

The information disclosure and confidential information protection of listed companies has the conflict both in practice and theory. In practice, because of the characteristic of stock market, the securities regulatory commission requires listed companies disclosure information to be prompt, complete and accurate, in order to protect the general investor's benefit; but considered about their interests, the companies may delay the information disclosure or using an unclear expression to reduce the amount of information, what for preventing the opponent's unfair competition. In theory, the information disclosure system originates from the principles of"open", it reflects the security law's function of regulating listed companies behavior, maintaining market order,. But the confidential information protection system cares more about the privacy, it belongs to the counter-unfair competition legislative category has the way of"information security"to protect companies'competitive position. More protection may affect the stock market's order, disclosure overly may do harm to listed companies, that's the importance of discussing the coordination of the conflict between the two systems. The research as follows has practical significance and theoretical meanings.In order to discuss how to solute the conflict, the paper is divided into 4 parts : Part one is about the performance of the conflict between information disclosure and confidential information protection. In the legal theory, it is the conflict of value of law, including interests (between the public interests and the individual interests of the listed companies) and also interests and order. On the content of legal relations, the conflict is between the investor's right to know and the right of confidential information of companies'.When it comes to legal practice, the conflict manifested in legislative and judicial.Part two is about the value of the two systems, and how to make a choice to settlement the conflict These systems are extremely in important position in their own area, but when placed in the securities market where the information is asymmetric, the coordination of the conflict needs a system choice. This paper argues that information disclosure system should rely on the value of order, and pay more attention to the quality of information on the securities market.Part three is about the examination of the relevant legal system both at home and abroad. The existing legal framework must be taken into account the coordination of the conflict. Without a sound legal system, the overseas legislation may provide ideas for a solution. Part four is a discussion of the coordination. In the study on the legal systems of some countries, this part points out that, to resolve the problem, it is required to clear a line of which information should be disclosed. On the other hand, the information should be disclosed in different levels, what's more, some information can be suspend to be disclosed.