| Information disclosure system and the business secret protection system are always a dilemma proposition around the economic market. They have the contradiction and the conflict both in theory and practice. Information disclosure system which belongs to the negotiable securities legislation category originates from the male principles: "open,just,fair". It requests the disclosure of information to be prompt, complete and accurate, in order to protect the general investor's benefit; on the other hand, the business secret protection system which belongs to the counter-unfair competition legislative category has the way of "information security" to attack the unfair competition and protect the listed company's benefit. In practice, on the one hand, the negotiable securities Supervisory department and the investor need the information to be obtained to maintain the investor's benefit, but the excessive information disclosure also possibly causes to reveal business secret and injure the listed company's benefit; on the other hand, to maintain the competitive advantage and maximize its own benefit, the listed company has the full motive of business secret protection, not willing to disclose the information that involves the business secret, however, the excessive protection of the business secret has the possibility to shorten the depth and breadth of the information disclosure and harm the investor's benefit at the same time. Obviously, the conflict does not help construct the stock market to be harmonious, healthy and ordered. Therefore, its significant to study and solve the conflict not only in theory study but also in practice.Taking this into consideration, this article has analyzed the coordinated necessarily between the information disclosure system and the business secret protection system, elaborated the coordinated possibility and proposed the final solutions of the conflict based on the elaboration of the two systems' principles.
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