Conflict And Balance Of Information Disclosure And Trade Secret Protection Of Listed Companies

The information disclosure system and the business secret protection system have their own far-reaching source of law, and play a role can not be ignored in the market economy. But the listed corporation information disclosure and the protection of commercial secret are the relation of unity of opposites in the legislation value. Observing the status of national legislation, the development levels of capital market, the size of firm and different financing channels effect the balance of information disclosure and secret protection. The countries having developed capital markets,such as Britain, the United States, tending to disclose informations of listed corporation. Meanwhile,the countries having undeveloped capital markets,or small enterprise scale are in favor of secret protection, in order to protect the development of the company. Listed corporation information disclosure aim at protecting the interests of shareholders, improve shareholder investment enthusiasm, reach a maintenance of the stability of the stock market. And the commercial secret protection, is to protect the interests of listed corporation, to preserve their own competitive advantage, ultimately to promote market prosperity. Listed corporation, according to the law,shall give a timely disclosure of information,but if it relates to the competitiveness of the company’s business secret, then, whether the information should be timely disclosed has become the focus of the conflict. In the law study of China’s existing status, most scholars are centralized on listed corporation information disclosure and the business secret protection separately,only a few scholars pay attention to conflicts of the legal value, legislation principle, legal content, the judicial practice. These conflicts have not yet been solved effectively, if things go on like this, it is not conducive to the listed corporation’s individual promotion, nor the long-term development of the stock market. Based on the necessity and and four aspects of conflicts of the two system, this paper expounds their source of law according to the contradictions. And find out fuzzy zone boundary on the legal definition to make a blue print for solving the conflicts and reach a balance of the two system in the legislation, law enforcement, and judicial practice.