The Differentiation Information Discloser Of China’s Listed Companies

The information disclosure of listed companies which must be conducted in accordancewith the principle of “openess” is main way for investors to learn about the listed company,also for the supervior of security in the securities market. After having constructed for14years, the comparatively complete information disclosure system of China’s listed companieshas basically formed and the top-down legal norm system system has been set up in ourcountry. However, with gradual progress of the stock market, the fair information disclosurebecause of its inherent defects has been unable to completely adapt to the need of justicepractice. It is necessary to explore another new type of the listed company informationdisclosure because of the passive and templated disadvantages of the traditional informationdisclosure.On September19,2012, the document “the Content and Format of the Annual Report,Known as the No.2of Standards on the Content and Format of Information Disclosure ofCompanies Publicly Issuing Securitie (revised in2012)” issued by the China SecuritiesRegulatory Commission puts forward “the differentiation information disclosure of the listedcompanies” for the first time, meaning the listed companies in different industries or differentsituations of the same industry shall adopt different information disclosure standards andrequirements in the legislation, regulation and practice. The differentiation informationdisclosure is an innovative revolution for paying more attention on the efficiency ofinformation disclosure during the pursuit of real fairness. There was something undeniablythe differentiation information disclosure meets the great demand of the current market andremedies the deficiency of the current judicial and will become the developing direction offuture information disclosure regulation in China’s securities market. Due to the new type ofinformation disclosure still being at the initial stage, differentiation standard still needs furthersupplement and the relevant supporting system should further be improved to deal with theproblem in practice and meet the needs of modern securities market and the judicial practice.This dissertation is divided into four parts for discussing the issue. The first partexpounds the basic theory of the listed company information disclosure and its developmentcourse, furthermore the necessity of the differentiation information disclosure is statedsufficiently. The second part introduces the basic connotation of the differentiation information disclosure of China’s listed companies, and the specific provisions stipulated inthe rule are analyzed in focus. The third part goes on with the improving suggestionsspecifically according the shortcomings of the differentiation information disclosureregulations and analyze the stock registration system reform. The fourth part points out thelisted companies, regulators, and investors should make joint efforts to effectively improvethe efficiency of information disclosure during the pursuit of real fairness and maintain theorderly operation of the whole securities market in the process of implementing thedifferentiation information disclosure of listed companies.