Different Information Disclosure Of Listed Companies

According to the demand of investors, it can be differentiated listed companies from different industries, different sectors, different area, different ownership and same kind of listed companies with different situation. Adopting different standards and requirements of information disclosure and establishing a different information disclosure system of listed companies is a significant way to enhance the transparency from stock market and improve the quality of listed companies. This article is based on the reality of Chinese stock market, other Chinese industries and related foreign systems. It will analyze the necessity, urgency and possibility to establish a different information disclosure system based on the need of investors and presented the standard and content of different information disclosure system. It will be divided into four parts.Firstly, it will mainly discuss the relationship of different information disclosure system and the needs of investors. This part will mainly be focused on (1) the need of investors;(2) why does the different information disclosure system meet the need of investors;(3) how does the different information disclosure system meet the need of investors. It will discuss the need of investors for information disclosure representing in content and method of information disclosure. Information disclosure has to meet the need of investors because of the internal requirements. It is an important method to solve the problem of information asymmetry in agency by agreement. The need of investors depends on the authenticity, timeliness, accuracy and integrity of information.Secondly, it will mainly discuss the urgency and possibility of establishing a different information disclosure system which based on the need of investors. The current situation and environment demands a different information disclosure system to regulate the Chinese stock market. The different demands of investors, the recognition of different information disclosure system among investors, and the reference effect of supervision system by classification and Chinese Stock Exchange have put this system into practice which prove the possibility of different information disclosure system.Thirdly, the measurement and content in different information disclosure system of listed company need to based on the quality of that company. It should be classified listed companies under three sectors:financial performance, the level of corporate governance and managing power. The system can present multi-level different information which the core information is related to different industry and the assistant information are based on different sections, area, and ownership.Fourthly, it will focus on how to put the different information disclosure system into practice. The system basically follows two rules which are whether information is to be disclosed and how to disclose. In this case, it should establish an information disclosure evaluation system for listed companies, set up a specific committee to supervise and perfect the evaluation system.