The Study Of Information Needs Of Chinese Public Investors In The Full Circulation Times

In2005, equity division reform was launched in capital market of China, and nowChina’s stock market has stepped into an era of entire circulation. For entire circulation,economy and system background and investors’ philosophy has largely changed. Fromsuch background, it is particularly significant to have a study on investors’ demands forinformation in order to promote an examination of existing information disclosure systemand improve the quality of information disclosure.The paper includes five parts. The first chapter introduces the research background,the selected topic significance, research ideas and methods and thesis research framework,the innovation points. The second chapter includes the theory analysis on in the fullcirculation times the macro environment of China’s capital market and the public investors’information demand changed. For the purpose of knowing a real situation of investors’information needs, the third chapter takes899sets of questions of investors declared by“Investor Call Center” program of Cninfowebsite as research objects. Throughclassification and statistics of investors’ questions, this article finds that in entirecirculation era, investors draw attentions to business conditions, mainly including eventimpacts, investment project situations, development prospects. Meanwhile, investors payclose attention to indicators of non-financial information. we design the conclusions intoquestionnaires to analyze the sensibility of the degree of investors’ needs. By distributionand collection of the questionnaires, we make arrangement and analysis and come to aconclusion, which is basically similar to that conclusion declared by “Investor Call Center“Finally, combined with conclusions above. In the forth chapter, from the perspective ofregulatory norms and information disclosure of listed companies to disclose information onthe behavior analysis perspective of demand and supply contradiction accountinginformation of listed companies,and then offer suggestions for policies related toinformation disclosure and put forward policies of legal system in improving information disclosure of listed companies. The last chapter expounds the research conclusion, thethesis deficiency and future research prospects.