Research On The Different Information Discloser Of Chinese Listed Company

With 30 years of development,China's information disclosure system of listed companies established multi-level standard systems with reasonable structure.At the same time,however,the homogeneity,formalization and fuzzification of information disclosure tend to be obviously increasing and investors have difficulty in finding information that is valuable to their investment decisions.Accordingly,how to meet the diversified information needs of investors,how to make listed companies improve the quality of information disclosure and how to deal with a large number of listed companies with limited regulatory resources,are problems that we need to solve.In this context,this paper launched a study of differentiated information disclosure system of listed companies.In addition to the introduction,this paper consists of five parts:The first part is the reason and definition of differentiated information disclosure of listed companies.This paper focuses on the supply and demand conflict in China's current information disclosure,analyzes the contradiction between the supply and demand of listed companies and investors,the contradiction between the different types of investors and the contradiction between the regulatory information and the non-regulatory information.The reasons for the disclosure of differentiated information is discussed,and on this basis,the concept of differentiated information disclosure has been defined.The second part analyzes the legal basis of differentiated information disclosure of listed companies.Differentiated information disclosure requires a different disclosure of information,but it is not contradicted to the fairness of the securities market principles.To a certain extent,it just reflects the fairness of the securities market principles,and also help to improve the efficiency of the securities market.In addition,the designing of differentiated information disclosure system should also be based on the the basic principle "meeting multiple information needs of investors " and "reducing the costing of information disclosure of listed companies",so as to achieve the coordinated development of fairness and efficiency.The third part clarifies the manifestation of differentiated information disclosure of listed companies.Listed companies in the same industry may have differentiated industry characteristics due to differences in business model,profitability and competitive advantage,and the risk levels of listed companies in the same industry are not the same,and these differences determine different types or the same type but of different circumstances of the listed companies to apply different specifications.Therefore,this article started from the two dimensions of industry classification and risk rating,summarize the presentations of differentiated information disclosure of listed companies.??The fourth part explores the ways to realize the differentiated information disclosure of listed companies.In this section,according to the logic of whether disclosure is needed or not,what should be disclosed and how to disclose,the author pointed out three forms to realize differentiation arrangement,including “mandatory disclosure and voluntary disclosure,comprehensive disclosure and simplified disclosure,and paper media disclosure and online media disclosure”.The fifth part puts forward the concrete ways to construct differentiated information disclosure system of listed company in China.This part constructs the differentiated information disclosure system of the listed company through two levels of law and supervision.At the legal level,this paper proposes to provide for abstract principles in respect of differentiated information disclosure in the Securities Law and improve the standard system of information disclosure.At the level of supervision,this paper puts forward the regulation of different types of listed companies in different industries,the classification of different types of listed companies in the same type of regulation,the combination of the two means of supervision to better protect the interests of investors,so as to improve the supervision and strengthen the deterrent force of the regulatory authorities.