Soft information disclosure in the information disclosure system has increasingly become an important basis for investors to analyze the future profitability of the company.However,the conception of soft information is urgent to be clarified because of being rather vaguely defined in the securities market of China.The conflicts of interest in soft information disclosure run through the whole process of IPO and continuous information disclosure.Observing two kinds of manifestation modes of conflicts of interest in soft information disclosure,we find that the types of conflicts of interest have a certain degree of concentration.The reasons leading to soft information disclosure in a bind are the market itself aspects and the unsound legal institutionsTo set up the resolution mechanism of conflicts of interest for soft information disclosure in China's securities market,the constructions of the cognitive level and the behavioral level are essential to resolve the conflicts of interest in soft information disclosure.Gaining a correct understanding of soft information and clarifying the boundary between soft information and hard information are the basis of setting up that.In addition,when it comes to the construction of the legal institution,“Comply or Explain” Approach and the Safe Harbor are the ways what may crack the disclosure methods of soft information and the civil responsibility allocation,because of the uncertainties of soft information and the diversification of the disclosure subject's interests which are not easy to be resolved.Besides,the convergence of the two institutions has a catalytic effect on their own advantages.Simultaneously,setting up the corresponding supervision mechanism for soft information disclosure also is a issue that cannot be ignored. |