Information disclosure system of listed companies

Information disclosure system is also called "information disclosure system". In order to protect the interests of investors and accept public supervision, listed companies must disclose or publish their relevant information and materials according to law. It can be divided into distribution market information disclosure system and circulation market information disclosure system. The former refers to the disclosure of the operating and financial conditions of the securities issuer to investors in the form of applying for and filling out the Securities Declaration; The latter refers to the publication of the operating conditions of listed companies and some major issues in the form of filling in the "securities report". The information disclosure system is clearly defined in the securities laws and regulations of various countries. The implementation of information disclosure can help us understand the operating status, financial status and development trend of listed companies, which is conducive to the management of the securities market by the securities authorities and guide the healthy and stable development of the securities market; It is conducive to the public to take timely measures according to the information obtained and make correct investment choices; It is also conducive to the supervision of listed companies by shareholders and the public. The legal basis of the information disclosure system in China's securities market is mainly the provisions on prospectus, listing announcement, information disclosure of listed companies and merger and acquisition of companies formulated by the CSRC, detailed rules for the implementation of information disclosure of public joint-stock companies (for Trial Implementation) and guidelines for the content and format of information disclosure of public joint-stock companies (1 ~ 6).