What information do listed companies need to disclose?

The information disclosure system is the cornerstone of the securities market supervision system, and its theoretical basis is that the mandatory information disclosure system can solve the problem of adverse selection in the securities market to a great extent, thus correcting the deviation of securities pricing and ultimately promoting the effective allocation of capital. Real, accurate, complete, fair, standardized, easy to understand and obtain information is the premise for investors to make rational investment decisions, and it is also one of the foundations for the existence of the securities market. In the absence of mandatory information disclosure system, the mixed information in the securities market makes it impossible for investors to distinguish between high-quality securities and poor-quality securities. Therefore, the prices of high-quality securities and low-quality securities converge. In other words, investors are unwilling to pay high prices for high-quality securities because they don't know which ones are. This is the problem of adverse selection in the securities market, and its direct consequence is that "resources will be allocated to some low-value substitutes" (Esterbrook and Fischel, 1984), while the pricing of high-value securities is low, the effectiveness of the securities market is reduced, and the function of resource allocation is damaged. As a low-cost and efficient way of securities supervision, information disclosure system has been implemented in major capital markets all over the world. Practice has strongly proved that by establishing and maintaining public confidence in the securities market and providing investor protection, the information disclosure system enhances the effectiveness of the capital market, and ultimately promotes the effective allocation of capital and the sustained and healthy development of the national economy.

Accounting information disclosure of listed companies means that listed companies report their financial operations and other accounting information to the securities regulatory authorities in accordance with legal requirements from the perspective of safeguarding the rights and interests of investors and the operation order of the capital market, and make an announcement to the public investors.

Accounting information disclosure of listed companies includes the following contents:

(1) quantity information. Generally, listed companies reflect the historical information of various economic activities involved in the company in monetary form in accordance with the requirements of the "Accounting System for Joint-stock Enterprises" and other documents promulgated by the state, combined with the company's actual situation and industry accounting regulations.

(2) Non-quantitative information. This mainly includes the explanation of important changes in accounting information of listed companies, the explanation of the application of accounting policies, the reasons and effects of changes in accounting policies, etc.

(3) Post-event information. This mainly includes: matters that directly affect the amount of later financial statements, matters that seriously change the continuity of balance sheet valuation, matters that seriously affect the relationship between assets and interests, or matters that seriously affect the current forecasting activities of previous annual reports, and matters that have unclear or uncertain effects on future earnings and valuation.

(4) The business situation of the company's branches. They are an information aggregation formed with the development of diversified business and cross-regional business of the company. If only these quantitative data are disclosed in the financial statements, it is difficult to accurately reveal the operation and future development of this part of the company's business. Therefore, listed companies must publish this part of the data in their external statements, as well as many important information such as the caliber of the data, the principles of disclosure, and the requirements of management.

(5) Other relevant information. In the process of issuance, listing and trading, listed companies should disclose the above financial and accounting information, as well as related information: company profile, description of organizational status, review and prospect of shareholders' shareholding, company internal audit system, disclosure of important matters, company development plan, capital investment, shareholding structure and its changes, audit reports and opinions of certified public accountants, etc.