2. The principle of accurate information. To judge the accuracy of information, we must first determine the scale of understanding or explaining the content of public information. When the law has clear standards for information disclosure, such as accounting standards, listed companies should disclose information according to legal standards. If standards cannot be formulated, listed companies should disclose information according to the ordinary meaning of language and words. Between the publishers and recipients of public information, that is, between listed companies and investors, there are also differences in judging the accuracy of public information due to differences in industry affiliation, education level, language habits and experience. However, the purpose of information disclosure is to facilitate investors to make investment judgments, so the understanding and interpretation of the contents of public information can be based on the quality of ordinary investors. [9] Secondly, the accuracy of the content of public information also includes the echo of formal information and informal information when public information is disclosed. Because investors' understanding of the operating conditions of listed companies is not entirely based on the information officially released according to law, information released informally by listed companies, such as advertisements, or information released by non-listed companies but related to listed companies, such as media reports, will also become the basis for investors' judgment. So the difference between formal information and informal information will lead to misleading results. Legal relief stipulates that listed companies have the responsibility to ensure the consistency of informal information published by themselves with formal information. For the information released by non-listed companies but related to it, if it is enough to affect investors' investment judgment, listed companies should have the legal obligation to explain it in time. Misleading statements referred to in article 17 of several provisions, including statements through the media, are the principle of accurate reference to information. In addition, in order to give consideration to accuracy and understandability, listed companies should make necessary explanations of terms when disclosing information, and should avoid using too obscure expressions to ensure the understanding of ordinary investors. To a certain extent, legislators intend to promote the fairness of investment judgment with information truthfulness, and accurate information expression is the technical guarantee of information truthfulness.
3. The principle of information integrity. The principle of information integrity means that all information that can influence investors to judge the value of securities investment should be made public. It can also be called the comprehensive requirement of public information. If the listed company has major omissions in information disclosure (such as bad debts not disclosed in the annual report, etc.). ), even if all the information that has been disclosed follows the truth principle and has individual authenticity, it will also cause the overall falsehood of the information that has been disclosed, so the principle of good faith followed in information disclosure becomes the guarantee of the truth principle. Therefore, the legislation of all countries adopts the general legislative mode of example and lists the important information that should be made public in detail. [10] However, it is undeniable that in the process of implementing the principle of good faith, the parties' understanding of the importance and adequacy of information is still inevitably divided due to differences in interests or cognitive levels. How to make the realization of the principle of good faith fade the subjective color and highlight the requirements of standardization and institutionalization has become the primary problem in securities legislation and practice. Generally speaking, the specific operating standards can be summarized from the quality and quantity of public information. First of all, complete and open information must be important. The "material information" in the securities law refers to the information that can affect the price of the securities market. Requiring listed companies to abide by the principle of good faith when disclosing information does not require listed companies to disclose all information that does not affect the price of the securities market at all, otherwise it will not only increase the cost of information disclosure for listed companies, but also increase the difficulty of information selection for investors. But what kind of information can be called "significant"? Although the law enumerates, it can't exhaust everything. General clauses used for this purpose only play a preventive role, not specific operating standards. In practice, it is also common to evade disclosure obligations on the grounds that information is not important. How to define the meaning of information is of practical significance. This paper holds that this can be understood from the following two aspects: (1) Is it possible or inevitable that this information will cause stock price fluctuations? National legislation is not clear, but the United States has adopted the "possibility" standard in its case law. [1 1] That is to say, when judging the influence of a certain information on the securities price, we only need to consider the possible influence of the information on investors' investment judgment, and we don't have to consider whether the things involved in the information are really realized in the future. Because whether a certain information can cause price sensitivity mainly depends on investors' feelings about the information, rather than whether the information will actually achieve such a result. (2) Because this price influence is possible rather than inevitable, that is to say, it is only probabilistic, so when some information is released, the securities price is not affected, which only shows that the information choice of investors has not been determined. Securities supervision is implemented by the regulatory authorities, so the regulatory authorities cannot narrow the scope of information that the information disclosure obligor should disclose. Secondly, the published important information must reach a certain standard in quantity, which is enough for investors to make reasonable investment judgments under normal market conditions. The accumulation process of this quantity provides a material basis for investors' logical reasoning. So, how to coordinate the relationship between information adequacy and transaction economy? The scope of information disclosure exemption can be clarified through the Securities Law. In China's stock laws and regulations, the commercial secrets, non-public information and documents obtained by the CSRC in the process of investigating illegal acts, as well as other information and documents that are not disclosed according to law, are defined as the exclusion of information disclosure obligations. [12] This means that listed companies have the right to choose not to publish material information only if the information involves trade secrets. However, China's Securities Law makes no mention of this provision of the Stock Regulations, which damages the effectiveness of this provision.
4. The principle of timely information. [13] To judge whether the information disclosure is timely, the specific criteria are as follows: ① The company publishes its information as quickly as possible, that is, after the company's operations and finances change, it should immediately disclose its changes to the public; (2) The information disclosed by the company should always be up-to-date, and should not provide outdated and outdated information to the society. [14] Whether the information disclosure in the securities law is timely should be judged by law rather than facts. Whether investors use and respond to the information of listed companies in time is not the standard to judge whether information disclosure is timely, but the availability of information disclosure is the procedural requirement of the principle of timely information disclosure in legislation, aiming at enabling public investors to obtain relevant information of the company in the simplest way. Because there may be conflicts between the interests of securities companies and the interests of general public investors, the two sides will have different understandings of the degree of utilization of public information. Therefore, all countries' securities legislation clearly stipulates the way of information disclosure in time to ensure the convenience of information acquisition and utilization and the openness of content. Article 64 of China's Securities Law also stipulates that the relevant announcements of public information should be published in newspapers or special bulletins stipulated by relevant state departments, and kept at the company's domicile and stock exchange for public inspection. The "Several Provisions" also clearly define the information disclosure obligor's failure to publicly disclose the information that should be disclosed within an appropriate period of time as improper disclosure.
The above four principles focus on the requirements of information content, and the timeliness requirements only slightly involve the issue of publicity. However, if the company discloses true, accurate and complete information in time, but does not actively create conditions for investors to obtain it conveniently, and the purpose of information disclosure cannot be achieved, it cannot be said that the information disclosure behavior is effective. Therefore, effective disclosure becomes the procedural requirement of information disclosure, which is the embodiment of the modern rule of law principle of due process of law in the field of securities law. Specifically, this procedural requirement has the following basic requirements for information disclosure: ① The disclosed information is convenient for investors to consult and copy; (2) It is convenient for investors to consult and copy the information disclosed in the company's history; ③ Do not increase the economic and time burden for investors to obtain information; ④ The disclosed information is easy to save; ⑤ Use the most advanced media as much as possible.