The Research On The Information Disclosure Of The Listed Company And Financial Media Function

The object of listed company information disclosure is to maintain the transparence and effectiveness of the securities business, the effect of the capital market is achieved through the influence to the stock price and reducing the information asymmetry status. Financial media as a message organization, which get the profit from sending information, and also have the responsibility to sustain the commonweal of the justice, in the same time it is important to keep their influences to the stock prices of the listed company. There are great connections between them. Under the guidance of the "effective market hypothesis" and the "information asymmetry theory" , observe the financial media report status of the listed company information disclosure and analyze the function location of the financial medial through the economic theory.We selected the "21 century business herald", "the economic Observer ", "China business ", "First Financial Daily," "China Securities Daily" "Cai jing magazine" for the reports about "KELONG" events. Through disaggregated statistical analyzed these data, observed the continuous time ,intensity and perspective and span of these reports, which will reflect the position and influence of the financial medias' information disclosure reports to the listed company. Through content analysis reflects the capital market problems, and reveal the errors of information disclosure system and the limitations of financial media.In addition, "KeLong" event is a typical event of information disclosure. But in the processof media supervising and oppugning, it induced a hot discussion ------" the debate of Lang andGU"about the reformation of state owned company. And this topic has been spread wildly and politicalized, which had caused a great influence. In this article, we began to review the word platform, which is constructed by the financial media , and whether it can improve the information currency and carry out the effective supervising,.In the course of this analysis, we will insert some foreign financial media information disclosure in the securities market, and compare our financial media with other countries', analyze the gap and reason. Thus reflect the relationship between the plight of our financial media and the media environment.