The Differentiated Information Disclosure Of Listed Companies

Based on the conditions of securities market, this article will research on the principle of differentiation information disclosure of listed companies, the classification of listed companies, and also on the different information disclosure standards and requirements of different companies.Besides the preface and epilogue, this article is divided into six parts.Part I – The Principle of Differentiation Information Disclosure System. The information disclosure system should satisfy the varietal needs of investors, while reducing the costs of information disclosure.Part II – The Classification of Listed Companies. Based on the research of the different classification criterion of listed companies and the risk level set of consideration, this part will try to assort listed companies with risk level as a standard. According to the difference among the governance of corporations, the quality of financial, the information disclosure and the profitability, listed companies are divided into high-risk companies and low-risk companies.Part III – The Differentiation of Disclosure or not. From the results, disclosure or not find expression in compulsory disclosure and voluntary disclosure. To differentiate disclosure or not, it is necessary to reduce the compulsory requirements and to encourage voluntary disclosure for low-risk listed companies, instead, the legal obligation of high-risk companies should be strengthened.Part IV – The Differentiation Disclosure in Contents. According to different criterion, the contents of information are divided into financial information and nonfinancial information, historical information and predictive information, general information and special information. For high-risk companies, it is necessary to raise the requirements in financial information, historical information and general information, but reduce the requirements in non-financial information, predictive information and special information, which contradict the low-risk companies.Part V – The Differentiation Disclosure in Forms. According to different carriers, the forms of information disclosure include newspaper, periodical, internet and special electronic information system. Therefore, it is required to encourage electronic disclosure for low-risk companies, while restricting the use of the manner described for high-risk companies.Part VI – The Improvement of Differentiation Information Disclosure System. Only when the principles of differentiation information disclosure system have been followed, the listed companies are classified with risk level as a standard and the requirements of differentiation information disclosure are implemented, can differentiation information disclosure system be improved.