Research On “the Materiality Standards” Of Information Disclosure Of Listed Cmpanies

The concept of materiality is an important criterion for determining whether the information disclosure of a listed company is compliant,the core of the information disclosure system,and an important focus of investor protection and securities supervision.Theoretically,how to determine the materiality of the disclosed information is controversial,mainly based on the investor decision-making criterion and the price sensitivity test criterion and how the two criteria are applied.The first chapter is the introductory part.In order to ensure that the materiality standard gives full play to its positive legal role,it is very important to clarify and unify the academic cognition and judicial practice standards for the materiality of information disclosure.This paper applies the literature research method and the case study method to study the materiality criteria of information disclosure.Chapter 2 is the theoretical foundation.The background of China’s registration-based initial public offering(IPO)system reform and implementation of the new Securities Law have improved the status of the information disclosure system,and the issue of materiality judgment is also more worthy of attention.The materiality standard of information disclosure mainly involves economic theories such as efficient market theory,rational investor theory and incomplete information theory,and at the same time,material issues need to abide by the principles of fair,open and just of securities law,and information disclosure must be true,accurate,complete and timely.Chapter 3 is about the judicial practice on the materiality standard.From the perspective of practice,according to the typical cases collected,the current situation and characteristics of the materiality standard for information disclosure in practice are analyzed,and the problems and current situation faced in practice are summarized.According to the analysis and research from the perspective of theory and practice,the new binary theory of materiality standards is re-recognized.Sort out the dilemma of the application of the materiality standard in practice.Chapter 4 is the mode of the materiality criterion.From a theoretical point of view,the materiality criteria for information disclosure are studied separately.Sort out the theory of materiality criterion advocated by the academic circles,analyze several academic propositions of materiality standard,and summarize the characteristics and problems of different academic propositions.Chapter 5 is Selection and improvement of materiality criteria for information disclosure.Combining theory and practice,this paper advocates the adoption of the proposition of new dualism,and the proposition of quantitative qualitative analysis and the division of general special norms are more suitable for China’s securities market.In addition,the materiality criterion needs to be further improved in the following aspects: first,the magnitude and direction of price changes should be clarified when the price standard is applied in priority,and the decision-making standard should not be violated;Secondly,in the application of decision-making criteria,the concept of clean investors should be clarified,and the principled and open nature of decision-making criteria should be retained.