Abstract: The effectiveness of corporate information disclosure is the premise and basis for investors to use public information to judge the value of securities and make rational decisions. In view of the current situation of insufficient effectiveness of securities offering information disclosure, this paper puts forward a feasible path to enhance the effectiveness of information disclosure by using the methods of comparative analysis and normative analysis. The research findings indicate that the registration-based IPO system requires that the information disclosure of issuers should be based on the philosophy of meeting the information needs of investors. Ordinary investors and professional investors have different information needs due to their different self-protection abilities, and differentiated arrangements for information disclosure are the basic approach to realize the effectiveness of information disclosure. Differential information disclosure has two aspects: one is to disclose the personalized information that is different from that of other companies according to the industry and its own characteristics; the other is to provide the required information according to the different types of investors. On this basis, this paper innovatively proposes that the system of effectiveness of information disclosure should be improved from the following aspects: firstly, making the effectiveness of information disclosure the basic principle of securities information disclosure; secondly, improving the disclosure standards of differential information to encourage issuers to disclose their own personalized information; and thirdly, providing targeted information to professional investors and ordinary investors according to their different information needs.
Key Words: registration-based IPO system; effectiveness of information disclosure; differential information disclosure; sectoral information disclosure; investor protection
Author: Wang Qi, assistant research fellow, CASS Institute of Law;
Source: 2 (2024) Financial Regulation Research.
