Regulation on Information Disclosure of Listed Companies:Harmonization Between Mandatory and Voluntary Disclosure
Huifang Wang · Audit & Economy Research · 2007
The problem between mandatory disclosure and voluntary disclosure is to explore the best way to improve information disclosure quality in security market rather than one replaces the other.From the economic characteristics of information,this paper analyses the limit of mandatory system and the way how the two systems can coexist,and points out that the mandatory system has its instinctive limit for unobservable and unverifiable information while the voluntary system can solve this problem successfully.