【正文】
ors (management below) hopes to attract enough capital for operation so as to make profits. Once the two strike a deal and there is the problem of information asymmetry. The solution to the problem of information asymmetry is likely to lead to reverse options and ethical risks. In the constantly evolving and improving securities market, information disclosure has bee a necessary tool to reduce information asymmetry between investors and the management. Developed Western countries have a long history of capital market and it is quite fruitful in the study of information disclosure on the capital market. In 2020, Journal of Accounting and Economics published a prehensive study on information disclosure on the capital market written by the two professors, Paul M. Healy and Krishna G., Palepu, which reviews, in an allround manner, in depth and systematically the theories and empirical studies in the area of information disclosure on the capital market and looks forward to the prospects for the study in the area. This paper first borrows the two professors’ framework of study on information disclosure on the capital market and, in tandem with the information disclosure on China’s securities market, and through a case study, puts forward some problems existing in the information disclosure on China’s securities market. II. Roles and Responsibilities From the early stages of drafting of the new Information Disclosure Policy, there has been an explicit understanding among Departments of the Bank that while the Policy document itself would not speak to questions of its eventual implementation, all aspects of execution would be entrusted to EXR, with implications in terms of timing, logistics, budget and other resources. Ⅲ . Coordination EXR will be responsible for coordination of a series of training, publication/informationdissemination and outreach activities related to the implementation of the new Policy, working in conjunction with several other Departments, including the Regional Operations Departments, Private Sector Department, the Regional Technical Cooperation Division of the Integration and Regional Programs Department, the Multilateral Investment Fund and the Office of Learning (LRN). A second imperative for the successful implementation of the Policy will be close coordination with the staffs of those Bank units managing databases and other systems serving as repositories of information required to be disclosed to the public. These units include the Information Techn