根据证券价格对其价值的反应程度,法码将资本市场分为三类:强势有效、次强势有效和弱势有效。研究表明,中国资本市场尚处于弱势有效阶段。由于信息影响供求从而决定价格,所以信息的发布者、监管者、传播手段以及接收者都会影响信息的价值。本文将站在市场监管者的角度,以投资者保护为导向,研究如何规范上市公司信息披露的内容和形式以更好地满足投资者需求,以此来证实差异化监管的必要性。 According to the degree to which the security price responds to its value, the code divides the capital market into three categories: strong and effective, secondarily effective and weakly effective. Research shows that China’s capital market is still in a weak and effective stage. Since information affects supply and demand to determine the price, the value of the information can be affected by the publisher, supervisor, means of communication, and recipient. This article will stand in the perspective of market regulators, investor protection as the guide, how to regulate the content and form of information disclosure of listed companies to better meet the needs of investors, in order to confirm the necessity of differential regulation.