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The Jurisdiction and Logic of Information Disclosure Based upon Investor Protection

Chen Maojun;Xu Cong;  
investor protection varies according its status as creditor or shareholder. Since creditors are entitled to contractual relief based upon anti-fraud rule, issuers are not obligated to disclosure information to creditors. Shareholders are residual interest holder, thus the company is required to disclosure mandatory information which is dictated by fiduciary jurisdiction and economic efficiency reckoning. Mandatory information disclosure as equalizer is directed toward investor protection rather than stake holder protection. The current information requirements feature as both over inclusiveness and under inclusiveness which shall be revisited and rebalanced in Securities Law revision.
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