The Transformation of the Materiality Standard for Information Disclosure under the Registration System in China:Taking Investor Decision Criteria as an Example

Jianfei Yu

doi:10.47297/wspdecWSP2515-797305.20240801

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The Transformation of the Materiality Standard for Information Disclosure under the Registration System in China:Taking Investor Decision Criteria as an Example

8卷第1期

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The Transformation of the Materiality Standard for Information Disclosure under the Registration System in China:Taking Investor Decision Criteria as an Example
The Transformation of the Materiality Standard for Information Disclosure under the Registration System in China:Taking Investor Decision Criteria as an Example
Department of Law, Shanghai University of International Business and Economics, Shanghai, 201620, P. R. China
2024年8卷第1期页码：32-39
纸质出版日期： 2024-06-30 ，
DOI：10.47297/wspdecWSP2515-797305.20240801
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(2024). The Transformation of the Materiality Standard for Information Disclosure under the Registration System in China:Taking Investor Decision Criteria as an Example. 发展经济学, 8(1), 32-39.

Yu Jianfei.The Transformation of the Materiality Standard for Information Disclosure under the Registration System in China:Taking Investor Decision Criteria as an Example[J].Development Economics of China,2024,08(01):32-39.
(2024). The Transformation of the Materiality Standard for Information Disclosure under the Registration System in China:Taking Investor Decision Criteria as an Example. 发展经济学, 8(1), 32-39. DOI： 10.47297/wspdecWSP2515-797305.20240801.

Yu Jianfei.The Transformation of the Materiality Standard for Information Disclosure under the Registration System in China:Taking Investor Decision Criteria as an Example[J].Development Economics of China,2024,08(01):32-39. DOI： 10.47297/wspdecWSP2515-797305.20240801.

摘要

Abstract

Under the background of the reform of China's securities issuance registration system

the value of the information disclosure system has changed from a regulatory-oriented to an investor-oriented system. Currently

the "materiality" standard based on the perspective of investors has been gradually established in China. However

there is a lack of discussion on what constitutes a rational investor in China's judicial practice. The United States courts have held that a "rational investor" is an investor who is aware of publicly available information and can incorporate the information into his investment decision-making process. In addition

"rational investors" should know some basic knowledge of investment

have the thinking ability of rational people

and be able to rationally cognitive

reason

and judge. The determination of "rational investors" in US law can enlighten China in perfecting the "materiality" standard.

关键词

Keywords

Registration SystemMateriality CriteriaRational Investor

references

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