根据资本市场有效性理论，证券市场效率的核心实质上就是一个信息问题，证券市场效率的提高过程，其实也就是证券市场信息对称性不断强化的过程。在我国，证券市场的有效性很弱，同已为半强式有效的西方发达国家相比，差距明显。一般认为，导致中国证券市场弱有效的原因有：市场规模偏小，市场被人为分割以及上市公司信息披露存在诸多问题等。其中，上市公司在信息披露时的不规范操作——虚假披露、隐瞒重要信息、不利信息延迟披露等，是十分关键的因素。究其根源，实际上是上市公司治理结构缺陷在作祟。外部制度终究还要依靠内部意识的建立才能发挥作用。目前，我国上市公司管理层并没有做到从根本上树立依法披露信息的意识，缺乏对广大投资者负责的信念。因此，在规范上市公司披露行为、改善上市公司治理结构的同时，还要注重监管效力的提高以及社会监督力量的广泛参与。 本文从我国上市公司信息披露的角度出发，分析了上市公司在信息披露过程中存在的各种问题和原因，并针对这些问题提出了解决的办法和建议。文章共分为五个部分： 第一章分析了信息披露制度及其理论基础；第二章着重分析我国上市公司信息披露有效性；第三章着重分析我国上市公司信息披露问题所在的原因；第四章则是针对上市公司在信息披露中存在的问题，对我国上市公司信息披露制度完善所提出的建议；第五章是总结。

According to Market Efficient Theory,the essence of the securities market efficiency is an issue of information,which means that the process of improving the securities market efficiency is,in fact,a process of strengthening of the symmetry of information.Compared with the securities market with semi-strong efficiency in western developed countries,the securities market in China has a weak efficiency.It is generally thought that many causes lead to inefficiency or low-efficiency of Chinese securities market,for instances,small scale,artificial segmentation of market,and inability of general investors to comprehend related information.The main foundation stone is the objection of the holding company’s corporate governance. After all,the outside system depends on the inside thoughts,then it can work.But now,the supervisors of the holding companies have no idea to throw daylight on information according to the law and have no idea to protect the investors.So,we should standardize the behaviors of the holding companies,improve its corporate governance,as well as to improve the validity of supervisors and to enlarge the power of the community supervisors. This thesis begins with the information disclosure of the holding companies in our country.It studies the problems which exist in the process of the information disclosure,analyses the reasons why the problems appeared.Then it presents some measures and advice to solve the problems.In my thesis,the discussion on the information disclosure is divided into five parts. Part one:analyses the system of information disclosure and the basic theory; Part two:analyses the efficiency of information disclosure of Chinese listed companies. Part three:analyses the reasons ,which are about the problems of information disclosure of Chinese listed companies,three main reasons affect the system of information disclosure. Part four:aim at the problems that companies met,bring forward efficient ways to improve holding company’s information disclosure.Expound the way to improve company governance ,provides my own standpoint and advice on improving the system. Part five:conclusions.