With the deepening of China's economic system reform, the capital market, as an important part of the securities market, has been recognized for its importance and development ability. The capital market has gradually become an important wealth management platform for the whole society and the most active, creative and competitive part of the national economy. However, with the development of the market, illegal information disclosure events of listed companies emerge one after another, which has a great impact on investors' confidence in the securities market. How to effectively regulate the information disclosure behavior of listed companies, effectively protect the legitimate rights and interests of investors and promote the development of the capital market has become a major issue facing the world securities market. So I choose this thesis topic for research!