重整上市公司信息披露製度的設計必須在效率與公平之間求得均衡。製度設計上一個不可回避的出發點是：在進入重整程序後，上市公司的全部資產都已經成為破產財產，所有重整利益相關者的利益實現均有賴於此。這時，過於嚴苛或者重複的信息披露要求會導致重整公司資產的不當損耗，這在本質上是不利於包括證券市場投資者在內的所有重整利益相關者的。同時，問題的另外一個方麵是，所有的重整利益相關者應當得到公正的信息披露，以能夠在重整過程中作出理性的判斷。
為達到這一目標，在我國上市公司重整信息披露製度的設計中，應建立統一的重整上市公司信息披露製度，以全麵地保障重整利益相關者利益，減少因信息重複披露而帶來的成本增加。同時，證監會應在重整上市公司信息披露的標準製定、個案審查等方麵發揮更為重要的作用，對於披露不當的信息以及重整中存在的其他問題，應有權向最高院提出訴訟，以維護統一的信息披露製度實施。
Disclosure of Listed Company Reorganization：Rules Evaluation and System Restructuring
He Dan
Abstract：The disclosure of reorganization of listed companies involves conflict and connection between two important laws—securities law and bankruptcy law which are significant for financial market.When these two law，which are both considerable professional and embody the public policy considerations，overlaps and conflicts with each other，the adjustment of the existing rules and norms is inevitable.Listing Rules of the Shanghai and Shenzhen in China has made provision for the reorganization of listed companies in the information disclosure rules.However，these current rules are made in the absence of upper-order law principle guidelines，and the courts and the securities regulatory authorities have not reach a consensus on regulation of listed companies，so that there are still shortcomings in disclosure requirements for listed companies.The design of the system of information disclosure of listed companies must obtain balance between efficiency and equity.Restructuring of disclosure system of reorganizing listed companies should establish a unified information disclosure system for reorganizing listed companies，to fully protect restructuring stakeholder interests，to reduce the cost of duplication of information disclosure.Meanwhile，the CSRC should play a more important role on formulating the standard of information disclosure and case investigation，when the CSRC finds the improper or fraud disclosure，to maintain a unified information disclosure system，it should be improved to bring a lawsuit to the Supreme Court.