Listed companies are one of the important objects of securities market supervision. The supervision of listed companies includes improving the corporate governance structure, standardizing the information disclosure mechanism of listed companies, and ensuring the reasonable flow of funds of listed companies. This only explains the relevant content of the information disclosure system of listed companies. The information disclosure system, also known as the public disclosure system, refers to the securities market in the process of securities issuance, listing and trading of securities related to the securities system. All real information related to the securities will be released in a timely, accurate and complete release system.