Abstract: The reform of the stock issuance registration system with information disclosure as the center should focus on the adaptability of investors during the transition period. The strong irrational investment consciousness and the lower ability of information processing of domestic small and medium investors are the main crux of the problem. To consider from the investor-oriented perspective, the overload and piling phenomenon during information disclosure has objectively caused the facts of investors lacking of information processing capacity and financing cost keeping rising. By optimizing the value-related contents of information disclosure, providing the list of investors’ rights and integrating the data of information disclosure, we can improve the theoretical logic of information disclosure in guiding the investors’ decision-making and win the institutional advantages expected by the reform of the stock issuance registration system.

Key words: registration system; information disclosure; capital market; investors