In 2005, the Shenzhen Stock Exchange (SZSE) promulgated and implemented the Assessment Measures for Information Disclosure Work of Listed Companies, initiating the rating of listed companies' information disclosure quality. The Shanghai Stock Exchange (SSE) commenced similar assessments in 2016.
Rating criteria differ slightly between the two exchanges. From 2005 to 2010, the SZSE evaluated listed companies' annual information disclosure through a multi-dimensional assessment covering timeliness, accuracy, completeness, and compliance of routine disclosures. This incorporated factors such as reward/penalty records, coordination with securities regulators, and investor relationship management. Final ratings comprised four categories: Excellent, Good, Pass, and Fail.
In 2011, the SZSE revised its assessment methodology, adopting a scoring adjustment model. This approach starts from a unified base score, applies additions or deductions based on performance, and combines negative list indicators to determine ratings. Listed companies receive a base score of 100 points, with final ratings stratified into four tiers (A, B, C, D) in descending order. The proportion of companies rated A is capped at 25% of the total assessed.
The SSE, beginning in 2016, assesses information disclosure quality annually from July 1 to June 30 of the following year using a method of base score plus verified adjustments. The base score is set at 80 points. Evaluations are conducted against specified standards and scoring rules, with additions or deductions applied to the base score to derive a final score. Final scores translate into annual ratings as follows:
(A) ≥90 points: A
(B) ≥80 to <90 points: B
(C) ≥60 to <80 points: C
(D) <60 points: D
Regarding the distribution of rating tiers, the SSE stated in its June 2017 revision of the Shanghai Stock Exchange Listed Companies Information Disclosure Work Evaluation Measures (2017 Revision) that rigid proportional quotas fail to reflect the actual circumstances of some companies.
The original Evaluation Measures categorized results into four tiers (A, B, C, D), with proportional distributions for A, B, and C fixed at 3:5:2 (D merged with C). Practice revealed that a company's disclosure quality primarily depends on its own efforts and performance. Rigid proportional allocation may distort ratings, preventing them from reflecting true performance. For instance, B-tier companies might naturally exceed or fall below 50%, yet rigid quotas could force misclassification into A or C tiers. Consequently, the Evaluation Measures were revised to remove rigid proportional constraints.
CnOpenData has compiled this data into the A-Share Listed Companies Information Disclosure Rating dataset, facilitating detailed scholarly research on listed companies' disclosure quality.
Time Coverage
SSE: 2016-2024
SZSE: 2005-2024
Field Description
Sample Data
SSE Listed Companies Information Disclosure Evaluation Results
SZSE Listed Companies Information Disclosure Assessment Results
Data Update Frequency
Annual Updates