The separation of ownership and management caused by information asymmetric is the source of many problems in the capital market as well as the modern corporation management. To improve the quality of information disclosure and maintain the capital market to be open, fair, justice has always been the focus of theory and practice. The findings of this paper remind us that, currently the security markets of China are not perfect, informed trading and possible insider trading under this background is becoming more and more common. To improve the level of corporate governance, the quality of information disclosure of corporations has an important influence on reducing the informed trading and maintaining the order of capital market.