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注册制下的证券市场治理权能从行政控制迈向市场选择，而市场主体进行投资选择依赖于其所获取的信息，作为信息主要来源的上市公司信息披露制度重要性不容忽视，自愿性信息披露制度作为信息披露制度的重要组成部分，在信息披露制度的发展演进中占有一席之地。

本文认为上市公司自愿性信息披露为强制性信息披露以外上市公司为了提升公司形象、吸引投资者投资、降低企业的融资成本等目的所主动进行的信息披露，自愿性信息披露制度有效地弥补了强制性信息披露制度的局限性，在现阶段推进注册制改革落地的背景下，确立自愿性信息披露制度有其必要性。由于自愿性信息披露制度不仅建立在信息不对称、信号传递、有效市场等经济学理论之上，其理论基础还应当包含公正公平公开、反欺诈等法学理论，所以在进行上市公司自愿性信息披露法律规制设计时应当坚持对投资者利益进行保护、兼顾公平与效率、适度干预的价值导向。

《中华人民共和国证券法》（后文简称《证券法》）2019年修订后首次以专章的形式对信息披露制度进行了规定，其中第84条从原则上确立了自愿性披露制度，是立法工作对自愿性信息披露现实需求的回应。但从实践来看，仍然存在自愿性信息披露质量不佳的问题，这与自愿性信息披露法律规制不完善有关。当前我国上市公司自愿性信息披露法律规制存在立法上对自愿性信息披露认定标准存在偏颇、法律责任体系不健全，在监管上缺乏有效性，为此可以结合我国实际对域外经验中较为成功的“安全港规则”与预先警示理论、信息更新义务、中介机构辅助监管进行借鉴。针对上市公司自愿性信息披露法律规制存在的问题，首先明确应以“真实性”为核心制定自愿性信息披露的双阶认定标准，并通过弥补认定标准合规性漏洞来规范上市公司披露行为；其次通过设置差异化法律责任、借鉴“安全港规则”完善免责制度健全自愿性信息披露法律责任体系；最后通过实施差异化监管加强对自愿性信息披露监管的有效性，同时发挥中介机构的辅助监管作用，汇聚监管合力，进一步转变监管模式，提升自愿性信息披露的监管效果，最终对上市公司自愿性信息披露法律规制进行完善。

The regulatory power of the securities market under the registration system shifts from administrative oversight to market selection, and the investment decisions of market participants rely on the information they receive. The significance of the information disclosure system of listed companies, as the primary source of information, cannot be overstated. As an integral component of the information disclosure system, the voluntary information disclosure system contributes to the advancement and refinement of the overall information disclosure framework.

The voluntary information disclosure of listed companies refers to the proactive release of information by listed companies, beyond mandatory disclosure requirements, with the aim of enhancing corporate image, attracting investment, and reducing financing costs. The voluntary disclosure system effectively complements the limitations of mandatory disclosure. Against the backdrop of promoting registration system reform, it is imperative to establish a voluntary information disclosure system. This system's theoretical foundation should not only be rooted in economic theories such as information asymmetry, signal transmission, and efficient markets but also encompass legal theories like justice, fairness, openness, and anti-fraud. Therefore, the legal framework for regulating voluntary information disclosure should uphold investor protection as its core value while considering fairness and efficiency through moderate intervention.

After the Securities Law of the People's Republic of China (hereinafter referred to as the Securities Law) was amended in 2019, it provided for the information disclosure system in the form of a special chapter for the first time, of which Article 84 established the voluntary disclosure system in principle, which is the legislative work's response to the realistic demand for voluntary information disclosure. However, from the perspective of practice, there is still the problem of poor quality of voluntary information disclosure, which is related to the imperfect legal regulation of voluntary information disclosure. At present, the legal regulation of voluntary information disclosure of listed companies in China is biased in the identification standard of voluntary information disclosure in legislation, imperfect legal liability system, and lack of effectiveness in supervision. Therefore, we can draw lessons from the successful "safe harbor rule" in foreign experience, advance warning theory, information update obligation, and auxiliary supervision of intermediary agencies based on the actual situation in China. In view of the existing problems in the legal regulation of voluntary information disclosure of listed companies, it is first clear that the two-stage identification standard of voluntary information disclosure should be formulated with "authenticity" as the core, and the disclosure behavior of listed companies should be regulated by making up the loopholes in the compliance of identification standards. Secondly, by setting up differentiated legal liability and referring to the "safe harbor rule" to improve the exemption system and improve the legal liability system of voluntary information disclosure; Finally, differentiated supervision should be implemented to strengthen the effectiveness of voluntary information disclosure supervision, and at the same time, the auxiliary supervision role of intermediaries should be brought into play to gather regulatory forces, further change the regulatory model, improve the regulatory effect of voluntary information disclosure, and finally improve the legal regulation of voluntary information disclosure of listed companies.