As the new social media becomes the new place to disseminate information, more and more Internet Celebrities disclose the nonpublic information through the media. So, from the effects of such things to the securities market, the author tries to analyze the new challenges of information disclosure faced by the listed companies nowadays in the new situation, discuss the basis of rationality and legitimacy to regulate the above problems. Through the analysis of two different types of legislative approaches (fiduciary approach and market approach) to regulate insider trading, the authors list the dilemma in regulating insider trading in China. Based on these, in terms of the value choice of The Economic Law, the authors further demonstrate the necessity of the reform of China's insider trading legislation system, in order to regulate the behavior of internet celebrity"parrots".%新型社交媒体日益成为传播信息的新场所，拟从网络红人所发布的上市公司未公开信息对证券市场的影响入手，分析在新形势下上市公司信息披露面临的新难题，探讨对其进行规制的合理性与合法性基础，综合分析现阶段内幕交易立法规制所采取的“信义进路”和“市场进路”及其引发的不同规制后果，进而引出我国当前对“内幕交易”行为进行规制所面临的困境。结合经济法价值选择的角度，深入论证变革现阶段我国内幕交易立法规制体系的必要性，建议我国构建“信义进路”的内幕交易立法规制体系，以实现对网络红人“快嘴”行为的法律规制。
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