The historical evolution of the theory and practice of financial regulation shows that financial regulatory objectives are increasingly diversified，and regulatory policies are influenced by various factors，such as specific temporal background，financial development and economic theory. In recent years，reflection on the financial crisis has led to the emergence of risk-controlled financial regulation theory. Study finds that financial liberalization and financial innovation aggravate information asymmetry，which is an important cause of financial risk. Meanwhile，strengthening the regulation of financial information service is conducive to giving full play to the function of signal display and signal screening of financial information，promoting the reduction of information asymmetry，and avoiding or reducing the occurrence of financial risk. In the process of financial risk contagion，financial information plays an important role in signal transmission，which may aggravate information noise and the redistribution crisis of investor attention，and accelerate the spread of financial risk. On the contrary，it may standardize information dissemination，enhance the effectiveness of information，reduce information noise and the cost of information collection and processing，and promote the dissolution of financial risk by strengthening regulation. In addition，financial information service has both media attributes and public value attributes. Whether it is from the perspective of social responsibility and public interest of the media，or regard financial information service as a public product，it is necessary to implement different forms of regulation on different types of financial information service.