Research On Listed Companies' Information Disclosure System Of China's Third Bord Market

Third board market, an indispensable component of the multi-layersystem of capital market, plays a particular and irreplaceable role in notonly offering quotation and transfer services for the non-public hi-techcompanies which temporarily fail to meet the requirements of being listedin the main board market and second board market, but also providing thevenue for the redistribution of shares of those delisted companies. Thelisted companies are the most important subject in third board market.Establishing a perfect set of information disclosure system will greatlyaccelerate the market's progress. Nevertheless, in comparison with foreignmature counterpart, the legal information disclosure system of third boardmarket in China, still accompanied with comparatively many defects,remains for from completely formed.The dissertation deeply analyses the defects of the informationdisclosure system of our third board market and study the legislativepractice of the OTCBB markets in the USA, JASDAQ market of Japan andthe third board market of Taiwan. On these basis, the author makes severalsuggestions in the hope of consummating our information disclosuresystem in the third board market.The dissertation is divided into three sections for the discussion. Tobegin with, it introduces the current situations of third board market inChina and its information disclosure system. Next, by the method of comparative analysis, the author summarizes the successful experience inoperation of the third board market in U.S., Japan and Taiwan and putsforward its possible model significance to China's relevant legal system.Thirdly, suggestions on the relevant systems are set forth by the author.