A Research On The Legal Disclosure System Of The Growth Enterprise Market

Growth Enterprise Market, also called new market, second board market and high-growth market, is a security market for the listing and financing of innovative high-growth enterprises. The setting up the Growth Enterprise Market is not only an important action to consummate the multi-level capital market system, but also an urgent need of the venture capital development and small or medium enterprise. Given the information asymmetrical characteristic of security market, the information disclosure system is an essential safeguard transaction basic system. Considering its own characteristics and special needs of The Growth Enterprise Market, much should be taken full consideration in the system designing, as well in the disclosure system. This paper focuses on the legal disclosure system of Growth Enterprise Market, compares and uses the experience from international Growth Enterprise Markets. It also analyzes the foreign information disclosure legal system. The NASDAQ market of USA, the AIM market of UK and the Diri Savi board of Sri Lanka are selected as three typical Growth Enterprise Market.On this basis of the comparative research of Various aspects of those markets'information disclosure legal system, this paper examines the legal construction of disclosure system of China Growth Enterprise Market, and puts forward several proposals to improve the legal disclosure system of China Growth Enterprise Market.