Research On The Information Disclosure System Of Unlisted Public Companies

If the public issuance and deal of the unlisted shares are permitted, that would satisfy the demand of the financiers and investors as well as perfect the structure of our country's capital market. The information disclosure system is the fundamental of the regulation and guidance to the public issuance and deal of the unlisted shares. After analyzing the values of the information disclosure system and the features of the unlisted public company, this thesis thinks that the information disclosure system of the unlisted public company should search the balance between the disclosure cost and disclosure effect, which is different from that of the list company. On the base of the conclusion, the thesis expounds the public offering and on-going information disclosure system of the unlisted public company, and then gives some suggestions to perfect the information disclosure system of our country's unlisted public company.The full text is divided into five parts.In the first part, the paper first introduces the common theory of the information disclosure system of the unlisted public company, then analyzes the necessity of enhancing regulation to the unlisted public company, at last puts forward that the information disclosure system is the most important measure to enhance regulation of the unlisted public company.In the second part, the paper analyzes the particularity of the information disclosure system of the unlisted public company. Companies in different levels of the stock market shall overtake different information disclosure obligations, so the information disclosure system should be designed according to the unlisted public company's particularity.In the third part, the paper relates and analyzes the public offering information disclosure system of the unlisted public company. Under the theory of the securities law, the public offering information disclosure system includes two parts, one is the initial public offering information disclosure system before the company exists; the other is the public offering information disclosure system during the company's exist. This thesis points out the kinds of information which must be disclosed during the public offering stage.In the fourth part, the paper expounds the on-going information disclosure system of the unlisted public company. The cost of disclosure could be reduced by two ways, one is to balance the relation between the periodic disclosure and the timely disclosure by using more timely reports and simplifying the periodic reports; the other is to change the disclosing measures and use the internet to disclose information in most situations.In the fifth part, the paper first points out the shortcomings in the information disclosure system of our country's unlisted company, then brings forward the principle for the perfection of the system, that we should search the balance point between the disclosure effect and the disclosure cost. At last, the paper gives some specific advices to improve the information disclosure system of unlisted public company in China.