A Research On The Legal Disclosure System Of Growth Enterprise Market

Compared to main security markets, Growth Enterprise Market is a security market designed for the financing of those small and medium enterprises which are innovative and high-growth. Although each country has different names for the second board markets, but in this paper, such security market for the listing and financing of innovative high-growth enterprises, is defined as the Growth Enterprise Market. The Growth Enterprise Market has its own characteristics and special needs, and these needs should be taken full consideration in the system design, as well in the disclosure system. Disclosure system is a core system of modern securities regulatory legislation. Due to the characteristics of Growth Enterprise Market, i.e. loose listing requirements, higher the risk, stricter regulation, Growth Enterprise Market needs special requirement on disclosure system. This paper focus on the legal disclosure system of Growth Enterprise Market, compares and uses the experience for reference from international Growth Enterprise Markets. This paper analyzes the main foreign information disclosure legal system. The NASDAQ market of USA, the AIM market of UK and the Growth Enterprise Market of Hong Kong are selected as three typical growth enterprise market, and various aspects those markets'information disclosure legal system were comparatively analyzed, mainly focusing on the principles, legal system, regulatory system, channels of information disclosure, prospectus and the continuous disclosure of growth enterprise market. Compared to the disclosure system of main board market, the disclosure system of Growth Enterprise Market emphasizes more on the disclosure of companies'growth information, such as the forward looking information, the disclosure of risk factors and non-financial information, such as the risks of product, technology, and business model, industry conditions, business objectives, corporate governance structure, and substantial changes. The disclosure of Growth Enterprise Market is more frequent and broader than the main market, and the disclosure of quarter report is generally required. On this basis, 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.