Discussion Of Improving The Information Disclosure System Of Chinese Listed Companies On Gem

Growth Enterprise Market (GEM) is a form of stock market, which is necessary to a perfect market. Chinese GEM listed in Shenzhen stock exchange on October 30,2009, which is very great help to financing of Chinese small and medium-sized enterprises (SMEs) and venture companies with high growth. Currently some problems appeared in Chinese GEM about information disclosure, so it's necessary to discuss the information disclosure of GEM companies, with the basis of protecting investors, because the risk of GEM is high.With some problems on GEM information disclosure, this paper introduced the efficient market theory, the principal-agent theory, information asymmetry theory and the game theory to analyze the existing problems of Chinese GEM companies, to find the causes of them, and investigated the information disclosure of the GEM abroad, which is benefit to get experience and lessons of their information disclosure. After all, the paper proposed some suggestion to improve Chinese information disclosure of GEM companies.The study is based on researching Chinese GEM public companies, with the use of standard methods, which analyzed the status of Chinese GEM information by using the general theory, and analyzed the detail, methods, results and regulatory of information disclosure of Chinese GEM companies, by using a large number of data and charts. It found the existing problems of information disclosure and analyzed the causes of them. The paper learned experience and lessons of information disclosure of US, Britain, Germany and Hong Kong GEM companies. After all, the paper gave some suggestions to improve the information disclosure.This paper includes five sections, as follows:The first part:Introduction.The introduction reviewed the literature of theory of information disclosure of GEM companies, against the background of establishment of Chinese GEM in Shenzhen stock exchange in 2009. It provided theory and practical significance of the research of information disclosure of GEM companies. Finally it stated the writing methods and ideas of this essay.The second part:General foundations of theory of information disclosure of GEM companies.Chapter 1 researched and analyzed the theory of GEM and GEM companies' characteristics by the literature review, and studied the content and format of the information disclosure of GEM.The third part:The existing problems and the reasons of information disclosure of Chinese GEM companies.Chapter 2 demonstrated the problems of GEM companies'information disclosure, through data analysis and examples. From the angles of the content, implementation and supervision of, and from the internal and external causes, it analyzed the reasons further, and laid the groundwork for advice behind.The fourth part:the experiences and lessons of GEM companies'information disclosure from the western countries and Hong Kong.Chapter 3 discussed the experiences and lessons of GEM companies'information disclosure from the western countries and Hong Kong, including general and specific introduction of information disclosure. Based on the NASDAQ market, it found urgent need of improvement of GEM companies'information disclosure by learning its experiences; and it found the shortcomings and problems of other GEM markets' information disclosure, through learning the lessons.The fifth part:The thought of improving the information disclosure of Chinese GEM companies.Chapter 4 is the emphasis to solve the problem of this paper. Because this paper analyzed the problems, reasons of Chinese GEM companies'information disclosure, and the experiences and lessons of GEM companies'information disclosure from the western countries and Hong Kong in chapters 2 and 3, this chapter gave the advice to improving the information disclosure of Chinese GEM companies from three perspectives of internal, external supervision and law.