The Construction Of The System Of The Listed Companies Disclosing Information Differently Under The Registration System

With the Chinese capital market gradually improving, stock issuance registration system reform has been launched.Information disclosure is the key to registration system, which makes more strict requirements for the quality of information disclosure.How to get enough information to make decision for the investors and better access to financing rights of listed companies has become a major problem during the process of implementing a registration system and building a multi-level capital market.The construction of the registration system of listed companies to differentiate the information disclosure system, not only protects the commercial rights of securities issuers and achieves substantive fairness, but also safeguards the legitimate rights and interests of investors,and improves the efficiency of the securities market.To establish a fair and reasonable disclosure standards becomes the core of the system,which can be divided into macro and micro dimensions: First, at the macro level, the establishment of the listed companies’ information disclosure standards should be depended on their sectors,species and sections; the second is that at the micro level the information disclosure standards should be established respectively depended on the listed companies’ credit or quality.Thus precise information disclosure standards has formed.On the basis of clear criteria, the legislators should make use of the opportunity to registration system reform, restructure the securities regulatory authority, build the formation of information disclosure committee and strengthen the standards of practice identifying. Meanwhile, To build differentiated legal system of information disclosure under the registration system,the existing normative related legal documents should be modified and improved.Addition to the introduction, this paper is divided into four parts:The first part, "the basic meaning and historical background of the differentiated information disclosure of listed companies." First, the paper recognizes the basic meaning, values and important features of the differentiated information disclosure of listed companies. Then, under the registration system concept and framework of our context, the paper analyzes the difference between registered and approved system, and highlights that building a listed company information disclosure system is under the background-the registration system.The second part, "under the registration system,the necessity and reality to differentiate information disclosure of listed companies." First, the paper summarizes the new requirements proposed by the information disclosure system under our context of the registration system and problems from information disclosure system and then on the basis of analysis the causes, the paper justifies the necessity to differentiate the information of listed companies to disclose under the registration system. Then, the paper summarizes our experience accumulated in the practice of securities regulation,and observes the overseas experience. Finally, compared to countries in the information disclosure,the paper summarizes the consistent law of each country’s regulatory, and make a conclusion that it’s realistic to the differentiated information disclosure system.The third part, "the information disclosure of listed companies differentiated standards and certification organization under the registration system." First, the paper try to establish the differentiated disclosure standards "coordinates" of a listed company from both macro and micro dimensions,and then, by the force of the registration system reform, the information disclosure committee should be formed to strengthen the practice identifying for the standards.The forth part, "the construction of the differentiated information disclosure legal system under the registration system." Securities Law is about to be modified It’s an opportunity to build the differentiated information disclosure of listed companies from four levels,namely, laws, administrative regulations, rules and discipline rules. This removes the legal obstacles for the construction of the system.At the same time, to improve the related systems is also crucial.