Research Of The New Third Market Information Disclosure System In China

With the establishment of the national equities exchange and quotations(NEEQ), our country has formed the first national over-the-counter market, multi-level capital market is more strong.As an important financing channels of small and medium-sized enterprises, new third board market contribute to the economic construction in our country,and should also pay attention to the protection of investors and the maintenance of market order,It is the information disclosure system that can realize this aim.With China’s Securities Regulatory Commission(CSRC) and the stock transfer system laying out a series of rules, the new third board market is gradually become an important platform to explore the registration system reform of capital market. In order to realize the registration system of sharesissuance, establishing and perfecting information disclosure system become the top priority. The information disclosure regulations and the interim measures of NEEQ provide information disclosure guidelines for the market, but there are still some disadvantages.Considering the high risks of the listed companies on the new third board market and the unestablishment of standard information disclosuresystem,this paper will demonstrate the information disclosure system of the new third board market more in depth,and will offer some improving Suggestions after identify system defects.All istodo good for the perfectionof the information disclosure system.In this paper, the first chapter mainly discusses the new third board in the securities market, the information disclosure system and other related concepts. this paper expounds the history of the new third board market and the information disclosure system and the necessity of their existence.Besides,the establishment of the information disclosure system regulation of the new third board market in Chinais also analyzed and discussed,to do good to the problems analysis ofthe system in the next chapter.The second chapter analyzes the problems of new third board market information disclosure system in our country,mainlyfrom thelegal system,supervision system, information disclosure standards, information disclosure contents, civil remedy mechanism five aspects,to lay the foundation to the ultimate consummation ofthe new third board market information disclosure system in our country.The third chapter mainly introduces the third board market information disclosure system of the developed capital marketsuch as the United States OTCBB market, Taiwan Xingguimarket.This paper analyzes the new third board market information disclosure system from the legislation system, regulatory system, system plan, to induce something that is worthyof reference to Chinese new third board information disclosure system.By comparatively studying theinformation disclosure system of outside mature third board market and the the new third board in China, we can find out the problems needed to be improved in the new third board market information disclosure system,with method of horizontal comparison.Chapter four interpretes the information disclosure of the growth enterprise market.with the adopted method of longitudinal comparative study from the legal system, supervision system, information disclosure standards between the new third board market and floor trading market,Something which is worthy of reference can be found easily.Due to much higher operating risks of listed companies on the new third board listed market,forresolving the information asymmetry and protecting the investors,it is necessary to improve the information disclosure system by studying the floor trading market.The fifth chapter in the combination of the second chapter, which puts forwardthe problems from five aspects of the new third board market information disclosure system in our country, and the third and fourth chapter,whichcontain lots of advanced experience, puts forward Suggestionsof perfecting our country’s new third board market information disclosure system.