Research On The Compliance Of Information Disclosure Of Growth Enterprise Market(GEM)

The compliance of information disclosure of securities market is a “litmus test”, information disclosure is the cornerstone of modern securities law system. Chinese Growth Enterprise Market(GEM), which was established after summarizing and referring to practice experience of domestic main board market running for almost 20 years, represents Chinese staged supreme achievements of Chinese securities market legal system, information disclosure especially. Meanwhile, in the consideration of the positioning to the importance of information disclosure in the GEM, the information disclosure system of GEM ought to be the same as European mature market or even better. However, this is not the reality.Running for 5 years, GEM has listed more than 400 listed companies by October 30, 2014, who has been evaluated as much as 2.28 trillion Chinese Yuan, about 20% of the value of the entire stock market in China. Coming along with quick developing and expanding of the market capacity, its listed companies scandals such as financial fraud、illegal violations of information disclosure, are often to be exposed to public. These scandals not only bring huge loss to massive investors in this market, but also destroyed the whole market and the investors’ enthusiasm to seek the investing opportunities in the market. As a result, it will hurt the health of the entire securities market in China.On the consideration of unique status of GEM in Chinese capital market and the special requirements for the government to information disclosure of listed companies in GEM, information disclosure of listed companies has been treated as a core problem to decide if GEM can keep running without any trouble. At the same time, the registration system reform in securities market, with the information disclosure as a core, makes the research on securities market information disclosure problem more significance.Domestic and foreign scholars have been paying more attention to the issues of information disclosure of listed companies, and published varieties of works and thesis. Most scholars discussed information disclosure in the perspective of economics, finance, accounting, administrative supervision, institutional theory,but few of them tried to practice a more instructive conclusions by studying the accumulated market data in GEM.The study of information disclosure of Chinese GEM has been focused on in two periods, the first stage is in about 2000, when the research was focused on the construction of information disclosure system itself and on the follow-up of the relevant laws and regulations. Phase II is in about 2009, when GEM was officially launched in China. The research in this period was shaping the continual improvement of the system of information disclosure、 the construction and improvement on information disclosure supervision system, as well as research on voluntary information disclosure of listed companies and study on information disclosure of internal control, etc.Research on information disclosure in GEM on the above two stages, due to the lack of the accumulation of long-term data of practice of Chinese GEM as a reference, almost focused on the qualitative point of view or comparative study of the foreign similar market instead of the empirical analysis of the field. This thesis is planning to be based on the analysis to the practical data about information disclosure accumulated in the activities of the listing companies in GEM during the 5 years, and combined with the legal perspective to scrutiny the exist problems on theory and practice, and has a try to provide some helpful suggestions to make the information disclosure system in Chinese GEM better.Except the introduction and conclusion, the main content is divided into four chapters.The chapter 1 is “the overview on compliance of information disclosure of Listing companies in Chinese GEM”. First of all, this chapter describes the popular theoretical basis for information disclosure of the securities market at home and abroad, including the efficient market theory, asymmetric theory and legal principle basis. We then analyzed the concept of compliance and GEM Listing companies information disclosure in China the concept of compliance of information disclosure of Listing companies in Chinese GEM and its principle, which lays a foundation for the research of this paper and further clarification for the scope of discussion.The first part of chapter 2 is mainly about the sorting and statistics about laws, administrative regulations, departmental regulations, normative documents, which relate to information disclosure of Listing companies in Chinese GEM, and the practical data about information disclosure accumulated in the activities of the listing companies in GEM during the 5 years.According to the statistics in the first part, the second part of chapter 2 pays more attention to the features of illegal information disclosure of listing companies in Chinese GEM in different stages、different types and different ranges, and further to the analysis of the reasons of illegal information disclosure.The content in chapter 3 is about some improving suggestions to the compliance problems of the information disclosure system of Listing companies in Chinese GEM, including perfecting the system construction, improve the independent director system and improve the relevant personnel’s professional quality.