Study On The System Of Information Disclosure Of Securities Issuance In China Under The Registration System

The Eighth session of the Third Plenum proposed "improve multi-level capital market system, promote equity issuance registration system reform".Then the China Securities Regulatory issued " Opinions on the further implementation of reform IPO",clarify the relationship between the market and government,highlighting the core importance of information disclosure in the stock issuance registration system.In registration system,the information disclosure of is the key of all the capital market.The quality of information will influence the decisions of investor and the health and stable of the capital market.The healthy running of the information disclosure maintaining the "three principles "of the capital market,is the key point of legislation and practice of every country all long.However,in china,false information disclosure and fraudulent issuance always happen, influencing the benefit of investor seriously,impeding the healthy development of the capital market.This paper basing on the work of expert,combining beneficial experience of foreign country,through the case of capital market,analyze the problem of China stock issuance information disclosure system,then presenting suggestions of stock issuance information disclosure.This paper is divided into four parts:The first part describes the basic problem of stock issuance information disclosure.This part starts from the basic theory of,then analyze information disclosure system’s necessity in the stock issuance process.The second part analyze the status quo of our country’s stock issuance information disclosure.This part from the quality and the deficiency of related system of stock issuance information disclosure system and illegal cases produce problems in information disclosure system,then lay foundation for presenting suggestions.The third part describes beneficial system experience from western developed capital market country.This part mainly introduce western countries’r beneficial experience of information disclosure,then set example for our country.The fourth part describes suggestions to improve stock issuance information disclosure.According to the second part of this paper and the third part of this paper,presented separately from improve the quality of information disclosure,perfect civil liability,improve information disclosure examination procedure,regulate rule of information disclosure and strengthen intermediary body’s supervision work to present suggestions to perfect the information disclosure system.