Research On The Information Disclosure Obligations Of Unlisted Public Companies

Unlisted public companies hold a large proportion of the main market players, so it is very important to ensure the healthy development of unlisted public companies for promoting the economic development of China. In the development of unlisted public companies, information is very important for both companies and investors. To make reasonable rules for unlisted public companies and supervise the companies to performance their duties have important implications for protecting the interests of investors, supervising the company management and stabilizing OTC markets. Since 2013 the "unlisted public company supervision and management method" and a series of supporting documents have publishing, the disclosure obligations have been gradually improving. But compared with the United States, Britain and Taiwan of China which have already built up the developed OTC markets, there are still lack of the regulations of obligations of information disclosure for unlisted companies in our country. Therefore, this article will give some suggestions by comparing domestic study with foreign study on the information disclosure obligations of unlisted public companies.This article is divided into four parts.The first part mainly introduces the basic concepts of the information disclosure obligations of unlisted public companies. Introduced the rules of public companies and the concept of OTC markets in the United States, Britain, the Taiwan region as well as the mainland China, and on this basis puts forward the concept of unlisted public companies and the concept, types, significance and particularity of the information disclosure obligations of unlisted public companies.The second part mainly analyzes our country legislation status quo on the information disclosure obligations of unlisted public companies and the existing problems. Introduced the legislation status quo from five aspects: the subject, standard, content, disclosure platform and responsibilities of the information disclosure obligations, then puts forward the problems based on these five aspects: the unreasonable definition of the subject, the single standard, the unspecific content, the high cost of disclosure, and the inflexible supervision.The third part mainly researches on the information disclosure obligations of unlisted public companies of the United States, Britain, and Taiwan of China. Then get enlightenment by analyzing the subject, standard, content, platforms, and responsibilities of information disclosure obligations.The fourth part, through the comparison of domestic and international legislation, five suggestions are put forward in view of the problems of legislation in our country: define the subject of information disclosure obligations reasonably and make exemption rules, build different information disclosure standards, standardize the content of information disclosure, reduce the cost of information disclosure, and strengthen self-discipline supervision of OTC markets.