Research On Information Disclosure In Chinese NEEQ Market

With the gradual expansion of China’s capital market size, contact with foreign capital markets increasingly close, information disclosure regulation as a core concept gradually been recognized by the market participants. Improve information disclosure system of rules will help to promote the orderly and healthy development of China’s capital market. Capital market itself is a high-risk market, this high-risk stems from the company’s own special attributes specific information and capital markets issues. In order to play a significant role in the OTC market in the capital of the adjustment of economic structure, play a decisive role of the market in allocating resources, we must improve our OTC market information disclosure system of rules, facilitate capital, labor, management and other production reasonable configuration elements. China’s capital markets are moving toward approval system to registration system, prior to the regulatory change something in the direction of expose regulation, this transition does not mean deregulation, on the contrary, the regulatory requirements in the future regulators will be more stringent disclosure investors information, disclosure requirements will be more demanding. Strengthen information disclosure’s regulation, improve the quality of information disclosure represents the interests of the demands and aspirations of the entire regulatory capital market participants.Currently NEEQ as our centralized national OTC markets, is becoming the Improvement of multi-level capital market system’s an important part. NEEQ now take the information disclosure as the core of the information disclosure regulation, but due to the late start of the OTC markets, and limited policy, slow pace of development, leading to a large number of SMEs in our country is difficult to raise capital in the capital markets. The establishment of the NEEQ, the development and expansion to the country, to bring the gospel to a large number of small and medium enterprises, but now NEEQ has not developed comprehensive information disclosure system of rules, laws and regulations need to develop to remove obstacles, clear disclosure of information rules and content, in order to promote the healthy development of the NEEQ. Throughout the disclosure of information related to domestic and foreign literature, the main concern is the disclosure of information is imperfect legal system, the general content of information disclosure and timeliness of information disclosure system maker, continuous disclosure and other content, not from listed companies to analyze the characteristics of the assets. China should learn from the experience of foreign countries and regions in the OTC markets to improve the information disclosure system based on the combination of the characteristics listed companies to develop and implement comprehensive information disclosure system as soon as possible.This paper first reviews the related OTC Market Information Disclosure, and in contrast to the United States’OTC market information disclosures, Britain and other countries, based on the analysis of the problems and shortcomings of the current disclosure regime in existence, the final regulations proposed to improve the information disclosure system, NEEQ listed companies to conduct market segmentation, intangible assets recognized point clear, uniform standards of information disclosure to establish a self-regulatory model based implementation of measures to punish and restraint mechanisms, in order to better serve the capital markets and perfect and implement OTC information disclosure.